Kiel Working Papers, Kiel Institute for World Economics
No 1392:
The Concept of a World Economic Order
Horst Siebert
Abstract: This paper studies the concept of an international
economic order, i.e. an institutional arrangement of international rules.
Such rules emerge from negative experiences – historical disasters – that
inflict severe hardship on people. A taxonomy for rules reducing
transaction costs is developed, for instance through decentralization of
decisions, property rights, territoriality and the internalization of
border-crossing negative externalities and mechanisms for global public
goods. Some aspects of the rule system are studied including the process of
ceding sovereignty and philosophical thoughts on international rules.
Keywords: International rules, transaction costs, welfare gains of rules, property rights, hierarchy of rules, concept of order, Freiburg school, philosophical ideas; (follow links to similar papers)
JEL-Codes: A12,; F02,; F15,; K00,; N00,; P00; (follow links to similar papers)
20 pages, January 2008
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