The concept of a world economic order

Horst Siebert

No 1392, Kiel Working Papers from Kiel Institute for the World Economy

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: Transaction costs; Welfare gains of rules; Property rights; Hierarchy of rules; Concept of order; Freiburg school; International rules (search for similar items in EconPapers)
JEL-codes: A12 F02 F15 K00 N00 P00 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:1392

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