The concept of a world economic order

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Kiel Working Paper ; No. 1392

Classification and Topics

• Classification: Wirtschaft ; Relation of Economics to Other Disciplines ; International Economic Order and Integration ; Economic Integration ; Law and Economics: General ; Economic History: General ; Economic Systems: General
• Subject: Transaction costs ; Welfare gains of rules ; Property rights ; Hierarchy of rules ; Concept of order ; Freiburg school ; International rules ; Weltwirtschaftsordnung ; Internationales Wirtschaftsrecht ; Transaktionskosten ; Wohlfahrtseffekt ; Ordoliberalismus ; Welt

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Siebert, Horst
• Event: Veröffentlichung
• (who): Kiel Institute for the World Economy (IfW)
• (where): Kiel
• (when): 2008

Further information

• Handle: http://hdl.handle.net/10419/4124
• Last update: 10.03.2025, 11:46 AM CET