Rules for the Global Economy

Rules for the Global Economy

By: Horst Siebert (author), Gary Hufbauer (foreword_author)Hardback

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Rules for the Global Economy is a timely examination of the conditions under which international rules of globalization come into existence, enabling world economic and financial systems to function and stabilize. Horst Siebert, a leading figure in international economics, explains that these institutional arrangements, such as the ones that govern banking, emerge when countries fail to solve economic problems on their own and cede part of their sovereignty to an international order. Siebert demonstrates that the rules result from a trial-and-error process--and usually after a crisis--in order to prevent pointless transaction costs and risks. Using an accessible and nonmathematical approach, Siebert links the rules to four areas: international trade relations, factor movements, financial flows, and the environment. He looks at the international division of labor in the trade of goods and services; flow of capital; diffusion of technology; migration of people, including labor and human capital; protection of the global environment; and stability of the monetary-financial system. He discusses the role of ethical norms and human rights in defining international regulations, and argues that the benefits of any rules system should be direct and visible. Comprehensively supporting rules-based interactions among international players, the book considers future issues of the global rules system.

About Author

Horst Siebert (1938-2009) was the Heinz Nixdorf Professor in European Integration and Economic Policy at Johns Hopkins University's SAIS Bologna Center in Italy. His books include "The World Economy, Economics of the Environment", and "The German Economy" (Princeton).


Foreword vii Preface ix Chapter I: The Concept of aWorld Economic Order 1 Chapter II: Globalization and Its Impact on the International Rule System 20 Chapter III: How Rules Are Established 32 Chapter IV: How Rules Are Stabilized 50 Chapter V: Rules for International Product Markets 75 Chapter VI: Rules for Border-Crossing Factor Movements 100 Chapter VII: Rules for the Global Environment 121 Chapter VIII: Preventing Financial Instability 150 Chapter IX: Avoiding Currency Crises 177 Chapter X: Ethical Norms, Human Rights, Fairness, and Legitimacy: Restraints for the International Rule System 197 Chapter XI: Interdependence of Orders, Structure of the Rule System, and Institutional Fit 215 Chapter XII: Major Challenges to the Rule System in the Future 231 References and Further Reading 249 Index 263

Product Details

  • ISBN13: 9780691133362
  • Format: Hardback
  • Number Of Pages: 288
  • ID: 9780691133362
  • weight: 510
  • ISBN10: 0691133360
  • translations: English
  • language of text: English

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