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Economists generally accept that competition discloses knowledge, enhances efficiency and restrains power. However, these effects of competition have so far been discussed mainly with respect to economic markets in which firms and households compete within a given set of institutions, that is within a given legal order. The question arises whether competition may also have comparable effects on the institutional level in the sense of competition among legal orders and thus serve as an antidote to today's problems. The present book addresses some of the fundamental aspects associated with...

In these heady days of ever increasing globalization it has become vital to question whether governments should be allowed to protect domestic enterprises from foreign competitors. This book represents a first attempt to provide a new conceptual basis for discussing the cases in which free trade should be the option of choice in trade policy and those in which protectionism should be used. Luder Gerken expands the economic tool of ordo-liberalism, founded by Walter Eucken and developed by Friedrich von Hayek, to make it applicable to foreign trade. With impressive clarity and ingenuity,...

Economists generally accept that competition discloses knowledge, enhances efficiency and restrains power. However, these effects of competition have so far been discussed mainly with respect to economic markets in which firms and households compete within a given set of institutions, that is within a given legal order. The question arises whether competition may also have comparable effects on the institutional level in the sense of competition among legal orders and thus serve as an antidote to today's problems. The present book addresses some of the fundamental aspects associated with...

In these heady days of ever increasing globalization it has become vital to question whether governments should be allowed to protect domestic enterprises from foreign competitors.
This book represents a first attempt to provide a new conceptual basis for discussing the cases in which free trade should be the option of choice in trade policy and those in which protectionism should be used. Luder Gerken expands the economic tool of ordo-liberalism, founded by Walter Eucken and developed by Friedrich von Hayek, to make it applicable to foreign trade.
With impressive...