The paper discusses the most important elements of an institutional order for a globalizing world economy. Rules for the exchange of goods, for factor movements, for the monetary domain and for the allocation of the environment are distinguished. It is analyzed in which direction these rules...

The paper discusses the impact of high capital mobility for monetary and budget policy as well as for the Provision of public goods, for taxation, for wage policy and trade unions, for distribution policy, and for social security Systems. The mobility of porrfolio capital puts additional...

Die Vorstellung, die Wirtschaftspolitik könne auf die Globalisierung durch eine internationale Kooperation und Harmonisierung etwa der Sozialnormen antworten, ist ökonomisch nicht wohl begründet. Es ist eine Illusion, die Bedingungen für den Produktionsfaktor Arbeit weltweit harmonisieren zu...

The ongoing process of globalization, which is boosted by technological and political catalysts as well, increasingly raises public concerns. It is feared that international integration will be accompanied by national disintegration, since the income distribution in rich countries will become...

Krugman's verdict that competitiveness of countries is a largely meaningless concept is a serious misjudgement of the economics profession. Countries compete for the mobile factors of production, most importantly for capital and technology. The exit-option of these factors and of firms changes...