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Endogenous Power and Crises of the Liberal Order

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  2. Economics, Finance, Business & Management
  3. Journal of Contextual Economics – Schmollers Jahrbuch
  4. Vol. 139, Issue 2–4
  5. pp. 385–406

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Sturn, R. Endogenous Power and Crises of the Liberal Order. Journal of Contextual Economics – Schmollers Jahrbuch, 139(2–4), 385-406. https://doi.org/10.3790/schm.139.2-4.385
Sturn, Richard "Endogenous Power and Crises of the Liberal Order" Journal of Contextual Economics – Schmollers Jahrbuch 139.2–4, 2019, 385-406. https://doi.org/10.3790/schm.139.2-4.385
Sturn, Richard (2019): Endogenous Power and Crises of the Liberal Order, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 139, iss. 2–4, 385-406, [online] https://doi.org/10.3790/schm.139.2-4.385
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Endogenous Power and Crises of the Liberal Order

Sturn, Richard

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 139 (2019), Iss. 2–4 : pp. 385–406

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/schm.139.2-4.385
Language
English
Pages
22
Keywords

Author Details

Sturn, Richard, Institute of Public Economics and Schumpeter Centre, University of Graz, Universitätsstr. 15, 8010 Graz, Austria.

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Abstract

The liberal order is conceptualized as an artificial public good of higher order associated with nondiscriminatory provision of first-order public goods such as security and stability of possession. Problems of the liberal order and of liberalism as a political force are explained as a combined result of political challenges endogenously emerging in the economic sphere (including modern phenomena such as incomplete contracts, network externalities, and asymmetries specifically relevant in the digital economy), intertwined with problematic political reactions. There is no robust algorithm for coping with ensuing vicious circles of economic power and shadow politics, due to the intricacies of institutional adaptations required for maintaining the basic architecture of the liberal order under changing circumstances. Conclusions are offered with regard to current challenges of protectionist populism.

Table of Contents

Section Title Page Action Price
Endogenous Power and Crises of the Liberal Order 385
Richard Sturn 385
Abstract 385
1. Entrepreneurship and the Freedom of the Moderns 385
2. Endogenous Economic Power, Medici Vicious Circles, and the Instability of the Liberal Order 387
3. Against Privilege: Liberal Order and the Modern Private-Public Divide 393
4. No Free Lunch, No Safe Side: Trade-Offs in the Evolution of Liberal Governance 385
5. Protectionist Populism and Crises of the Liberal Order 386
References 386

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