Endogenous Power and Crises of the Liberal Order

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 resu...

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Bibliographic Details
Published in:Journal of contextual economics : Schmollers Jahrbuch 2019-04, Vol.139 (2–4), p.385-406
Main Author: Sturn, Richard
Format: Article
Language:English
Subjects:
Capitalism
Economics
Entrepreneurs
Entrepreneurship
Innovations
Liberalism
Market positioning
Political power
Politics
Populism
Private property
Privatization
Property rights
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Summary: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.
ISSN:2568-7603
2568-762X
DOI:10.3790/schm.139.2-4.385