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 institutional competition and identifies
some possible lines for further research on how institutions can
compete to bring about social and economic change.
General
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