ABSTRACT
The international exchange of goods, services and capital requires an order that permits private and public economic actors to form reasonably correct expectations regarding future economic transactions and government interventions in the economy. The law of the “international economic order” can thus be viewed as a three-tiered regulatory structure on the levels of private law, national public law and international public law for the steering of international trade in goods and services, international movements of production factors and the exchange of national currencies. As a legal concept, the term international economic order relates to the legal principles, rules and institutions which shape the factual international economic order and which, by promoting legal security and reducing international transaction costs, contribute to an efficient allocation of resources. “Equitable commodity prices” and a “new international economic order” have become universally recognized objectives of international economic policy.
