ABSTRACT
In this chapter I outline my individualist, teleological (normative) account of social institutions and apply it to welfare institutions or, at least, to one kind of welfare institution, namely international institutions concerned with global poverty. I do so in the context of the assumption that, speaking generally, basic needs, for example for food, clean water, shelter, medicines, etc. are, and ought to be, provided for by nonwelfare institutions, notably by business organizations operating in competitive markets. Nevertheless, given the manifest and ongoing failure on the part of such organizations, including in relation to global poverty, there is a need for welfare institutions. In addition, as will become evident below, there is a need to redesign markets and market-based organizations so that they are better able to provide for basic needs.
