Stefan Kolev: Stresstest fürs globale Dorf

Die Welt ist wieder einmal in Aufruhr. Einerseits pflügt sie die Globalisierung schon länger um, andererseits hat auch die Digitalisierung gerade begonnen, über sie hinwegzurollen. Die Debatten über Arbeitsplatzverluste im Westen wegen China oder Osteuropa scheinen, trotz der überaus schrillen Töne Trumps, eher der Vergangenheit anzugehören.

Viktor J. Vanberg: Social Contract vs. Invisible Hand: Agreeing to Solve Social Dilemmas

The paper is organized as follows. Section 2 looks at the principal tenets of the social contract tradition. Section 3 reviews the 18th century origins of the “invisible hand” paradigm as the theoretical core of the economics tradition. Section 4 examines the limits of invisible hand accounts, specifically with regard to the problems posed by social dilemmas. Section 5 deals with the modern revival of social contract theory. Section 6 looks specifically at the contractarian constitutionalism of James Buchanan, the economist among the “new contractarians.” The concluding section relates the contrast between the invisible hand paradigm and social contract theory to the distinction between the “two kinds of order”, spontaneous orders and corporate orders, that plays a central role in F.A. Hayek’s work.