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International institutions

seen from the perspective of Austrian Economics

Emeritus Professor of Political Economy, Institute for Economic Theory, Policy and History, University of Innsbruck, Universitaetsstr. 15, A–6020 Innsbruck, Austria

Austrian Economics tries to minimize the role of the state. International institutions, like the International Monetary Fund (IMF) and the World Bank (WB), seen under this perspective, often try to fulfil functions of states which are not necessary, for instance, fixing exchange rates or redistribute income. They should concentrate on correcting market failures, like international public goods, when they cannot be supplied by the market, or internalize externalities. But even in these cases, state failures have to be avoided. Such state failures happened especially in countries transforming from socialist to market economies and in advising these states by international institutions.

Key Words: Austrian Economics • international public goods • externalities • state failures • regional international institutions • transformation

Progress in Development Studies, Vol. 9, No. 4, 311-321 (2009)
DOI: 10.1177/146499340900900405


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