The ordnungspolitik of the new institutional economics

Abstract

Although the German historical school and American institutionalism are the main antecedents of the new institutional economics, other schools –such as German Ordoliberalism– also exerted a possible influence in the new institutionalism. This article explores the common points between the two schools, based on the work of Walter Eucken, whose economic policy proposal coincides, although with certain nuances, with that of the founders of the NEI –Coase, North and Williamson–in the need for a State that establishes an order based on a structure of rules and institutions that allows the proper functioning of the competitive market, as well as the multidisciplinary nature of its studies, the rejection of monopolies and interest groups that control the State and the role of the firm as a planning body that rivals the State. © 2021, Universidad Externado de Colombia. All rights reserved.