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Ordoliberalizem - teorija povezovanja prava in ekonomije (Ordoliberalism - Theory of Law and Economics Connecting )

Author(s): Janja Hojnik

Journal: LeXonomica : Journal of Law and Economics
ISSN 1855-7147

Volume: I;
Issue: 1;
Start page: 3;
Date: 2009;
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Keywords: Ordoliberalism | economic constitution | authority | market | regulation | EU internal market | economic governance

The article deals with theory of ordoliberalism, which is a less known theory of connecting law and economy into a single system of so-called economic constitution. It is a liberalistic theory of understanding market relations, nevertheless, it emphasises that freedom on the market is not to be achieved without legal intervention, considering that power of entities on the market differs and therefore more powerful entities restrict freedom and rights of the weaker – which results in monopolies, asymmetries of information and negative externalities. Ordoliberalism is a theory of authoritative liberalism that emphasises that law is an indispensable market accompanier, since it assures order on it. Theory of ordoliberalism is relevant also for EU market integration, because it advocates the need for strong supranational institutions, bound by the EU economic constitution, which replaces compartmentalized state market interventions.

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