Towards an Understanding of the Global Market System.
A new Perspective
may be a source of order."
G. Nicolis, I. Prigogine
The paper proceeds
from local economic systems which provide for the exchange of goods with
currencies not convertible against any other currency. This implies, according
the argument, that such systems constitute separate economic entities as
distinct also from the world market system. Theoretically, they form an
Archimedic Point which allows to analyse aspects of the evolution of this
global system. Assuming a correspondence between actual historical development
and the history of thought this perspective sheds new light on changes
in consumer behaviour; traditional consumption theory and "new economic
approach" are interpreted as reflections of a reorientation in consumer
behaviour. This theoretical insight provides also a new interpretation
of the appearance of the new local exchange systems. Taking account of
both, the global and the local dimension, this is a contribution to the
development of liberal economics as a theory of a dual economy.