Abstract
The paper proposes a new approach for making global contracts, mainly based on the Coase-theorem. In particular, it is argued that combining several, normally unrelated issues to a bargaining bundle could facilitate Pareto-efficient contracts that benefit all, even including future generations. For this ends, a new institution called Global Protection Organization (GPO) is suggested that should be organized quite similar to the WTO, however with a much larger scope of competences. A formal model is used to demonstrate how this could work.
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