Sören Hilbrich Libri

The book introduces a normative concept of legitimacy applicable to diverse global governance institutions, arguing that legitimacy entails recognizing an institution's right to perform its functions. It explores how this perspective reshapes discussions on legitimacy criteria, emphasizing the interplay between legitimacy, justice, and democracy, while considering feasibility constraints and the all-affected principle. Additionally, it applies this theoretical framework to the G20, illustrating how legitimacy criteria vary based on institutional function and context.

The market for social financial instruments is rapidly expanding, with social bonds reaching $149.4 billion in 2020, a 720% increase from 2019. These instruments aim to address funding gaps for social goals and promote sustainable business models. This paper examines the varied definitions of social investments and explores the EU taxonomy as a potential standard.