[…] the basis of the functional (Coasian) theory of international regimes advanced by Robert Keohane: If interstate transaction costs were very low, relative to the gains at stake for each actor, decentralized negotiation among voluntary actors with property rights would generate efficient outcomes. In summary, we may define informal supranational entrepreneurship as exploitation by international officials of asymmetrical control over scarce information or ideas to influence the outcomes of multilateral negotiations through initiation, mediation, and mobilization. […] Most existing studies of entrepreneurship fail to address this central puzzle. They focus on characteristics of supranational entrepreneurs and their actions, not the nature of alternatives.
The link (pdf) is here, and it’s a good read despite the jargon. You’ll notice that neither the Federalist Papers nor Hayek are cited in the piece. Libertarians have a chance to become relevant again in international affairs, if only they came to re-embrace the ideas of Madison, Smith, and Hayek, by abandoning non-interventionism and alliance free-riding and recognizing that federation is both a foreign policy and a type of government.