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Private Governance: Creating Order in Economic and Social Life

Amazon.com Price:  $31.15 (as of 12/05/2019 17:54 PST- Details)

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Description

From the first stock markets of Amsterdam,London, and New York to the billions of electronic commerce transactions today, privately produced and enforced economic regulations are more common, more effective, and more promising than commonly thought to be.

In Private Governance, prominent economist Edward Stringham presents case studies of the quite a lot of forms of private enforcement, self-governance, or self-regulation among private groups or individuals that fill a void that government enforcement cannot. Through analytical narratives the book provides a close examination of the world’s first stock markets, key elements of which have been unenforceable by law; the community of Celebration, Florida, and other private communities that show how public goods will also be bundled with land and provided more effectively; and the millions of credit-card transactions that occur daily and are regulated by private governance. Private Governance ultimately argues that whilst potential problems of private governance, such as fraud, are pervasive, so are the solutions it presents, and that much of what’s orderly in the economy will also be attributed to private groups and individuals. With meticulous research, Stringham demonstrates that private governance is a far more common source of order than most of the people realize, and that private parties have incentives to devise different mechanisms for getting rid of unwanted behavior.

Private Governance documents a large number of examples of private order all over history to illustrate how private governance is more resilient to internal and external pressure than is commonly believed. Stringham discusses why private governance has economic and social advantages over relying on government regulations and laws, and explores the different mechanisms that enable private governance, including sorting, reputation, assurance, and other bonding mechanisms. Challenging and rigorously-written, Private Governance will make a compelling read for those with an interest in economics, political philosophy, and the history of current Wall Street regulations.

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