Private governance creating order in economic and social life edward peter stringham provides fascinating research about the process by which the most advanced markets in history developed under private rules and regulations disproves the widely held idea that government enforcement is necessary for the development of advanced markets. Private governance is everywhere and responsible for creating order not just in basic markets but also in the worlds most sophisticated markets including futures and advanced derivatives markets if the success of private governance were limited to the examples in this book the track record should be rated superb. The term private governance describes the various forms of private enforcement self governance self regulation and informal mechanisms that private individuals companies and clubs as opposed to government use to create order facilitate exchange and protect property rights creating order in economic and social life edward . If you ever doubted that private governance can create and sustain order in economic and social life read private governance and doubt no more the book is clearly written and jargon free it is occasionally humorous sometimes even acerbic my only criticism of it is that there isnt more of it. From the worlds first stock markets in the seventeenth century to private policing in the early days of san francisco to the millions of credit card transactions and the complex financial markets governed by private rules today private governance makes the case that private rules and regulations are more common effective and promising than most of us believe
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