Tuesday, February 16, 2016

Privatizing Regulation

The American Conservative's David R. Henderson reviews a book which "shows how well private governance has worked in areas ranging from stock markets to gated communities to credit-card markets" and "argues that private governance often works better than governance by governments" — Do Markets Need Government? Mr. Henderson concludes with a quote from author Edward Peter Stringham:
    Private governance makes markets work. Private governance replaces threats of coercion with numerous noncoercive mechanisms that expand the scope of trade, and it should be seen as one of the most successful peace projects in the history of the world.

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