What Can’t Private Governance Do?

Lead Essay

  • How Private Governance Made the Modern World Possible by Edward Peter Stringham

    Edward Peter Stringham argues that private governance isn’t a fiction. It’s a key, though unappreciated, aspect of modern life. Much political economy begins with the assumption that markets require external, nonmarket institutions to provide services of assurance and trust, without which markets cannot function. Stringham suggests that this is not necessarily so, and he uses evidence from real-world private governance to make the point. Private governance has existed and continues to exist in markets both simple and highly complex.

Coming Up

Essays by Aaron Ross Powell, James E. Hanley, and Mark Lutter. Conversation through the end of the month.

Related at Cato