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Extending the Analysis of Spontaneous Market Order to Governance

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  • Edward Stringham

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Abstract

How much do markets depend on the state? The founders of the Austrian School of Economics saw a lot of room for markets but believed that government rules and regulations are needed to create framework for markets. More recent research, however, has shown that rules and regulations underpinning some of the most advanced markets such as stock markets have emerged from the market. This article discusses how Austrian economic insights about the importance of competition (although not atomistic competition), entrepreneurship, and consumer sovereignty can be applied to governance itself. Copyright International Atlantic Economic Society 2014

Suggested Citation

  • Edward Stringham, 2014. "Extending the Analysis of Spontaneous Market Order to Governance," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(2), pages 171-180, June.
  • Handle: RePEc:kap:atlecj:v:42:y:2014:i:2:p:171-180
    DOI: 10.1007/s11293-014-9407-5
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    References listed on IDEAS

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    Cited by:

    1. William Luther, 2015. "The monetary mechanism of stateless Somalia," Public Choice, Springer, vol. 165(1), pages 45-58, October.
    2. Ilia Murtazashvili & Jennifer Murtazashvili, 2015. "Anarchy, self-governance, and legal titling," Public Choice, Springer, vol. 162(3), pages 287-305, March.

    More about this item

    Keywords

    Private governance; Austrian economics; P12; P14; B53;

    JEL classification:

    • P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
    • P14 - Economic Systems - - Capitalist Systems - - - Property Rights
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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