2016 fa hayek book prize finalist 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. 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 the book is clearly written and jargon free. 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. Private governance creating order in economic and social life by edward p stringham leave people alone and they will figure things out this simple thesis the heart of edward stringhams private governance is the touchstone for a myriad of examples from history and the present demonstrating that individuals and not the state are best suited for the complicated work of enterprise
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