PayPal's Private Governanceby EDWARD STRINGHAM
Mar. 06, 2013
WATCH: Bernie Delegate Interviews Seat Filler at the DNC!
Austria: Syrian Migrant Caught 'Masturbating Next to Children's Playground'
IRS Launches Investigation Of Clinton Foundation
Poll: Trump Takes Lead Over Hillary After Gaining 17 Points in Two Weeks
Trump: "Hillary's Vision is a Borderless World Where Working People Have No Power, No Jobs, No Safety"
Markets have a long history of generating rules and enforcement mechanisms from within (endogenously) rather than requiring market participants to wait for the State. Instead of attributing the success of markets to government bureaucrats and elected officials, we should instead thank PayPal founders like Peter Thiel, Max Levchin, and other providers of private governance who help make markets work.