PayPal's Private Governanceby EDWARD STRINGHAM
Mar. 06, 2013
1.The Guardian Says Correcting People On Their Grammar Is Racist
2.Hysterical Bloomberg Columnist: Trump's 'America First' Speech Reminiscent of 'Nazi Era'
3.Student Rep. On Free Speech: "Some People Have More Equal Rights Than Others"
4.Trump Foreign Policy Speech Signals Death of Neocons and Peace With Russia
5."All He Could Say Was 'Sex, Sex, Sex'": Wave of Muslim Migrant Sex Assaults Hits Austria
6.South African Sports Associations 'Too White'
7.Prosecutor: "Many People" Will Riot in Baltimore If White Cop in Freddie Gray Case Is Acquitted
8.Former House Speaker and "Serial Child Molester" Dennis Hastert Sentenced to 15 Months in Prison
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.