PayPal's Private Governanceby EDWARD STRINGHAM
Mar. 06, 2013
1.Trump is Right: GOP Debate Audience is Packed Full of Republican Donors
2.Government Agents Hunt Woman Down After Seeing Facebook Picture Of Her Rehabilitating Baby Squirrels
3.Report: Hillary Clinton Was "Glowing" About Goldman Sachs During Paid Speech
4.Julian Assange Warns "A Vote For Hillary Is A Vote For Endless, Stupid War"
5.New 'Traffic Violations Agency' Brings Buffalo Extortion Racket to All Time High
6.Florida Cops Unload On Man Holding Gun Fearing Home Invasion After Knock On Door At 1AM, Had Wrong House
7.Illinois: Cops Lose Case After Hiding Video Evidence
8.Saudi Arabia's 'Religious Police' Arrest Doll Mascot For Breaching Sharia Law
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.