Markets for Rules: The Promise and Peril of Blockchain Distributed Governance
Journal of Entrepreneurship and Public Policy, Forthcoming
23 Pages Posted: 15 Aug 2018 Last revised: 18 Aug 2019
Date Written: August 18, 2019
Purpose: Explore the possible contributions of blockchain technology to creating new governance structures that facilitate social cooperation.
Methodology: Conceptual analysis with key ideas in new institutional economics and political theory.
Findings: Blockchain technology provides a new tool through which political entrepreneurs can credibly alienate some of their power within a system of rules that they have established.
Originality: Links discussion of blockchain entrepreneurship in commercial markets to research into private governance and political thought.
Keywords: Hayek, Buchanan, blockchain, cryptocurrency, bitcoin, private governance, new institutional economics
JEL Classification: B52, B53
Suggested Citation: Suggested Citation