Friday, 14 October 2011
Law without Government, Part Three: The Bargaining Mechanism
The third part of my video series exploring a world with law but without a compulsory monopoly provider of it.
This part looks at a conflict between protection agencies about principles, namely a disagreement about whether the death penalty is a suitable punishment for murderers. It explains how, in a system of competing providers of security and law, consumer preferences for justice are reflected in the policies, decisions and agreements of the protection agencies.
This part is heavily inspired by David Friedman's The Machinery of Freedom, chapter 29 "Police, Courts, and Laws - on the Market".