David Friedman, em bom momento

Arguments for government and against private alternatives, both in general and in specific areas, are frequently based on the existence of market failure. In the first part of this essay I briefly sketch the idea of market failure and show that it provides problems for, hence arguments against, both private markets and the political alternatives. In the second part I discuss some of the imperfect ways in which private markets deal with such problems in the small, providing public goods or internalizing externalities within a framework of enforced property rights. The third part describes how that framework itself might be privately provided, examines difficulties that might arise due to forms of market failure within a system of private law and law enforcement, and considers how those problems might be dealt with. In the conclusion I argue that a society without a government, market in the large, could be stable under some but not all circumstances, and if stable could be expected to produce more attractive outcomes than a society with a government for reasons closely related to the reasons to expect the market in the small to work better than its political alternatives.


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