Well-Functioning Markets and Contract Law
Well-Functioning Markets and Contract Law
This chapter provides an account of well functioning markets that deviates from the economic model of perfect competition. Rather, it defines well-functioning markets in terms of their ability to deliver certain moral goods. This requires that markets be relatively widespread, allow free entry and exit, and allow those with differing tribal identities to trade across the boundaries of identity. Contract law supports such markets by providing security of contract, freedom of contract, and sanctity of contract.
Keywords: doux commerce, markets, perfect competition
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