Institutions, Exchange and Coordination 
Barak Richman Alexander Hamilton Professor of Business Law, The George Washington University Law School
Stateless Exchange
Barak Richman Alexander Hamilton Professor of Business Law, The George Washington University Law School About this lecture
How can an industry prosper when its underlying transactions are beyond the reach of public institutions? This lecture examines cooperative exchange in the diamond industry, which rests wholly on extralegal enforcement to secure transactions and support a $30b global industry.
References
Bernstein, L. (1992). Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry. Journal of Legal Studies 21, 115.
Richman, B. D. (2004). Firms, Courts, and Reputation Mechanisms: Towards a Positive Theory of Private Ordering. Columbia Law Review, 104, 2328.
Richman, B. D. (2006). How Community Institutions Create Economic Advantage: Jewish Diamond Merchants in New York. Law and Social Inquiry, 31, 383.
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