From: meekerdb <[email protected]>
To: [email protected]
Sent: Monday, January 12, 2015 10:53 AM
Subject: Re: Democracy
On 1/12/2015 2:49 AM, Telmo Menezes wrote:
Free markets are so efficient that they work even under the extreme hostile
conditions of state-enforced prohibitions, exploiting only reputation
mechanisms, without any force or coercion.
The drug cartels may depend on reputation with their customers, but they tend
to rely on AK-47s in relations with their competitors.
There is to put it mildly a high transaction cost.-Chris
Brent
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