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Stateless commercethe diamond networ...

Richman, Barak.

Stateless commercethe diamond network and the persistence of relational exchange /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Stateless commerceBarak D. Richman.
Reminder of title:	the diamond network and the persistence of relational exchange /
Author:	Richman, Barak.
Published:	Cambridge, MA :Harvard University Press,c2017.
Description:	1 online resource (xvi, 217 p.) :ill.
Subject:	ExchangeNew York (State)
Online resource:	https://www.degruyter.com/isbn/9780674977266
ISBN:	9780674977266$q(electronic bk.)

Stateless commercethe diamond network and the persistence of relational exchange /
Richman, Barak.

Stateless commercethe diamond network and the persistence of relational exchange /[electronic resource] :Barak D. Richman. - 1st ed. - Cambridge, MA :Harvard University Press,c2017. - 1 online resource (xvi, 217 p.) :ill.

Includes bibliographical references and index.

Statelessness in context -- A case study in statelessness: diamonds, the diamond network, and diamontaires -- The mechanics of statelessness -- A theory of statelessness -- The costs of statelessness: cartel behavior and resistance to change -- Lessons from statelessness: economic history, ethnic networks, and development policy -- Governing statelessness -- The limits of statelessness and an autopsy of cooperation.

In Stateless Commerce, Barak Richman uses the diamond industry to explore how ethnic trading networks operate and why they persist in the twenty-first century. How, for example, does the Forty-Seventh Street diamond district in midtown Manhattan--surrounded by skyscrapers and sophisticated financial institutions--continue to thrive as an ethnic marketplace that operates like a traditional bazaar? Conventional models of economic and technological progress suggest that such primitive commercial networks would be displaced by new trading paradigms, yet in the heart of New York City the old world persists. Richman's explanation is deceptively simple. Far from being an anachronism, Forty-Seventh Street's ethnic enclave is an adaptive response to the unique pressures of the diamond industry. Ethnic trading networks survive because they better fulfill many functions usually performed by state institutions. While the modern world rests heavily on lawyers, courts, and state coercion, ethnic merchants regularly sell goods and services by relying solely on familiarity, trust, and community enforcement--what economists call "relational exchange." These commercial networks insulate themselves from the outside world because the outside world cannot provide those assurances. Extending the framework of transactional cost and organizational economics, Stateless Commerce draws on rare insider interviews to explain why personal exchange succeeds, even as most global trade succumbs to the forces of modernization, and what it reveals about the limitations of the modern state in governing the economy.--

ISBN: 9780674977266$q(electronic bk.)

LCCN: 2016050799Subjects--Topical Terms:

902179
Exchange
--New York (State)

LC Class. No.: HF1008 / .R53 2017

Dewey Class. No.: 381/.4573623

Stateless commercethe diamond network and the persistence of relational exchange /
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245 1 0 $a Stateless commerce $h [electronic resource] : $b the diamond network and the persistence of relational exchange / $c Barak D. Richman.
250 $a 1st ed.
260 $a Cambridge, MA : $b Harvard University Press, $c c2017.
300 $a 1 online resource (xvi, 217 p.) : $b ill.
504 $a Includes bibliographical references and index.
505 0 $a Statelessness in context -- A case study in statelessness: diamonds, the diamond network, and diamontaires -- The mechanics of statelessness -- A theory of statelessness -- The costs of statelessness: cartel behavior and resistance to change -- Lessons from statelessness: economic history, ethnic networks, and development policy -- Governing statelessness -- The limits of statelessness and an autopsy of cooperation.
520 $a In Stateless Commerce, Barak Richman uses the diamond industry to explore how ethnic trading networks operate and why they persist in the twenty-first century. How, for example, does the Forty-Seventh Street diamond district in midtown Manhattan--surrounded by skyscrapers and sophisticated financial institutions--continue to thrive as an ethnic marketplace that operates like a traditional bazaar? Conventional models of economic and technological progress suggest that such primitive commercial networks would be displaced by new trading paradigms, yet in the heart of New York City the old world persists. Richman's explanation is deceptively simple. Far from being an anachronism, Forty-Seventh Street's ethnic enclave is an adaptive response to the unique pressures of the diamond industry. Ethnic trading networks survive because they better fulfill many functions usually performed by state institutions. While the modern world rests heavily on lawyers, courts, and state coercion, ethnic merchants regularly sell goods and services by relying solely on familiarity, trust, and community enforcement--what economists call "relational exchange." These commercial networks insulate themselves from the outside world because the outside world cannot provide those assurances. Extending the framework of transactional cost and organizational economics, Stateless Commerce draws on rare insider interviews to explain why personal exchange succeeds, even as most global trade succumbs to the forces of modernization, and what it reveals about the limitations of the modern state in governing the economy.-- $c Provided by publisher.
588 $a Description based on print version record.
650 0 $a Exchange $z New York (State) $z New York. $3 902179
650 0 $a Statelessness. $3 269161
650 0 $a Diamond industry and trade $z New York (State) $z New York. $3 902180
650 0 $a Consensual contracts $x Social aspects $z New York (State) $z New York. $3 902181
856 4 0 $u https://www.degruyter.com/isbn/9780674977266