What made Douglass C. North brilliant was in part his unusual ability to see that transactions costs—barriers to exchange, broadly speaking—take many forms and can have major consequences. This vision guided much of North’s scholarship, from his early contributions to New Institutional Economics to his later work on state violence.

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Other Independent Review articles by Michael C. Munger
    Winter 2019   The Road to Crony Capitalism
    Fall 2018   What Is “Actually Existing Socialism”?
    Fall 2018   Social Class and State Power
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