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Volume 21  Number 1  •  Summer 2016
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Douglass C. North: The Answer Is “Transactions Costs”
By Michael C. Munger
This article appeared in the Summer 2016 issue of The Independent Review

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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