The question of governance has been a challenge throughout time. Basic polarizations include the question of totalitarianism and anarchy, the distinction between public and private, and the balance between efficiency and protection of the marginalized.
Which resources, and regions are public and which are private? We know that the free market is generally able to handle private goods, but what about public goods? For instance, a lack of property rights in the oceans pose a challenge to economists and governments. The market system does not find adequate solutions for managing rivers which we all depend on. How do we distinguish between public and private …. read more