By Jan Sammeck
The thought of self-regulation as an software able to mitigating socially bad practices in industries - akin to corruption, environmental degradation, or the violation of human rights - is receiving tremendous attention in conception and perform. by way of coming near near this phenomenon with the idea of the recent Institutional Economics, Jan Sammeck develops an analytical procedure that issues out the severe mechanisms which make a decision concerning the effectiveness of this device. by way of integrating conception with useful examples of self-regulation, this research highlights the need to examine the institutional incentives of an undefined, to be able to come to a valid judgement in regards to the feasibility and effectiveness of this tool in a given situation.
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Extra info for A New Institutional Economics Perspective on Industry Self-Regulation
For a discussion of this integrative approach to the many definitions of institutions, see Greif (2006a, pp39). Generally, the study of institutions refers to the study of regularities of behavior, generated by man-made nonphysical factors that are exogenous to each individual whose behavior they influence. 132 One may expect that in a world of actors with bounded rationality, there will always be some departure of some actors from institutionalized behavior; the question is rather, whether a regularity of some sort of behavior (that is either in line with the code or not) tends to prevail.
93 To further illustrate this idea, consider the extreme example of an entirely illegitimate organization: the mafia. The mafia operates on particular markets, for example the market for illegal drugs. As the production and distribution of such drugs is considered by at least large parts of society as socially undesirable, it does not consider the mafia to be legitimate, but rather, installs mechanisms that attempt to end its existence, such as for example, the courts and special police units.
For example, economic transactions are with customers and suppliers, in which goods and services are exchanged for money. One may consider these primary transactions of a firm, as they directly relate to its purpose, which is to generate profits. Primary transactions are, however, 81 See Greif (2006a, p46). For reasons of perspicuity, it shall be noted that this definition deviates from the classical one of Williamson (1985, p1) for transaction cost economics, namely that “transactions occur when a good or service is transferred across a technologically separable interface”.