Prior analysts conflate protected goods’ markets with the protection market itself.

Related

• In protection markets reputation is the product itself, not the signal of it (similarity 0.87)
• Protection is a commodity paid for even when never used. (similarity 0.85)
• Protection terms depend on the relative power of customer and mafioso (similarity 0.83)
• All illicit markets share the defining trait of being both unprotected and legally actionable. (similarity 0.82)
• Solving competition in protection markets ultimately requires a mafia-like enforcing superagency. (similarity 0.81)
• Businessmen receiving protection either pay a cut or become partners (similarity 0.80)
• Smith saw market interdependence as replacing fragile trust with self-reinforcing mutual interest. (similarity 0.78)
• Protection challengers raise switching costs rather than undercutting prices (similarity 0.78)