Protection terms depend on the relative power of customer and mafioso
Related
- Protection is a commodity paid for even when never used. (similarity 0.87)
- In protection markets reputation is the product itself, not the signal of it (similarity 0.84)
- Client concentration and violent competition make mafia protection contracts fragile. (similarity 0.84)
- Prior analysts conflate protected goods’ markets with the protection market itself. (similarity 0.83)
- A mafioso’s word functions as a guarantor that settles debts below face value (similarity 0.82)
- The victim role shifts as protected parties alternately lose their protectors (similarity 0.82)
- Solving competition in protection markets ultimately requires a mafia-like enforcing superagency. (similarity 0.82)
- Businessmen receiving protection either pay a cut or become partners (similarity 0.81)
- Commerce requires liberty, contract security, trust, and justice (similarity 0.81)
- Trust reduces transaction costs the way lubricant reduces friction (similarity 0.80)
- Mafia protection customers range from spot buyers to kin (similarity 0.80)
- Law exists to reduce the severity of trust-violation losses (similarity 0.80)
- Contract terms depend on the relative bargaining power of customer and mafioso (similarity 0.80)
- Potential to sanction breaches is the strongest basis for trusting another. (similarity 0.79)
- Trust and trustworthiness are asymmetrical because only trusting carries significant risk of exploitation (similarity 0.79)