Lex mercatoria, or the “Law Merchant,” refers to the privately produced, privately adjudicated, and privately enforced body of customary law that governed virtually every aspect of commercial transactions by the end of the 11th century. Thus, the Law Merchant provides libertarians with an important example of effective law without coercive state authority. Rapid expansion in … Continue reading Monopolies Are Bad, Which is Why Government Shouldn’t Monopolize Law and Order