Inside and Outside Perspectives on Legitimacy: The Implications of Incentive-Incompatibility

Harwick, Cameron

doi:10.2139/ssrn.3187581

Cited by 3 publications

(1 citation statement)

References 57 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…First, legitimacy matters. Political strategies are embedded in practice (Harwick 2019), and generally depend for their stability on a particular persistent pattern of bargaining among interest groups. Convergence is a hard-won process.…”

Section: Lessons and Contrastsmentioning

confidence: 99%

The Feudal Origins of the Western Legal Tradition

Harwick

Root

2019

Ordo

Self Cite

View full text Add to dashboard Cite

This paper draws a distinction between ‘communitarian’ and ‘rationalist’ legal orders on the basis of the implied political strategy. We argue that the West’s solution to the paradox of governance – that a government strong enough to protect rights cannot itself be restrained from violating those rights – originates in certain aspects of the feudal contract, a confluence of aspects of communitarian Germanic law, which enshrined a contractual notion of political authority, and rationalistic Roman law, which supported large-scale political organization. We trace the tradition of strong but limited government to the conflict between factions with an interest in these legal traditions – nobles and the crown, respectively – and draw limited conclusions for legal development in non-Western contexts.

show abstract

Section: Lessons and Contrastsmentioning

confidence: 99%

The Feudal Origins of the Western Legal Tradition

Harwick

Root

2019

Ordo

Self Cite

View full text Add to dashboard Cite

show abstract

Do we still need financial intermediation? The case of decentralized finance – DeFi

Grassi

Lanfranchi

Faes

et al. 2022

QRAM

View full text Add to dashboard Cite

Purpose Decentralized finance (DeFi), enabled by blockchain, could bring about a new financial system, where peers will interact directly, with little or no place for traditional intermediation. However, some crucial tasks cannot be left solely to an algorithm and, consequently, most DeFi applications still require human decisions. The aim of this research is to assess the role of intermediation in the light of DeFi, analysing how humans and algorithms will interact. Design/methodology/approach The authors based their work on a twofold qualitative methodology, first analysing publicly available secondary data, particularly from white papers and DeFi Pulse (a website providing data on DeFi solutions) and then running two focus group discussions. Findings DeFi does not eliminate financial intermediation, but enables it to be performed in new ways, where decentralization means that no single entity can hold too much power or monopoly. DeFi has, however, inherited risks from the underlying technologies that unintentionally facilitate illegal behaviour and can hamper the authorities’ supervision. The complex duality algorithm- vs human-based actions will not be solved indisputably in favour of the former, as DeFi solutions can range from requiring algorithms to play a dominant role, to enabling greater human interaction by actively involving more people. Originality/value This research contributes to the emerging debate between algorithm- and human-based intermediation, especially in relation to the standing literature on financial intermediation, where considerations made in the light of the newest theories on blockchain and DeFi are still scarce.

show abstract

What's Holding Back Blockchain Finance? On the Possibility of Decentralized Autonomous Finance

Harwick

Caton

2019

SSRN Journal

View full text Add to dashboard Cite

Inside and Outside Perspectives on Legitimacy: The Implications of Incentive-Incompatibility

Cited by 3 publications

References 57 publications

The Feudal Origins of the Western Legal Tradition

The Feudal Origins of the Western Legal Tradition

Do we still need financial intermediation? The case of decentralized finance – DeFi

What's Holding Back Blockchain Finance? On the Possibility of Decentralized Autonomous Finance

Contact Info

Product

Resources

About