Beyond the Market and Beyond the Government

Author: Li Yining
Publisher:
Publish Date: 1999-04-01
Features: Custom and moral regulation is the third form of regulation besides market and government regulation. Through analysis, it can be clearly understood that even in situations where both market and government regulation are in effect, and where laws are generated and enforced, custom and moral regulation not only exists but also plays a role that cannot be replaced by market or government regulation, nor can it be replaced by law. Although academic exploration of custom and moral regulation has been far from sufficient so far, and the emphasis placed on it in social and economic life (including both transaction and non-transaction areas) has also been far from adequate, I firmly believe that this situation will change in the future.