No, we're not talking about public choice economics. Or corruption of any sort. We're talking dispute resolution. Outside the formal legal system. Now available online. The (admittedly cheesily-named) is now offering fixed-cost arbitration.

Of course, everyone knows that private legal systems are crazy talk best left to SF or possibly fringy AnCap blogs.

(HT: Katherine Mangu-Ward)

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Private dispute resolution goes on a lot

Bryan Caplan has an old paper that talked about it. I read it years ago - the main thing I remember is that VISA has an efficient (fully private) dispute resolution system (which I presume is what kicks in when you dispute a credit card charge). I don't remember it being a PDF, but this might be the paper I remember - the title is The Economics of Non-State Legal Systems.