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Blockchain Technology as Economic Infrastructure: Revisiting the Electronic Markets Hypothesis
Frontiers in Blockchain
In the late 1980s and early 1990s, the electronic markets hypothesis offered a prediction about effect of information technology on industrial organization, and many business writers forecast significant changes to the shape and nature of the firm. However, these changes did not come to pass. This paper provides an economic analysis of why, using the transaction cost economic framework of Ronald Coase and Oliver Williamson. Non-hierarchical corporate organization struggled against contractingdoi:10.3389/fbloc.2019.00022 fatcat:euqgb2o6qvbipau6gh3qbllnhi