ABSTRACT
Open markets thrive on open access. Anyone who can deliver the goods must be able to sell them, anyone with the necessary funds must be able to buy. But invisible hands are hard to shake: there are risks in paying in advance for untried products from an unknown trader, or producing for sale to an unknown buyer at a price not yet set. Establishing trust to reduce these risks restricts the range of market transaction, and writing contracts to reduce them erodes its efficiency advantages. Leaping from the safety of small numbers to the synergy of large ones is a problem that may prevent markets from getting into motion, however advantageous they are once on the move.
