chapter  8
Tailoring Legal Policies and Practices
WithBhamati Viswanathan
Pages 15

Creative industries flourish when private ordering arrangements abound. In the U.S., private ordering is generally considered preferable to externally imposed arrangements, such as publicly or governmentally mandated solutions. 1 Many creative industry firms prefer private ordering solutions because they are more flexible, industry-specific, and entity-specific. They also entail fewer transaction costs, and can be readjusted, renegotiated, and renewed. They can be made privately, or even secretly, among private entities. Although they may entail some transaction costs, they do not ordinarily require exogenous costs, such as the need to lobby for government regulation or oversight.