This chapter focuses on reflexivity and how it operates in democratic arrangements, considering a set of possible objections to this study's argument. The first potential objection is that the study has underestimated the capacity of decentralized markets. The chapter directly compares the relative claims about democracy and markets. In doing so, it highlights the ways in which competition operates in the different environments and the relative importance of reflexivity for the two institutional alternatives. The second potential objection is that the study has failed to consider other more centralized institutional arrangements that might embody reflexivity. The chapter then considers three such alternatives: courts and judicial decision making, bureaucracy, and a hybrid form that combines informal norms within formal institutional arrangements. Drawing on the analysis of the effects of social norms on formal decision making, it also assesses whether the positive effects of social norms might, in fact, be most likely to emerge in an environment of democratic decision making.
Keywords: reflexivity, democratic arrangements, decentralized markets, judicial decision making, bureaucracy, institutional arrangements, social norms, formal decision making, democratic decision making
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