The Regulator welcomes Duke Professor of Law Barak Richman, author of Stateless Commerce: The Diamond Network and the Persistence of Relational Exchange. Richman uses the colorful case study of the diamond industry to explore how ethnic trading networks operate and why they persist in the twenty-first century. How, for example, does the 47th St diamond district in midtown Manhattan – surrounded by skyscrapers and sophisticated financial institutions – continue to thrive. Stateless Commerce draws on rare insider interviews to explain why personal exchange succeeds, even as most global trade succumbs to the forces of modernization, and what it reveals about the limitations of the modern state in governing the economy.
Barak D. Richman is Edgar P. and Elizabeth C. Bartlett Professor of Law and Business Administration at Duke University School of Law.