Williamson: which governance fits which transaction
One outside relationship — a printer, a café, a sponsor — holds up more of what the club does than anyone would like to admit. The question is simple: what happens tomorrow if they are gone.
Goodwill is enough until somebody invests in something worth nothing anywhere else; once they do, the arrangement needs structure — the market, a contract, or a role of your own.
Pick one such relationship and answer three questions in writing: what have they invested specifically in the club, what have you invested, and how much work disappears with them. If the answer hurts, end the same meeting with three lines: how long it runs, who owns what at the end, how many days of notice.
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These works are related to the one you just read — and not by accident:
same competency: Economics of the organisation
same competency: Economics of the organisation
same competency: Economics of the organisation
same competency: Economics of the organisation
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The same work written at length: what it claims and what its evidence is worth.
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- Williamson's Nobel lecture (2009) — market, hybrid, hierarchy, as a PDF
- Williamson (1991) — the article that sets out the triad
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