economic governance

…work in the area of economic governance, or the ways in which economic systems and hierarchical organizations operate outside the market. Ostrom particularly focused on the ways in which common resources such as forests, irrigation systems, and oil fields can be managed without government regulation or privatization.

…work in the area of economic governance, or the ways in which economic systems and hierarchical organizations operate outside of the market, in terms of corporate conflict resolution. Williamson was credited with creating a new branch of economic thought—called New Institutional Economics—through his research.