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Extitutional Theory: No Rules, No Roles, just Dynamics

The Blockchain Socialist

CHAPTER

Is a Blockchain a Tool for the Creation of New Institutions?

A lot of people have been thinking about smart contracts as purely a tool for creating new institutions. What the Exitutional Theory brings is maybe thinking about not that smart contracts only bring about creation of new institutions, but also how those smart contracts could bring about new Exitutional Dynamics. You cannot have an institution without the execution that comes with it and this versa. And so indeed, a blockchain enables new types of social organizations which therefore implies new typologies potentially of both Institutional and Ex institutional Dynamics.

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