resolve this conceptual conundrum by grounding governance in mundane activities of coordination. We define governance as … reflexive coordination - focusing on those "critical moments", when routine activities become problematic and need to be revised …, thus, when regular coordination itself requires coordination. Regulation, in turn, can be understood as targeted public or …

, which we explain in terms of arbitrage power, exploit the difference between exchanges in an imaginary ‘smooth’ market of …, regulations, and taxations. Arbitrage power exploits differences between the location of market exchange and the location of the …