This chapter examines the governance of exchanges. It is organized as follows. The first section presents a preliminary analysis of the three archetypal organizational structures that have most commonly been adopted by exchanges: the nonprofit, the consumer cooperative, and the for-profit forms. The relative costs of adopting each archetype are also examined. The second section discusses the variety and complexity of different exchanges' governance structures, and identifies some additional costs associated with the three. The third section analyzes the two important ways in which the governance of an exchange may come under pressure to change.
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