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Horizontal Crowdfunding Platforms: Socio-Economic Impact and Exogenous/Endogenous System of Rules
Abstract
In recent years arose a multitude of crowdfunding platforms of different nature and with different goals. In this chapter some peculiar aspects of crowdfunding platforms will be examined, both in terms of their socio-economic impact and in terms of the exogenous and endogenous system of rules with which they interact. Crowdfunding is not governed exclusively by the rules of law and the regulations of the platforms that host it. Every campaign involves the construction of a community, with its specific rules, that are in part pre-established by the campaign creator and in part the result of the interaction of the community. However, these rules do not live in a closed set, building a case history to which the future campaigns will not necessarily have to conform, but with high probability they will use as a parameter. Although it is not possible to identify the rules that are common to all the crowdfunding campaigns, could be observed an evolution mostly harmonic between different campaigns with respect to the methods, the mechanisms of involvement and, of course, the rules.
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