From bioprospecting to reflexive governance

In this paper I evaluate the contribution of new institutional economics to reflexive governance in the field of bioprospecting. My hypothesis is that the design of governance arrangements that are both efficient and legitimate necessitates taking into account the reflexivity of the actors on the proposed institutional design. In considering this hypothesis, I apply current theoretical insights from new institutional economics as developed by Oliver Williamson and Douglas North to the issue of complex contractual relationships in the field of bioprospecting. Building on these insights, I propose some means for ameliorating the current proposals for institutional framing of the contractual relationships.