In practice, once anarcho-capitalist institutions were well established, protection agencies would anticipate such difficulties and arrange contracts in advance, before specific conflicts occurred, specifying the arbitrator who would settle them.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "In practice, once anarcho-capitalist institutions were well established, protection agencies would anticipate such difficulties and arrange contracts in advance, before specific conflicts occurred, specifying the arbitrator who would settle them." in the context of "David Friedman Police, Courts and Laws - On the Market" to mean that wisdom is timeless.