Private governance

Private governance is like playing a game with your friends and making up rules on your own without an adult telling you what to do. Just like how you and your friends decide how to play the game and what happens if someone breaks the rules, private governance is when a group of people or a company makes their own rules and enforces them without the government telling them what to do.

For example, imagine you and your friends have a club where you collect stickers. You all agree on how many stickers each person can have, how often they can trade stickers, and what happens if someone cheats or takes too many stickers. You and your friends are creating your own private governance, just like companies or individuals who create their own rules for their businesses, neighborhoods, or communities.

Private governance can work well when everyone involved agrees to the rules and feels included in the decision-making process. It allows people or companies to have more control over their own affairs and can help them solve problems faster and more efficiently than if they relied on the government to do it for them.

However, if someone doesn't agree with the rules or feels left out of the decision-making, private governance can lead to conflict, unfairness, or even discrimination. It's important to make sure that everyone has a say and that the rules are fair for everyone involved.