The Hall of Friction

• Exhibit 4.1

  The Cost of Trust

  Every institution that creates certainty also creates expense.

• Exhibit 4.2Interactive

  The Long Journey of a Transaction

  Follow one transaction through every institution it must pass.

• Exhibit 4.3

  The Problem of Illiquidity

  Ownership that cannot move.

• Exhibit 4.4

  When Markets Sleep

  Capital constrained by business hours and calendars.

• Exhibit 4.5

  The Geography of Capital

  Why location still determines access.

• Exhibit 4.6

  The Innovation Dilemma

  Why systems that work resist being rebuilt.

• Exhibit 4.7

  The Search for a Better System

  The question that opens the next gallery: can the system work better?

Select an exhibit label to record the discovery in your passport. Interactive exhibits open as the museum is completed.