Private security guards are analogous to the old beat cops, without any formal police power. In large part, the private security industry emerged to fill the niche left when police officers retreated into the cars. The private security guards are tied to a specific employer, not the neighborhood, but I would imagine, depending on the layout of the area, that there can often be a real spillover effect due simply to having eyes on the street. Neighborhood watch patrols do the same thing, but private security guards work through the wee hours, long after the neighborhood volunteers have gone home.
I would be interested in an experiment in community policing that brought back elements of the old system. Having beat cops that frequently circle your block and who are within whistle call of each other translates into lots of bodies. That gets prohibitively expensive unless pay is very low. If pay is low, training standards, public expectations and legal liabilities must be adjusted accordingly. The whole system would have to shift gears. But in theory, a lot of shoeleather neighborhood cops on the street backed up by much smaller, more highly trained and highly mobile response teams might be worth exploring.
Other countries do it differently. I had a conference some years back in Costa Rica and had a bottle of prescription medicine that went astray on the flight. I was grimly expecting a medical ordeal involving a real runaround, maybe a trip to an embassy doctor, and several international calls to get the prescription refilled. I started with the concierge at the hotel and asked him who to call. He phoned up the local pharmacy. Within 30 minutes, a pleasant young lady on a motor scooter arrived at the hotel with my meds. The U.S. overcomplicates a lot of things.
What we have traditionally done in medicine is akin to demanding that we have a certified chemical engineer on the back of every garbage truck, on the chance that someone will put a hazardous substance out in the trash.
"Informal street justice" = giving street thugs an informal beating with your nightstick to encourage them to not shoplift/steal/vandalize .
Yeah, that will work in the current environment. Not. Can you imagine the Leftist lawyers lining up the first time that happens?