Corpus ID: 32367932

C HAPTER 5 T HE R OLE OF I NSTITUTIONS IN E CONOMIC C HANGE

@inproceedings{Chang2011CH5,
  title={C HAPTER 5 T HE R OLE OF I NSTITUTIONS IN E CONOMIC C HANGE},
  author={Ha-Joon Chang},
  year={2011}
}
Institutions are systematic patterns of shared expectations, taken-for-granted assumptions, accepted norms and routines of interaction that have robust effects on shaping the motivations and behaviour of sets of interconnected social actors. In modern societies, they are usually embodied in authoritatively coordinated organizations with formal rules and the capacity to impose coercive sanctions, such as the government or the firms. Everyone recognizes that institutions are fundamental to… Expand

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