Institutions are central to economic life. They have a major impact on consumer preferences, the actions and processes of firms, levels of wealth and poverty in countries, the growth of international trade, and much more. Indeed, none of the preconditions for economic activity - such as the existence of buyers and sellers, recognizable goods and services, and the information we need to make choices - would be in place without institutions. Institutions, then, do more than support economic life: they enable and shape it. These insights challenge some of the most basic postulates on modern economic theory and are at the heart of many of the most exciting works in economic sociology. This book examines the role of institutions - defined as the formal and informal rules and practices that surround us as we go about our daily lives - in the economy. Illuminating complex ideas with carefully selected, vivid examples, the investigation focuses on economic activity as it unfolds at the individual, organizational, national, and international levels. This accessible and engaging book will be essential reading for students of economic sociology, and all those interested in the intimate relationship between institutions and the economy.

An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.

Publisher Description

The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more successful than others over time. This book explores the relationship between economic conditions, growth, and inequality.

This book shows how the institutional framework of a society emerges and how markets within institutions work.

"The essential role institutions play in understanding economic development has long been recognised and has been closely studied across the social sciences but some of the most high profile work has been done by economists many of whom are included in this collection covering a wide range of topics including the relationship between institutions and growth, educational systems, the role of the media and the intersection between traditional systems of patronage and political institutions. Each chapter covers the frontier research in its area and points to new areas of research and is the product of extensive workshopping and editing. The editors have also written an excellent introduction which brings together the key themes of the handbook. The list of contributors is stellar (Steven Durlauf, Throsten Beck, Bob Allen,and includes a diverse mix of Western and non Western, male and female scholars)"

This long-awaited sequel to the modem classic "Markets and Hierarchies" develops and extends Williamson's innovative use of transaction cost economics as an approach to studying economic organization by applying it to work and labor as well as the corporation itself. In addition, Williamson explores its growing implications for public policy, including its potential influence on antitrust and merger guidelines, labor policy, and SEC and public utility regulations.

Governing the Global Economy explores the dynamic interaction between politics and economics, between states and markets and between international and domestic politics. The contributors study how the governance of the global economy is shaped by interaction between international institutions, domestic politics and multinational enterprises, from a wide range of theoretical perspectives and methods. Presenting a fresh approach to the study of international political economy, this volume covers: the systemic characteristics of the liberal world order, the role of international institutions, domestic economic politics and policies the strategies and behaviour of multinational enterprises. The volume also includes topical discussion of the challenges to the global economy from the recent financial crisis and analysis of economic politics, in particular the regions of Africa and Europe as well as the countries of Japan and South Korea. With contributions from prominent scholars in political science, economics and business studies, who have all contributed greatly to advancing the study of political economy over the last decade, Governing the Global Economy aims to bridge the gap between undergraduate textbooks and advanced theory. It is essential reading for all students and scholars of international political economy and globalization.

"In this book Richard R. Nelson mounts a full-blown attack on the standard neoclassical theory of economic growth, which he sees as hopelessly inadequate to explain the phenomenon. His alterative theory posits that economic growth driven by technological advance involves disequilibrium in a fundamental and continuing way. Nelson argues that an adequate theory must take into account a range of institutions, from universities to public laboratories and from government agencies to business firms and markets."--BOOK JACKET.

This is a study of the way individuals organise the use of resources in order to maximise the value of their economic rights over these resources.