Significant and long-term diversification of economic performance results mainly from respectively significant changes between institutional systems. This paper aims at defining conceptual relations between institutions and economic policy. Institutional changes in the contemporary world are presented, and an analytical framework to explain them is proposed. Using this framework, the three cases of changes as defined by an initial institutional system are discussed: 1) free market system and rule of law, 2) extreme statism and its breakdown, 3) reforms after the breakdown of such a system
May 26, 2022
Mar 1, 2018
|Institutions and their changes||May 26, 2022|
Sokołowicz, Mariusz E.
Mikucka-Kowalczyk, Agnieszka Ściborska-Kowalczyk, Izabela