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Formal Institutions

In: Law, Informal Rules and Economic Performance

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Abstract

Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions.

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  • ., 2008. "Formal Institutions," Chapters, in: Law, Informal Rules and Economic Performance, chapter 13, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:4198_13
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