This paper discusses how the theory on the role of institutions in development can be improved, by critically examining the current orthodox discourse on institutions. To understand the relationship between institutions and economic development, it is necessary to have some balance between institutional forms and functions, and to accept its multi-faceted nature. It concludes that a successful institutional adaptation must be politically legitimated by the members of society and requires a better knowledge of the historical and contemporary experiences of each country.
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Volume (Year): 8 (2006) Issue (Month): 14 (January-June) Pages: 125-136 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
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