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Institutions and Commitment

  • Spiller, Pablo T

The thrust of this paper is that to understand the roles institutions play in society, a deep analysis of opportunism and its implications is necessary. For that purpose, a transactions costs-cum-positive political theory approach is developed, with a focus on the role of institutions and their implications for regulatory commitment. A major issue is restraining political opportunism. Countries that have succeeded in developing a healthy private sector are those that have developed institutions that restrain governmental decision-making. But such restraining is itself a political choice. Countries with electoral and legislative systems that bring about decentralized government have stronger chances of developing equilibria where government discretion is restrained. Copyright 1996 by Oxford University Press.

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Article provided by Oxford University Press in its journal Industrial & Corporate Change.

Volume (Year): 5 (1996)
Issue (Month): 2 ()
Pages: 421-52

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Handle: RePEc:oup:indcch:v:5:y:1996:i:2:p:421-52
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