Endogenous Institutional Change and Privileged Groups

Endogenous dynamics of institutional change

A parsimonious set of mechanisms explains how and under which conditions behavioral deviations build into cascades that reshape institutional frameworks from the bottom up, even if institutional innovations initially conflict with the legally codified rules of the game. Specifically, we argue that this type of endogenous institutional change emerges from an interplay between three factors: the ...

Endogenous Institutional Change and Dynamic Capitalism

Endogenous Institutional Change and Capitalism in China

The Demand for Endogenous Money: a Lesson in Institutional Change

Interest Bans, Impersonal Exchange, and Endogenous Institutional Change in Islam and Christianity

Numerous economic historians have suggested that institutions which supported contract enforcement were necessary for impersonal exchange to emerge in medieval Europe. Yet this literature cannot account for the bill of exchange, an important financial instrument that was legally enforced in both the medieval Islamic and Christian worlds but remained relegated to personal networks in only the fo...