This essay examines the recent use of the concept of institutions in economics and political science, and the impact of institutions on economic growth and democracy. The discussion includes the definition of institutions, the question of endogenous and exogenous origins of institutions, the role of fixed and flexible institutions, and the relations among different types of institutions. Particular attention is given to recent books by Avner Greif and by Daron Acemoglu & James A. Robinson.


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  • Article Type: Review Article
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