This essential research review carefully analyses some of the most influential papers focusing on the relationship between economic and political institutions and economic development. Economic institutions shape economic incentives, such the incentives to become educated, to save and invest, to innovate and to adopt new technologies. Although economic institutions are critical for determining whether a country is poor or prosperous, it is politics and political institutions that determine which economic institutions are present in a country. This review explores these critical relationships and the causes of economic growth, whilst bringing forth the legal, colonial and financial factors, which contribute to economic discrepancies across countries. The text will be a valuable tool for economic researchers and scholars interested in this important subject.
In just over 30 years, Geoff Hodgson has made substantial contributions to institutional economics, evolutionary economics, economic methodology, the history of economic thought and social theory. To mark his seminal work, this volume brings together original contributions by world-leading scholars in specific areas that have played a significant role in influencing his thinking or represent key debates to which he has contributed. Building on some of the most significant philosophical and methodological foundations underlying Hodgson's work, the volume is organised around the recurring themes of institutions, evolution and capitalism.