Institutions, Complementarity, and Hierarchy

Bruno Amable

in The Diversity of Modern Capitalism

Published in print December 2003 | ISBN: 9780199261130
Published online July 2005 | e-ISBN: 9780191602474 | DOI:
 Institutions, Complementarity, and Hierarchy

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This chapter provides the theoretical background for the book. It proposes a theory of institutions as political equilibriums, and presents the concepts of institutional complementarity and hierarchy. It shows how institutions influence the economic equilibrium, and that these are political-economy choices. An economy is characterized by a set of complementary institutional forms resting on specific political equilibria defining the hierarchy among institutions.

Keywords: capitalism; institutions; political equilibrium; complementarity; hierarchy

Chapter.  20615 words.  Illustrated.

Subjects: Economic Systems

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