Introduction: Institutional Change, Capitalist Development
Since institutions of a political economy cannot be taken into consideration individually, institutional change should be looked at not as an individual subject but as a part of a social formation. Such a view requires social systems to be understood in a way that they avoid being associated with the notion of a static equilibrium being seen as an ideal condition. The book takes on a quasi-inductive approach in reconstructing the evolution of five institutional complexes over a quarter century while also looking into the theoretical implications and questions that have been brought about by empirical observations. A series of conclusions are then offered that are based on empirical material regarding institutional change including how to analyse it and the nature and dynamics of contemporary capitalism.
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