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The Institutions of the MarketOrganizations, Social Systems, and Governance$
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Alexander Ebner and Nikolaus Beck

Print publication date: 2008

Print ISBN-13: 9780199231423

Published to Oxford Scholarship Online: September 2008

DOI: 10.1093/acprof:oso/9780199231423.001.0001

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Institutional Evolution and the Political Economy of Governance

Institutional Evolution and the Political Economy of Governance

(p.287) 12 Institutional Evolution and the Political Economy of Governance
The Institutions of the Market

Alexander Ebner (Contributor Webpage)

Oxford University Press

This chapter examines the co-evolutionary relationship between markets and states as a path-dependent process that reflects the social construction of institutional change. It reviews the major contributions to the governance approach, as originally provided by the new institutional economics and subsequently extended in the transdisciplinary discourse of the new institutionalism. Oliver E. Williamson's transaction cost approach to governance is examined, offering insights into the notion of private ordering as a governance device. Douglass C. North's theory of the institutional evolution of markets and states and, Mancur Olson's collective action approach to governance are then considered.

Keywords:   institutional change, governance approach, institutionalism, Oliver E. Williamson, transaction cost, Douglass C. North, Mancur Olson

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