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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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Explaining Economic Change: The Relations of Institutions, Politics, and Culture 1

Explaining Economic Change: The Relations of Institutions, Politics, and Culture 1

(p.309) 13 Explaining Economic Change: The Relations of Institutions, Politics, and Culture1
The Institutions of the Market

John Harriss

Oxford University Press

This chapter examines the role of politics, power, and culture in the explanation of institutional change. It criticizes the rational choice framework of the new institutional economics for its apparent limitations in theorizing on these issues. It underlines the analytical advantages of historical institutionalism. The conflict among social classes and the institutional substance of power structures are of particular analytical significance. They are interrelated factors in the evolution of cultural values, as exemplified by the case of Indian economic development and its socio-political underpinnings.

Keywords:   institutional change, rational choice framework, new institutional economics, institutionalism, India, economic development

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