Understanding the Relationship between Institutions and Economic Development: Some Key Theoretical Issues

Revista de Economía Institucional, Vol. 8, No. 14, First Semester 2006

12 Pages Posted: 15 Jul 2006

See all articles by Ha-Joon Chang

Ha-Joon Chang

University of Cambridge - Faculty of Economics and Politics

Abstract

This paper discusses how the theory on the role of institutions in development can be improved, by critically examining the current orthodox discourse on institutions. To understand the relationship between institutions and economic development, it is necessary to have some balance between institutional forms and functions, and to accept its multi-faceted nature. It concludes that a successful institutional adaptation must be politically legitimated by the members of society and requires a better knowledge of the historical and contemporary experiences of each country.

Keywords: institutions, economic development, institutional forms and functions

JEL Classification: B52, O10

Suggested Citation

Chang, Ha-Joon, Understanding the Relationship between Institutions and Economic Development: Some Key Theoretical Issues. Revista de Economía Institucional, Vol. 8, No. 14, First Semester 2006. Available at SSRN: https://ssrn.com/abstract=914620

Ha-Joon Chang (Contact Author)

University of Cambridge - Faculty of Economics and Politics ( email )

Austin Robinson Building
Sidgwick Avenue
Cambridge, CB3 9DD
United Kingdom
+44 1223 335389 (Phone)
+44 1223 335475 (Fax)

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