New Institutional Economics and Political Economy

The Foundations of New Institutional Economics

Douglass North
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Dr. North is a professor of economics and history at the Washington University in St. Louis. He is also professor of history and a fellow of the Center in Political Economy. He was on the faculty of the …

The New Institutional Economics (NIE) combines economics, economic history, political science, and area studies. A good understanding of NIE is crucial to analyze the reasons for success or shortcomings of economic reforms in different countries, since this approach explains how and why reforms are affected by pre-existing institutional environments. In order to pursue successful reforms, one must first understand the limitations inherent in a given political, economic, and social system – and how they can be overcome within that particular context.

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