Institutions Abhinay Muthoo, University of Warwick Pre-University Taster in Economics
Institutions Matter Why Nations Fail http://whynationsfail.com/ Institutions, Institutional Change and Economic Performance - Douglass North
Types of Institutions Political – democracy, autocracy Economic – e.g central banks, World Trade Organisation, IMF Social – Family, Religious, Bowling Alleys
What are they? They define rules of engagement They constrain behaviour Create process and facilitate action
Political Democracy: Executive, legislature and judiciary Elections Political Parties Non Democracy: Singapore, China, African States
Financial Markets Economic: Bretton Woods Institutional Structures IMF, The World Bank, the UN System
Social Family Religion