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Institutional change and economic development: concepts, theory and political economy


This article complements Ha-Joon Chang's critique, entitled ‘Institutions and Economic Development: Theory, Policy and History’, of the ‘dominant discourse’ on institutions and economic development which takes the view that getting the institutions right (by strengthening private property rights and market freedoms) is a prerequisite for development. It does so by commenting on the concepts of economic development and institutions, discussing the theory of how institutional change affects development, and examining the possibility and desirability of such institutional change as a prerequisite of development.

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Chang, H. (2011), ‘Institutions and Economic Development: Theory, Policy and History’, Journal of Institutional Economics, 7 (4): doi:10.1017/S1744137410000378.
Dutt, A. K. (1990), Growth, Distribution and Uneven Development, Cambridge: Cambridge University Press.
Hodgson, G. (1998), ‘The Approach of Institutional Economics’, Journal of Economic Literature, 36 (1): 166192.
Hodgson, G. (2006), ‘What are Institutions?’, Journal of Economic Issues, 40 (1): 125.
Rodrik, D. (2007), One Economics, Many Recipes, Princeton, NJ: Princeton University Press.
Sen, A. (1999), Development as Freedom, New York: Anchor.
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Journal of Institutional Economics
  • ISSN: 1744-1374
  • EISSN: 1744-1382
  • URL: /core/journals/journal-of-institutional-economics
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