Institutional Development and Change
22 important questions on Institutional Development and Change
What is institutional change?
What are the 2 types of institutional change?
2. Radiacal
What are the 5 stages of institutional development?
2. Trade beyond village
3. Long distance trade
4. Further expansion of trade
5. Modern trade
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What are the 3 forms of transaction costs?
2. Bargaining costs - costs of setting up contract and coming to an agreement
3. Monitoring and enforcement costs - costs associated with ensuring that people stick to agreement and costs of enforcing it
What are the characteristics of the trade within tribe stage of institutional development?
2. Hunter & gatherer society
3. Local trade within village, based on intimate informal dense networks based on shared norms and trust, no transaction costs.
4. Little specialisation
5. Families take care of themselves
6. If people don't live up to agreements, violence is used to coerce
What are the characteristics of the trade beyond village stage of institutional development?
2. Slightly higher specialisation
3. Less intimate networks
4. Need for measurements to compare goods
5. Need for form of enforcement to ensure agreements are honoured, effectiveness of enforcement is based on religious principles
6. Little state control, which increases transaction costs
What are the characteristics of long-distance trade stage of institutional development?
2. Societies establish trading posts and trade overseas
3. Specialisation is substantial both geographically and ocupationally
4. In places where trade happens cities form
What are the 2 transaction problems that emerge from long distance trade?
2. Contract problem
How can the principal-agent problem be solved?
2. Aligning the interests of principal and agent
3. Sending relatives
What are the characteristics of the further expansion of trade stage in the institutional development?
2. Formal institutions become crucial, personal and social enforcement is not enough
3. Urbanisation
4. Rise of capital markets and property rights, etc.
What are the characteristics of modern trade in the institutional development?
2. Optimised specialisation
3. Relies on global interconnected network of firms and people who provide goods and services
4. Transaction costs become large part of total cost good
What are the 3 types of markets?
2. Emerging markets
3. Mature markets
What are arm's length transactions?
What are the world bank institutional quality indicators?
1. Voice and accountability
2. Political stability
Formulating/implementing policies
3. Government effectiveness
4. Regulatory quality
Respecting/ abiding institutions
5. Rule of law
6. Corruption control
What is the difference between institutional development and transition?
What are the 2 ways for institutional transition?
2. Gradual approach
What are emerging markets?
What is judgemental heuristics?
What are the 4 institutional causes for the financial crisis?
2. Lax regulations
3. Shift from social relations to increasingly distant relationships
4. Indecent bonuses
What is the carbon market?
What are the 4 steps in improving climate competitiveness?
2. Assess carbon related risks and opportunities
3. Adapt to get rid of risk and meet opportunities
4. Do step 3 better than competitors
What classifies a normal accident?
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