Institutions and Commitment

Pablo Spiller

Industrial and Corporate Change, 1996, vol. 5, issue 2, 421-52

Abstract: The thrust of this paper is that to understand the roles institutions play in society, a deep analysis of opportunism and its implications is necessary. For that purpose, a transactions costs-cum-positive political theory approach is developed, with a focus on the role of institutions and their implications for regulatory commitment. A major issue is restraining political opportunism. Countries that have succeeded in developing a healthy private sector are those that have developed institutions that restrain governmental decision-making. But such restraining is itself a political choice. Countries with electoral and legislative systems that bring about decentralized government have stronger chances of developing equilibria where government discretion is restrained. Copyright 1996 by Oxford University Press.

Date: 1996
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