The institutional change and it´s implications on economic development

Ramona Frunza and Marian Stanciu
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Marian Stanciu: Alexandru Ioan Cuza University

Romanian Economic Business Review, 2007, vol. 2, issue 1, 71-78

Abstract: The guide in the elaboration of this article was the work of the famous attorney of the new institutionalism, D. North, named “Institutions, Institutional Change and Economic Performance”. His central idea was focused on the retaining wall of the necessity of an institutional change that to permit the economic performance. The author observes that the productive activity depends in an essential way by the institutionalization on property rights and by the observance of the contracts. If a system of property is institutionalized in a good manner and in same time he’s stable, then we can talk about by a fosterage of the investments on a long term, in these way facilities the productive activity. On the contrary, when the property is affected by risks and raised costs, the peoples will be attracted to the direct gaining based on speculation and on the obtaining of one fairly substantial part by the property existing already. Considering all these, our step try to astound, essentially, the reasons for that the structures of governance must refer at an institutional change in a state, change that must generate the economic performances.

Keywords: institutional change; property rights; governance; economic performance (search for similar items in EconPapers)
Date: 2007
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