Institutions are central to economic life. They have a major impact on the actions and processes of firms, levels of wealth in countries, the growth of international trade etc. Institutions do more than support economic life: they enable and shape it. These insights challenge some of the most basic postulates on economic theory and are at the heart of economic sociology. This book by Francesco Duina (Bates College) examines the role of institutions – defined as the formal and informal rules and practices that surround us as we go about our daily lives – in the economy. Illuminating complex ideas with carefully selected, vivid examples, the investigation focuses on economic activity as it unfolds at the individual, organizational, national, and international levels.
John L. Campbell: “It’s a fantastic overview of the institutionalist approach to economic sociology – the best discussion yet about how institutions affect the economy at the individual, organizational, national, and international levels.”