Economic Institutions and the State: Insights from Economic History

Hillmann, Henning

Document Type: Article
Year of publication: 2013
The title of a journal, publication series: Annual Review of Sociology
Volume: 39
Page range: 251-273
Place of publication: Palo Alto, Calif.
Publishing house: Annual Reviews Inc.
ISSN: 0360-0572
Publication language: English
Institution: Außerfakultäre Einrichtungen > Mannheim Centre for European Social Research - Research Department A
School of Social Sciences > Economic and Organizational Sociology (Hillmann 2009-)
Subject: 300 Social sciences, sociology, anthropology
Abstract: What mechanisms account for the long-run differences in economic development across historical settings? Current scholarship has renewed the argument that institutions are essential for promoting market transactions, industrialization, trade, and economic growth. In particular, recent work in economic history offers valuable empirical and theoretical insights into the development of market-supporting institutions, their long-term consequences, and their relationship to state-building. The purpose of this review is to bring contributions in economic history to the attention of sociologists interested in the evolution of economic institutions. Drawing on salient historical cases, the article contrasts formal market-supporting institutions that are provided by the state with settings where such public provision fails and private-order institutions based on reputation effects within informal social networks offer an alternative. Moving beyond mere existence proofs that institutions matter, the review then discusses recent advances in understanding the precise mechanisms responsible for the persistent effects of institutions on economic development.[ABSTRACT FROM AUTHOR]

Dieser Eintrag ist Teil der Universitätsbibliographie.

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