Good Things Take Time? Dynamics of Institutional Adjustment Processes and Their Economic Impact (Gut Ding Will Weile Haben? - Dynamik Institutioneller Anpassungsprozesse Und Ihre Wirtschaftlichen Auswirkungen)
Wirtschaftspolitische Blätter, Vol. 54, No. 2, pp. 279-291, 2007
23 Pages Posted: 6 Sep 2008 Last revised: 15 Sep 2008
Date Written: 2007
The industrial nations are under considerable pressure to adapt their institutional structures. Some states are able to do so more quickly than others. A key determinant of the speed with which states are able to complete institutional adjustment processes is the extent of societal coordination in the political economy. A higher extent of societal coordination is associated with greater time intensity of institutional adjustment processes. This may have adverse implications for the economy. For states with relatively high degrees of societal coordination, this raises the question of whether the structure of the institutional adjustment processes itself is not in need of adjustment.
Keywords: institutional change, varieties of capitalism, comparative business systems, economic performance
JEL Classification: B52, D70, L50, P16, P17, P51
Suggested Citation: Suggested Citation