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

See all articles by Michael A. Witt

Michael A. Witt

INSEAD; Harvard University, Reischauer Institute

Date Written: 2007

Abstract

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

Witt, Michael A., 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) (2007). Wirtschaftspolitische Blätter, Vol. 54, No. 2, pp. 279-291, 2007, Available at SSRN: https://ssrn.com/abstract=1264306

Michael A. Witt (Contact Author)

INSEAD ( email )

1 Ayer Rajah Avenue
Singapore, 138676
Singapore

HOME PAGE: http://faculty.insead.edu/michael-witt/research

Harvard University, Reischauer Institute

1730 Cambridge Street
Cambridge, MA 02138
United States

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