Although we cannot conceive of processes of economic growth that do not involve institutional change, in this essay we outline some reasons why one should be cautious about grounding a theory of growth on institutions. We emphasize how very different institutional structures have often been...

Leading economists and economic historians offer case studies and theoretical perspectives that fill a longstanding gap in the existing literature on technology-driven industrial development, discussing the interaction of finance and technological innovation in the American economy since the...

The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more successful than others over time. Probing the long-term effects of early colonial differences on...