Author Description

This significantly expanded and updated edition revisits the process of institutional change: its characteristics, determinants and implications for economic performance. New chapters address the significance of Post-Communist transition; the differences and importance of initial conditions in institutional building; and, social norms, values and happiness. Other chapters have been expanded to include, for example, a focus on the Washington consensus; commentary on the 2008 financial crisis; and, new findings on redistribution and inequality, and state capacity and corruption.<br>With specific focus on Central Europe, Eastern Europe and Central Asia, this revised edition examines the process of development, and its interdependence with institutions.