Institutions are commonly defined as the rules of the game that societies play which in shared understanding act as constraints on and guidelines for economic performance.
This paper provides an overview of case studies from the two largest developing countries, China and India, to explore institutions that have major economic consequences. It deals primarily with institutions at three levels:
- micro-level of the individual household or farm or firm;
- meso-level of a community or social network; and
- at a somewhat larger level of governance institutions
Author: Pranab Bardhan