A Review of the Institutional Perspective

This research is organised to provide an institutional perspective, this being a large subject, and is developed in divergent ways. The survey attempts to conduct a comprehensive review of it, whilst giving weight to institutional change. It aims at mapping out a general picture with sufficient detail of some areas in order to guide the research from both the macro and micro points of view. The review starts with the structural paradigm which acts as a base for institutional theory, and then moves to the review of its development in economics and sociology. Finally, it concentrates on the issue of institutional change with two related approaches, the property rights school and North’s theory of institutions and institutional change.