The role of institutions in Economic Development
The present work intends to discuss the role of institutions in the development
economic, in light of the theoretical aspects of Original Institutionalism and
Institutionalist Political Economy. In the first part, we attempt to provide a brief history
of institutional economics, highlighting some fundamental issues, since there are
different perspectives on the definition of the concept of institutions. In this sense, the
currents of Original Institutionalist Economics (EIO) are presented; the New
Institutional Economy (NEI); and Neoinstitutionalism and the distinctions between the
last two schools and Veblenian thought. In the second part, the Institutionalist Political
Economy (EPI) current is presented, as well as its criticisms of the mainstream. Next,
we will try to identify whether there are possible convergences between Veblen and
Chang approaches.