Abstract
Douglass North (Institutions, Institutional Change and Economic Performance, Cambridge University Press, Cambridge, 1990) has argued that the key to the performance of high performing economies is their low transaction costs, which in turn is the result of the institutional structure that they had developed over a period of centuries.
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References
Askari, Hossein, Zamir Iqbal, and Abbas Mirakhor. 2015. Introduction to Islamic Economics: Theory and Application. Singapore: Wiley.
North, D.C. 2005. Understanding the Process of Economic Change. Princeton, NJ: Princeton University Press.
North, D.C. 1990. Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.
Williamson, Oliver E. 1996. The Mechanisms of Governance, 5. New York: Oxford University Press.
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Askari, H., Mohammadkhan, H., Mydin, L. (2017). Islamicity Indices as the Benchmark for Reforms in the Muslim World. In: Reformation and Development in the Muslim World. Political Economy of Islam. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-56026-7_6
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DOI: https://doi.org/10.1007/978-3-319-56026-7_6
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