New institutional economics: Douglass North and Masahiko Aoki

  • Gerdien MeijerinkEmail author


This chapter discusses the possible contribution of new institutional economics (NIE) to the transition literature. The two fields seem to have developed in parallel universes, and there has been no cross-fertilisation. This essay presents some possible starting points for exchange. In an overview of NIE, Brousseau and Glachant (2002: 4) say, ‘[T]he strength of NIE lies in its proposal to analyze governance and coordination in all sets of social arrangements.’ They warn, however, that ‘the design of institutional systems is not based on optimisation computation but on trial and error, on the implementation of solutions that should be recognized as imperfect and temporary…. In such a context, it is essential to take into account the management of changes together with the processes of evolution.’ NIE thus has something to say about managing transitions, although it might provide a slightly different perspective on change management than that in the transition literature.


Institutional Change Transition Management Exchange Domain Private Agent Behavioural Belief 
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© Wageningen Academic Publishers 2011

Authors and Affiliations

  1. 1.Agricultural Economics Research Institute (LEI)Wageningen University and Research CentreWageningenNetherlands

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