This significantly expanded and updated edition revisits the process of institutional change: its characteristics, determinants and implications for economic performance. New chapters address the significance of Post-Communist transition; the differences and importance of initial conditions in institutional building; and, social norms, values and happiness. Other chapters have been expanded to include, for example, a focus on the Washington consensus; commentary on the 2008 financial crisis; and, new findings on redistribution and inequality, and state capacity and corruption.
With specific focus on Central Europe, Eastern Europe and Central Asia, this revised edition examines the process of development, and its interdependence with institutions.
