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, economic, and social interaction’ (North 1991). Institutions can be formal (e.g. laws, constitutions, property rights) or informal (e.g. taboos, traditions, norms, or customs). To answer the questions why
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,’ Nobel laureate Douglas North wrote, ‘are the humanly devised constraints that structure political, economic, and social interaction’ (North 1991). Institutions can be formal (e.g. laws, constitutions
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