Institutions Shape Societal Evolution: Key to Sustainable Growth and Development
Some countries struggle to grow sustainably due to their weak institutions. Institutional change has shaped human societies' evolution and is crucial for understanding historical changes. Development is closely linked to institutional change and the willingness to try new paths. Institutions are social, economic, and political structures that influence society. There are different types of institutions, and institutional change means altering these structures. The chapter discusses theories of institutional change to help understand how societies evolve.