Download or read book Understanding the Relationship Between Institutions and Economic Development written by Ha-Joon Chang and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses how the theory on the role of institutions in development can be improved, by critically examining the current orthodox discourse on institutions. To understand the relationship between institutions and economic development, it is necessary to have some balance between institutional forms and functions, and to accept its multi-faceted nature. It concludes that a successful institutional adaptation must be politically legitimated by the members of society and requires a better knowledge of the historical and contemporary experiences of each country.