Abstract
ABSTRACTInstitutions matter to economic development—particularly to the process of economic transformation. New technologies and new ways of organizing economic activity do not emerge in a vacuum, but bear the imprint of institutional arrangements. Economic transformation thus entails institutional adaptation as well as technological change—the emergence of new ways of organizing production or production systems and new sets of social and economic relationships which provide the institutional context for economic growth and development. Just as importantly, new institutional arrangements do not emerge tabula rasa, but reflect the legacy of old social and institutional forms. Given particular social and institutional legacies, different societies adapt differently to economic transformation. This article employs a theoretically‐informed comparative examination of postwar Japanese capitalism to explore the critical role played by institutions in the process of economic transformation.
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