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  • Institution
  • An institution, in the broad sense, could be any established relationship, practice, organization and/or structure with the effect or purpose of bonding and bridging parties in habitual function. An “institution,” in that sense, involves the rules of the game under which formal and informal activity is conducted, and includes public and private institutions, collective practices and norms, as well as changing norms (e.g., brought about through the youth, technology, economic or demographic shifts, and other emerging behaviors). According to Douglass C. North, institutions are humanly devised constraints that shape human interaction.”[1]

    [1]    Douglass C. North, “Institutions,” The Journal of Economic Perspectives, Vol. 5, No. 1 (winter, 1991), pp. 97–112, at: https://campus.fsu.edu/bbcswebdav/orgs/econ_office_org/Institutions_Reading_List/02._Institutional_Quality_and_Growth/North,_D._C.-_Institutions.

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