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Importance Of Time In Institutional Change

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There have been numerous occasions in which we have said that institutions and time interact with each other. Yet, what do we precisely consider or define as time? It is precisely the definition of time that can shape our understanding of how it acts on institutional change. Defining time can be a challenging task but in this essay I argue that, independently of our definition, time will change preferences in society and polity. Changing preferences subsequently, as North mentions, causes institutional shift. For the scope of essay, I have distinguish two ways in which time can act upon institutional change. The first way is how time can be important for the creation of new institutions and the second way is how time influences the development …show more content…

The first way is understanding time as a specific point in a space. This specific point will also have determinate ideas, ideologies and trends that will influence the nature of institutions created at that time. Additionally, the second way time can be understood is by looking at time as a variable that acts upon institutional change. This time variable challenges the endurance of an institution by changing preferences and needs. Time can influence institutions both positively but also negatively hindering their endurance and enforcement capabilities. These two ways however shed light on a specific way in which time, overall could be understood: time is a phenomenon that changes the preferences and goals of society to which institutions have to react to. North mentions that institutional change will only be driven when “relative prices and preferences of organisations change”: time does precisely that. By just looking at Venezuela’s institutional change we can appreciate just how bound the new institutions in 1999 were to the “popular” ideologies at the time and how later in 2009, institutions adapted because of

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