Douglass C. North's Institutional Theory

In this small book I summarize my view on the institutional theory of one of the leading economists of our time, Douglass C. North. His path-breaking work and publications made possible valuable extensions of economic analysis especially in economic history and institutional economics. In this book I concentrate on North´s explanation of the emergence, mainainance and change of institutions. Furthermore this small book demonstrates that the comparison of North´s institutional theory especially with the work of Max Weber can bring valuable insights also for the economic institutional theory of Douglass C. North and the economic institutional theory in general, also in interdisciplinary perspective. Thus this book can show that sociological explanations extent the economic theory of Douglass C. North. It should not be forgotten that Douglass C. North was a pioneer of a new economic institutional theory that opened the way for new economic explanations of the emergence, maintenance and change of institutions. We cannot know if he would have extented himself his own institutional theory with sociological arguments if he would have more time to elaborate his theory.