Institutions & Institutional Change

North notes first that institutions reduce uncertainty because they provide a structure to everyday life:

They are a guide to human interaction, so that when we wish to greet friends on the street, drive an automobile, buy oranges, borrow money, form a business, bury our dead, or whatever, we know (or can learn easily) how to perform these tasks. (3-4)

We also know that others are following the same rules and that we can rely on this. When we drive a car down the street and reach a stop sign, we stop. We rely on others to do the same, for if they did not, there would be accidents at every streetcorner. We may be disappointed now and then as some people fail to stop for the sign, but we expect that they will and feel less uncertainty about our ability to drive down th

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Approximate Word count = 1123
Approximate Pages = 4 (250 words per page)

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