Dynamics of Institutional Change in Emerging Market Economies: Theories, Concepts and Mechanisms (Contributions to Economics)

Economic, social, political, and cultural institutions, and institutional change reflect shared journeys of humanity throughout history. This edited volume explores dynamics, trends, and implications of institutional change in emerging markets, by focusing on theories, concepts, and mechanisms of institutional development. Presenting research by eminent scholars and experts engaged in education and research, they address and discuss the most recent issues in the field, reveals new insights into the dynamics of institutional change for researchers interested in development of new theories and comparative studies, especially in the era of emerging markets. Topics range from dynamics of institutional change and development within the Group of Twenty (G20), and the European Union with an assessment of Brexit impact, to institutional quality measurement, public administration reforms, as well as emergent topics such as the effects of energy and globalization. It provides new international business theories, and sheds light on the way to global peace by producing a better understanding of the dynamics of historical change. The book is intended for a wide range of global audience, and should serve as a useful reference in education and research, offering innovative and productive discussions, as well as satisfy scholarly and intellectual interests, regarding institutional development and a broad spectrum of its interactions with functioning of markets and economies. Acknowledgements Contents Contributors List of Figures List of Tables An Introduction to Dynamics of Institutional Change in Emerging Markets: Theories, Concepts, and Mechanisms References Part I: Concepts, Theories, and Dynamism of Institutional Change Dynamics of Institutional Change Within the Group of Twenty (G20) and the European Union, and an Assessment of Brexit Impact: A Taxonomic Study 1 Introduction 2 Methodology 3 Computational Procedure 3.1 Step 1: Formation of Data Matrix 3.2 Step 2: Forming the Standard Matrix 3.3 Step 3: Computation of Compound Distance Matrices 3.4 3.5 Step 5: Depiction of Optimal Chart 3.6 Step 6: Results (Ranking of Economies in Terms of Institutional Development) 3.7 Step 7: More Results (Computation of the “Institutional Development Degrees”) 4 Dynamics of Institutional Change Within the Studied Groups 5 Conclusion References Overview of Institutional Change Contexts and Dynamics 1 Introduction 2 Institutional Change Theory Perspectives 2.1 Deinstitutionalization 2.2 Hierarchies of Rules Theory 2.3 Evolutionary Theories of Institutional Change 2.4 The “Equilibrium View” of Institutions 3 Institutional Change Behavioral Framework 3.1 Public Policy and Institutional Change Uncertainty 3.2 Foreign Aids 3.3 Access to Information and Knowledge 3.4 Conflicts and Competing Interests 3.5 International Trade 3.6 Population 3.7 Change in Government and Public Policies 3.8 Economic Shocks and Innovation 4 Conclusion References Institutions and Institutional Change: Concepts and Theories 1 Introduction 2 Institution 2.1 The Concept of Institution 2.2 Types of Institutions 2.3 Institutional Environment 3 Institutional Change 3.1 Is Institutional Change Possible? 3.2 Some Concepts Related to Institutional Change 3.3 Types of Institutional Changes 4 Theories of Institutional Change 4.1 Institutional Design Theory 4.2 Evolutionary Theory 4.3 Equilibrium Theory 4.4 Deinstitutionalization 5 Concluding Remarks References Understanding Institutions and Revisiting the Theories of Institutional Change 1 Introduction 2 The Institution: A Brief Discussion 3 The Effects of the Institution on Growth and Development 4 Causes of Institutional Change 5 Analysis of Significant Theories of Institutional Change 6 Conclusion References Measuring Institutional Quality: A Review 1 Introduction 2 Measurement of Institutional Quality 2.1 The Concept of Institutional Quality 2.2 Institutional Quality Indicators 2.3 Some Important Insights 3 Rule of Law 3.1 The Concept of Rule of Law 3.2 Rule of Law Indicators 3.3 Some Insights 4 Property Rights 4.1 The Concept of Property Rights 4.2 Indicators of Property Rights Measurement 5 Concluding Remarks References Part II: Mechanisms of Institutional Change Institutional Change: Evidence from Some Emerging Market Economies 1 Introduction 2 Factors and Barriers to Institutional Change in Emerging Market Economies 2.1 Factors Influencing Institutional Change 2.2 Barriers to Institutional Change 3 Institutional Changes in Some Emerging Market Economies 3.1 Institutional Change in East Asian Countries and ASEAN 3.1.1 East Asian Countries The Case of China The Case of Japan The Case of South Korea 3.1.2 The Case of ASEAN Members The Case of Singapore The Case of Malaysia 3.2 The Case of Latin American Countries 3.3 The Case of MENA Countries 3.4 The Case of Transition Countries 4 Conclusion References Social Media: Harbinger of Institutional Change and Its Impact on Branding 1 Introduction 2 Social Media 3 Social Media Marketing 4 Brands and Branding 5 Social Media and Branding (SMB) 6 Examples of Select Companies with Social Media Branding Success Stories 7 Conclusions References Does Economic Globalization Have a Similar Effect on Governance for All Countries in the World? 1 Introduction 2 Theoretical Background and Literature Review 3 Model and Data 3.1 Model Specification and Estimation Method 3.2 Data Description 3.2.1 Data Categorization 4 Empirical Results and Discussion 5 Concluding Remarks Appendix References Public Administration Reforms in the Emerging Markets’ Era 1 Introduction 2 Development and Economic Growth 3 Institutional Theory and Its Implications to Public Administration 4 Emerging Markets 5 Data and Methodology 6 Empirical Results 7 Conclusion References Exploring the Emergence of Industrial Revolution 4.0: A Journey to Higher Education 4.0 1 Introduction 2 Literature Review 2.1 Emerging Markets 2.2 Industrial Revolution and the Technology Revolution 2.3 Industrial Revolution and Educational Evolution 2.4 Industrial Revolution 4.0 (4IR) 3 The Need of Transition in Higher Education 4 Approaches Towards Educational Transition 5 Latest Trends in Educational Technology 6 Transition Readiness 7 Findings and Conclusion References Part III: Energy and Institutional Change De Jure and De Facto Power of Oil and Institutional Change in Modern Iran: A Critical Historicism Analysis (1900–1979) 1 Introduction 2 Literature Review 3 Methodology 3.1 Clarification of Author’s Philosophical View on Power Ontology and Its de Jure and de Facto Emergences 3.2 Clarification of Author’s View on Historical Studies and Historical Meaning 3.3 Clarification of Author’s Critical Historicism Approach 4 Discussions 4.1 1900s: The Early Days of the Persian Oil 4.2 1910s: The First World War and the Abortion of Constitutional Reforms 4.3 1920s: Stabilization of Persia 4.4 1930s: Institutional Revolution and a Modern State 4.5 1940s: Oil, Persian Corridor and the Second World War 4.6 1950s: Iranian Oil Nationalization 4.7 1960s: Oil and Shah’s White Revolution 4.8 1970s: Oil Curse and the Collapse of the Pahlavi Dynasty 5 Conclusion References Examining Institutional Barriers to Transition from a Natural State in Iran During 1941–1979 1 Introduction 2 Theoretical Foundations 3 Methodology 4 Iran in the Natural State 4.1 First Era: FLAO (from 1941 to 1953) 4.2 Second Era: BLAO (from 1953 to 1979) 5 Iran under the Shadow of Violence 5.1 Lack of Rule of Law for Superordinates 5.2 Dominance of Personal Relations on all Affairs 5.3 Lack of Formation of Permanent Organizations 5.4 Military Dominance over Economic and Political Affairs 5.5 Imbalance between Political and Economic Development 5.6 Counterproductive Distribution of Rent 5.7 Emergence of Oil Resources 5.8 Withdrawal of Conservative Forces from the Ruling Coalition 5.9 Existence of Hereditary Extractive Institutions 5.10 Entry of Young Technocrats into the Political Market 5.11 Uncertainty about the Future of the Country among the Political and Economic Superordinates 5.12 Overcoming Political Objectives in Economic Activities 5.13 Tremendous Share of Foreign Investors in the Process of Industrialization 5.14 Preventing Creative Destruction on the Political and Economic Markets 5.15 Experience of the Financial Crisis in 1959 5.16 Existence of Unofficial Institutions in Forms of Religion and Ideology 5.17 Conflict between Expectations of People and the State’s Performance 5.18 High Time Preference Rate 6 Conclusion References Does Energy Security Affect Institutional Quality? Empirical Evidence from Emerging Economies 1 Introduction 2 Literature Review 3 Methodology and Data 4 Results and Discussion 5 Conclusion Appendices References Index