A first wave of theories on globalization suggested that because of new competitive pressures, national economies would converge into a single market economy model. Economic rationale would overcome politics, and political choices would be restricted to the implementation of a set of policy prescriptions aimed at favoring private investment, so-called “market-oriented reforms”. More recently, research based on economic sociology and historical institutionalism has shown that the implementation of market-oriented reforms at national, regional and industry-level has been characterized by a […]

Abstract This essay critically analyses how historical institutionalists and rational choice scholars study institutional stability and change. Special attention is paid to the thorny issue of how political actors’ preferences are formed, with historical institutionalists considering preferences as endogenously formed, and rational choice analysts postulating that preferences are fixed and exogenous. An argument is made in favour of the perspective that considers preferences as being formed within the functioning of the political system over time, endogenously. The essay also proposes […]