page_title: Institutionalist political economy
section_title: Institutionalist economics in political case studies
hierarchical_section_title: Institutionalist political economy / Institutionalist economics in political case studies
caption_attribution_description: English: East Asian Tigers
context_page_description: Institutionalist political economy, also known as institutional political economy or IPE, refers to a body of political economy, thought to stem from the works of institutionalists such as Thorstein Veblen, John Commons, Wesley Mitchell and John Dewey. It emphasizes the impact of historical and socio-political factors on the evolution of economic practices, often opposing more rational approaches. In the political sense, this implies the influences actors like the state have on socio-economic practices and the shaping of institutions via political decision-making.
  Relevant variables for the study of political institutions include the structures that indicate voting rules, the political system, preferences and ideological leanings of leaders.
context_section_description: Studies of developmental states, countries with recent, fast economic development, have identified common traits that can be classified as institutional. Some of these institutionalist characteristics include elite- and bureaucracy-led intervention and weak civil society, all with the intent of creating institutions that are designed to further bolster economic and human developmental performance. The way states actively participate in the creation of institutions is therefore object of study, and how they might accomplish the structural changes within the institutions that are necessary to bring about economic development, downplaying the role of the free market.
  Case studies of states have identified traits belonging to institutionalist theory, such as historical influences on present situations and socio-political contestation over policies. In a study of Latin American countries economic underperformance has been linked to institutional durability, due to established elites clinging onto arrangements detrimental to national resources. In addition, dominance of these elites has been linked to their relative organizational strength, compared to the weak national elites of various Latin American countries.
caption: The 'East Asian Tigers', considered to be successful examples of developmental states[7]
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