Douglass North’s definition is a good starting point: “humanly devised constraints that structure political, economic and social interactions”. 24  So defined, institutions are social infrastructure. They include formal or  legal institutions, like Parliaments, judiciaries, central banks, social safety nets and schools. But they also include less formal associations and groups, such as universities, trade unions, guilds and charities. As for their genesis, history suggests institutions emerge for a variety of reasons. Sometimes they have been a direct response to political upheaval. Some of the largest transformations in political institutions have th  resulted from revolutions: in the UK, after the Glorious Revolution of the 17 century, in France after the th  th  French Revolution of the 18 century, in the United States after the Civil War of the 19 century. At other times, institutions have emerged in response to the pressing financial or social needs of citizens. Often, those times of most pressing financial and social need have coincided with sharp changes in the economic environment which have left large swathes of society worse-off. And often, technological disruption and displacement have been the root cause of these sharp changes in the economic environment. The three Industrial Revolutions provide a useful set of case studies. Each caused technological disruption and significant job displacement. Each had, as a result, a wrenching and lasting impact on the job and income prospects of large swathes of society. Each caused a significant and sustained period of hardship for many.

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