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The emerging consensus that institutions shape political and
economic outcomes has produced few theories of institutional change
and no defensible theory of institutional origination. Kiren Aziz
Chaudhry shows how state and market institutions are created and
transformed in Saudi Arabia and Yemen, two countries that typify
labor and oil exporters in the developing worlds.In a world where
the international economy dramatically affects domestic
developments, the question of where institutions come from becomes
at once more urgent and more complex. In both Saudi Arabia and
Yemen, fundamental state and market institutions forged during a
period of isolation at the end of World War I were destroyed and
reshaped not once but three times in response to exogenous shocks.
Comparing boom-bust cycles, Chaudhry exposes the alternating social
and organizational origins of institutions, arguing that both broad
changes in the international economy and specific forms of
international integration shape institutional outcomes. Labor and
oil exporters thus experience identical economic cycles but
generate radically different state, market, and financial
institutions in response to different resource flows.Chaudhry
supplemented years of field work in Saudi Arabia and Yemen with
extensive analysis of previously unavailable materials in the Saudi
national archives.
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