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The common roots of success and failure in economic growth and development lie in the systemic governance and fragmentation of institutional complementarities, respectively, but not in the unilateral adaptation of market-led or state-led models.

The enduring debate on institutional pillars of contemporary political economies has gathered a noticeable momentum in terms of the change, path-dependence, and varieties of capitalism. By taking a methodological standpoint claiming that 'the current structure and the future of contemporary societies can only be understood by using an evolutionary and macro institutional approach that would explain the trajectories of social structures from a systemic perspective', this book first aims at formulating a novel analytical framework thus, Institutional System Analysis in Political Economy. This...