Our paper presents a critical review of the literature on institutional change and the role of institutions in economic development. We discuss the roles and interrelationships of formal and informal institutions and introduce a collection of papers addressing this topic in a variety of...

Recent studies have analysed the economic benefits of belonging to high-trust networks and the biological foundations of individual trust, but much scepticism remains regarding the precise role of trust in economic transactions, as well as gaps between micro and macro concepts of trust. This...