This book examines current theories of institutional change. The chapters highlight the limitations of these theories. Instead a model emerges of contemporary political economies developing in incremental but cumulatively transformative processes. (Provided by publisher)

Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However,...