Journal of Institutional Economics

A multi-disciplinary forum for research on economic institutions

vol 15 • no 3 • JUNE 2019

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editors statement of aims Geoffrey M. Hodgson (Editor-in-Chief) Institutions are the stuff of social and The Journal of Institutional Economics is an Loughborough University London, Stratford, economic life. The importance of interdisciplinary journal that will be of interest London E15 2GZ, UK. understanding the role of institutions in to all academics working in the social sciences, [email protected] economic growth is now widely appreciated. including in economics, business studies, Richard N. Langlois The Journal of Institutional Economics is sociology, politics, geography, anthropology Department of Economics, devoted to the study of the nature, role and and philosophy. The Journal of Institutional University of Connecticut, USA evolution of institutions in the economy, Economics aims to provide all authors with an [email protected] including firms, states, markets, money, expert verdict on their articles within 50 days Jason Potts households and other vital institutions and of submission. RMIT University, Melbourne, Australia organizations. It welcomes contributions by all [email protected] schools of thought that can contribute to our Esther-Mirjam Sent understanding of the features, development Radboud University Nijmegen, and functions of real world economic The Netherlands institutions and organizations. [email protected] Claudia R. Williamson Mississippi State University, USA international advisory board [email protected] Howard Aldrich Christel Lane University of North Carolina at Chapel Hill, USA University of Cambridge, UK Douglas Allen Tony Lawson Simon Fraser University, Canada University of Cambridge, UK Benito Arruñada Peter Leeson Pompeu Fabra University, Spain George Mason University, USA W. Brian Arthur Brian Loasby Sante Fe Institute, Santa Fe, New Mexico, USA University of Stirling, UK Peter Boettke Uskali Mäki George Mason University, USA University of Helsinki, Finland Paul Dale Bush J. Stanley Metcalfe California State University at Fresno, USA University of Manchester, UK John Cantwell Luigi Marengo Rutgers University, USA Sant’Anna School of Advanced Studies, Pisa, Paul DiMaggio Italy Princeton University, Princeton, USA Deirdre McCloskey Ronald Dore University of Illinois at Chicago, USA London School of Economics, UK Claude Ménard Giovanni Dosi University of Paris (Panthéon-Sorbonne), France Sant’Anna School of Advanced Studies, Pisa, Italy Philip Mirowski Sheila Dow University of Notre Dame, Indiana, USA University of Stirling, UK Malcolm Rutherford Massimo Egidi University of Victoria, British Columbia, Canada University of Trento, Italy John R. Searle Nicolai Foss University of California at Berkeley, University of Bocconi, Italy California, USA John Foster Luc Soete University of Queensland, Australia University of Maastricht, The Netherlands Margaret Gilbert Robert Sugden University of California, Irvine, USA University of East Anglia, Norwich, UK Herbert Gintis Kathleen Thelen University of Massachusetts at Amherst, USA Massachusetts Institute of Technology, USA Mark Granovetter Viktor Vanberg Stanford University, USA University of Freiburg, Germany Avner Greif Linda Weiss Stanford University, USA University of Sydney, Australia Bruce Kogut Richard Whitley INSEAD, Fontainebleau, France University of Manchester, UK Janos Kornai H. Peyton Young Collegium Budapest, Budapest, Hungary Nuffield College, University of Oxford, UK

The Journal of Institutional Economics is owned by Millennium Economics Ltd, which has the following shareholders: European Association for Evolutionary Political Economy (EAEPE) www.eaepe.org Foundation for European Economic Development (FEED) www.feed-charity.org Society for the Advancement of Socio-Economics (SASE) www.sase.org World Interdisciplinary Network for Institutional Research (WINIR) www.winir.org Downloaded from https://www.cambridge.org/core. IP address: 170.106.202.226, on 26 Sep 2021 at 07:32:51, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1744137419000183 Journal of Institutional Economics

JUNE 2019 CONTENTS

381–396 Rules, perception and emotion: When do institutions determine behaviour? BRENDAN MARKEY-TOWLER

397–412 Does national culture change as countries develop? Evidence from generational cleavages DANKO TARABAR

413–429 Blockchain technology and the governance of foreign aid BERNHARD REINSBERG

431–447 Social and scientific disorder as epistemic phenomena, or the consequences of government dietary guidelines SCOTT SCHEALL,WILLIAM N. BUTOS AND THOMAS MCQUADE

449–468 Economic integration and state capacity LASZLO BRUSZT AND NAURO F. CAMPOS

469–486 Pure theory and progressive liberalism: Frank Fetter and the Austrian economists MATTHEW MCCAFFREY

487–503 Individual trust: does quality of local institutions matter? SILVIA CAMUSSI AND ANNA LAURA MANCINI

505–519 Governing the banking system: an assessment of resilience based on Elinor Ostrom’s design principles ALEXANDER WILLIAM SALTER AND VLAD TARKO

521–537 Combining formal and informal contract enforcement in a developed legal system: a latent class approach KÁROLY MIKE AND GÁBOR KISS

539–551 The dynamic properties of institutional reform: an analysis of US states J. BRANDON BOLEN

553–567 Measuring the effectiveness of bankruptcy institutions: filtering failures in Slovenian financial reorganizations JAKA CEPEC AND PETER GRAJZL