Work under capitalism Book

Fascinating overview of North's focus on the process of economic change in society, with a focus on institutions and how institutions shape and are shaped by existing norms, highlighting difficulty of crafting economic institutions on societies without the requisite experience, highlighting difficulties of market reform in Latin and South America and the Soviet Union.

First few chapters feel only loosely related to the rest of the book and are a digression, in my view, on consciousness and intentionality. North ties this into his overall theory of why institutions are successful (adaptive efficiency), but ultimately feels out of place.

Good contribution to discussion of whether 'markets' arrive through a spontaneous order or conscious design. North views institutions as gradually developing to minimize transaction costs if allowed by political actors. For instance, protection of private property was a concession granted in interest of the sovereign collecting revenue that ultimately enhanced and extended impersonal exchange.

Bit of a mid way between Hayek's (simplified version) of a spontaneous and the Rosseau/Heilbroner view that economic society is artificial and economic organization has no independent meaning.