Relational contracting develops between firms when institutions are weak. Compare the efficiency of these informal institutions with
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Relational contracting develops between firms when institutions are weak. Compare the efficiency of these informal institutions with formal institutions using the material discussed in this chapter and in Chapter 8.
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Feature Relational contracting Formal institutions Enforcement Selfenforced through reputation and social norms Enforced by courts or other legal authorities Flexibility Can be easily adapted to chang...View the full answer
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