Varieties of institutional systems: A contextual taxonomy of understudied countries

We advance a new theoretical framework to capture the diverse and unique institutional context of understudied economies in Africa, Middle East, East Europe, Latin America, and Asia. Our framework encompasses the configurational context encapsulated by state, financial markets, human capital, social capital, and corporate governance institutions operating in these regions. Using qualitative data solicited from experts to compile the institutional profiles of 68 economies, we identify seven types of institutional systems. Ultimately, we offer a more comprehensive and up-to-date taxonomy of the national institutional context operating throughout the global economy. We call this taxonomy “Varieties of Institutional Systems.”