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What is the benefit of formal rule-based impersonal exchange with third-party enforcement often termed arm’s-length transactio versus informal institutions

What is the benefit of formal, rule-based, impersonal exchange with third-party enforcement (often termed arm’s-length transaction) versus informal institutions? Why can’t we assume that formal institutions are inherently better than informal ones? How do formal and informal institutions complement each other?

2.How is the problem of counterfeiting related to ethics and how institutions matter?

3.Why is it not true that relying on informal connections is a strategy only relevant to firms in emerging economies and that firms in developed economies only pursue “market-based” strategies?

Feb 14 2020 View more View Less

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