Quote by Douglass North
"The strength of an institution lies not in its formal rules but in the degree to which people voluntarily conform to it."
More from Douglass North
"Institutions are the humanly devised constraints that shape human interaction."
"The performance of economies over time is determined by institutions and institutional change."
"Ideas have consequences, and the ideas we hold shape the institutions we create."
"Economic history is fundamentally about understanding how societies organize production and exchange."