Political institutions show the weakness of the internal/external dichotomy. At times, stable political institutions can act as a comprehensive and reliable framework which individuals can rely upon. Other times, such as during the 1930’s, political institutions do little to generate stability and are drastically altered by other factors.
In a way that is analogous to the capital structure, the institutional structure is dependent on the circumstances and perceptions of individuals. If people treat government and the legal order as being fluid, then it is not an external institution, which acts as a framework for society.
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