During the past ten years or so more and more researchers have become to think the
idea that institutional factors may be one of the major reasons for these differences.
This point has been emphasised in the sphere of new institutional economics, 3
especially by the Nobel price winner Douglas North. North (1990) argued that formal
and informal institutions (the legal structures and normative ‘rules of the game) are
crucial to understanding economic performance. One of the most interesting concepts
in this context in social capital, its definition and role for economic performance on
nations, regions, communities and even companies.