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Institutional evolution as an emerging focus in scenario planning
Journal article   Peer reviewed

Institutional evolution as an emerging focus in scenario planning

V.K. Narayanan and Liam Fahey
Futures : the journal of policy, planning and futures studies, v 38(8), pp 972-992
2006
DOI: https://doi.org/10.1016/j.futures.2005.12.017
Featured in Collection :   UN Sustainable Development Goals @ Drexel

Abstract

In this paper, we argue that institutional evolution should occupy a center stage in scenario development. During the last two decades, strategy models have neglected the institutional milieu, partly because analytical approaches to link institutional milieus and business contexts were underdeveloped. However, theoretical developments in institutional economics accomplished during this time period make it possible to connect the consequences of institutional evolution to strategy development. Further, with the increasing globalization of commerce, and the attendant complexity and turbulence in institutional evolution, particularly in emerging economies, significant opportunities for strategy related action may reside not in product markets but in institutional arenas. Institution-focused scenarios are therefore increasingly needed. We outline the key linkages between the institutional milieu and business contexts and illustrate how scenarios incorporating institutional parameters can shed light on the strategy context in the case of emerging economies.

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4 Record Views
8 citations in Web of Science
7 citations in Scopus

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UN Sustainable Development Goals (SDGs)

This publication has contributed to the advancement of the following goals:

#17 Partnerships for the Goals
#9 Industry, Innovation and Infrastructure

Source: SDGs in the Output

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Collaboration types
Domestic collaboration
Web of Science research areas
Economics
Regional & Urban Planning
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