A cyclical model of institutional change
Purpose ‐ Previous research on institutional change has largely ignored its cyclical nature. This paper aims to introduce a four-phase cyclical model of long-term institutional change. Design/methodology/approach ‐ The recurrent patterns of the model have been identified from previous technological revolutions and their accompanying surges of development. The model also incorporates generational theory as a driver of institutional change. Findings ‐ The model predicts that a multi-year institutional crisis is currently underway that has important implications for practitioners. The paper also describes proposed solutions to the current crisis. Originality/value ‐ The model developed synthesizes disparate institutional theories to build a new explanation for long-term economic development.