Economists generally define institutions as all of these, except as a. government free of corruption. government that controls resource allocation. legal system that enforces contracts and laws. strong monetary system.

Economists generally define institutions as all of these, except as "legal system that enforces contracts and laws."

Institutions, in economics alludes to association, foundation and foundations that are included with control and administration of cash, products and enterprises in an economy. Economic institutions include: banks, administrative associations, venture reserves, and so on, Legal framework isn't a piece of financial organizations.

if interdependence implies a two-way dependence, and if each partner is equally dependent on the other for success, then there is an equal commitment to the making the partnership successful. the advantage is sustainability of the relationship, the disadvantage is that decisions are "democratic" and therefore may take longer to reach and more likely to be a compromise (which is not always the best solution). as the interdependence moves away from equality, the decisions become more influenced by the more independent partner. in the extreme the relationship becomes more dictatorial and more like "master-slave". generally the relationship has less commitment in both directions and is more likely to be temporary.

if one generalizes (and one shouldn't), equity partnerships, which is probably what is implied by interdependence, can be slow to progress or change but durable. the extreme alternative, independent-dependent partnerships tend to be efficient but more fragile.

hope this but you will have to site your own evidence. : )