BOOKS BY FRANCESCO PAOLO CERASE

This article addresses the question of how institutions count in the processes of social and economic development. The question is narrowed down to public institutions and to local development in Southern Italy. The paper makes a case for the autonomous analytical relevance of the concept of institutions in respect to those of social capital and local collective competition goods. It argues that well-performing public institutions embody an institutional capital which indeed represents a public good. The main obstacle to the development of many areas of Southern Italy is subsequently conceptualized as an institutional deficit. The importance of institutional capital to face the challenge of innovation in the new competitive global scenario is recalled. Following the argument previously developed, some suggestions on the kind of actions that need to be undertaken are offered.