Karl Marx and Adam Smith both subscribed to this view. They both saw successful growth as dependent on the development of efficient property rights. … - Douglass North

Order in the societies they describe is the result of a dense social network where people have an intimate understanding of each other and the threat of violence is a continuous force for preserving order because of its implications for other members of society.

Specialization in this world is rudimentary and self-sufficiency characterizes most individual households

Institutions are the humanly devised constraints that structure political, economic, and social interactions. They consist of both informal constraints (sanctions, taboos, customs, tradition, and code of conduct) and formal rules (constitutions, laws, property rights).