Why Do Institutions Revert? Institutional Elasticity and Petroleum Sector Reforms in India

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The institutional change literature has predominantly focused on successful changes and sparsely on failed changes, but the idea of institutional fields reverting to their pre-change or near pre-change state, after change attempts, remains underexplored. Kshitij Awasthi discusses, using the case of reforms in the field of petroleum exploration and production in India, examines an institutional change where the institution, once modified, gradually reverted near to its prechange state. 

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