“…Acemoglu and Robinson () argue that inclusive rather than extractive institutions pave the way for enduring social and economic prosperity. Whereas some studies address the detrimental effects of extractive institutions on economic development (Crescenzi, Di Cataldo, & Rodríguez‐Pose, ; Jiménez, Villoria, & García Quesada, ), others explore how institutions help regions to respond to regulatory rigidities in the context of technological (Bathelt & Conserva, ; Moodysson & Sack, ) or societal change (Sánchez‐Hernández & Glückler, ). Apart from extreme cases of corruption or nepotism, however, it is neither easy to qualify institutions as generally good or bad nor to assess the existence and magnitude of their impact on focal social outcomes.…”