chapter  3
Institutional constraints on party behaviour
Keynesian v. neo-liberal paradigms
Pages 33

In contemporary political science the two dominant explanations applied to political events are based on either ‘rational’ choice or ‘institutional’ approaches. The ‘rational’ exchange approach is based on actors behaving rationally by choosing among ‘ranked’ choices. In contrast, the institutional approach incorporates aspects of organizational theory as well as sociology to emphasize how institutions structure political life and how institutional choices are shaping actors’ ideas, attitudes and preferences.1