Comparative political economists have become deeply interested in processes of institutional change, and especially in those taking place in response to the opening of world markets associated with 'globalization' (Pierson 2001; Djelic and Quack 2003; Rieger and Leibfried 2003; Campbell 2004). They are asking a number of questions. When do the institutions of the political economy change? What factors drive change? Are changes in the international economy enforcing institutional convergence on the developed economies?