Question

what are the institutional norms to be taken before establishing an industry​

Answer 1

Institutions, according to Samuel P. Huntington, are "stable, valued, recurring patterns of behavior. Further, institutions can refer to mechanisms of social order, which govern the behavior of a set of individuals within a given community. Moreover, institutions are identified with a social purpose, transcending individuals and intentions by mediating the rules that govern living behavior. According to Geoffrey M. Hodgson, it is misleading to say that an institution is a form of behavior. Instead, Hodgson states that institution are “integrated systems of rules that structure social interactions