This document discusses different perspectives on institutions and institutionalism. It introduces rational choice institutionalism, sociological institutionalism, and historical institutionalism. Rational choice views institutions as arenas that structure relationships between independent and utility-maximizing agents. Sociological institutionalism sees culture and institutions as intertwined and institutions as internalized norms that shape options. Historical institutionalism focuses on path dependence and how institutions shape strategies and create new institutions during times of crisis. The document compares and contrasts these perspectives but notes there is no single right view and each has criticisms.