Politics would in the view of the Credibility Thesis be seen as part of the incessant interactions, bargaining and conflict between actors as a result of which institutions endogenously arise (the notion of spontaneous order as put forward by Ferguson, Menger, Veblen, and – surprisingly, on the other theoretical side: Hayek). See: P. Ho, “In Defense of Endogenous, Spontaneously Ordered Development”, Journal of Peasant Studies, 2013, 40/6, p. 1092.