What is the relation between politics and credibility?

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.