This paper discusses the explanatory power of discourse analysis, an approach to typically considered one of the main qualitative methods for data analysis. Although discourse analysis is typically not used to develop explanatory models, some have claimed that discourse models can causally explain social phenomena, such as institutional change. I analyze a case of institutional change to discuss and provide arguments for two claims. First, discourse analysis cannot generate causal explanations of social phenomena. Secondly, discourse analysis can generate non-causal explanations, (...) specifically constitutive explanations of social phenomena. I conclude the paper by discussing possible implications for social research. (shrink)