HISTORY OF EMERGENCE AND DEVELOPMENT OF INSTITUTIONAL THEORIES
Keywords:
institutional theory, new institutionalism, economic institutions, transaction costs, Douglass North, Ronald Coase, Oliver Williamson, contracts, economic changes, political institutions, society and economy, institutional economics, the boundaries between the market and the firm.Abstract
This article analyzes the history of the emergence and development of institutional theory. The initial foundations of institutional economics were laid by scientists such as Thorstein Veblen and John R. Commons, while in the 20th century, scientists such as Douglass North, Ronald Coase, and Oliver Williamson took this theory to a new level. Their research allowed for an in-depth study of the importance of institutions in economic activity, the interaction between the market and the firm, transaction costs, and the system of contracts. The article also examines how institutional theory has influenced practice in economics and politics and modern approaches to its development. The ideas of foreign scientists have identified new directions for future research and studies in the field of institutional theories. Institutional theory, new institutionalism, economic institutions, transaction costs, Douglass North, Ronald Coase, Oliver Williamson, contracts, economic changes, political institutions, society and economy, institutional economics, the boundaries between the market and the firm. The article discusses in detail the emergence of institutional theory, its stages of development, basic principles and concepts, as well as its role in modern economics and its significance in research.
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References
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**Commons, J. R. (1934). Institutional Economics: Its Place in Political Economy. Macmillan.
Veblen, T. (1899). The Theory of the Leisure Class. Macmillan.
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Hall, P. A., & Taylor, R. C. R. (1996). Political Science and the Three New Institutionalism. Political Studies, 44(5), 936-957. https://doi.org/10.1111/j.1467-9248.1996.tb00343.x
Ostrom, E. (1990). Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge University Press.
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