TEORETYCZNE NARZĘDZIA INSTYTUCJONALNEJ ANALIZY KAPITALIZMU
INSTITUTIONAL ANALYSIS OF CAPITALISM AND ITS THEORETICAL TOOLKIT

Summary/Abstract: Purpose – A considerable part of economic thought, recently beyond the mainstream, was developed as an outcome of analytical work on capitalism, and this is what this article published in „Optimum. Economic Studies” nr 1(95) 2019 presents. This article goes a step further in the sense of attempting to extract the traits of institutional analysis from studies on capitalism. Research method – This is a literature review based on major findings of Varieties-of-Capitalism School, as well as empirical-historical institutionalism. Results – This article argues that consideration of various institutional structures of capitalism, carried on through the ages by outstanding researchers in social science, resulted in “institutional political economy”. This special strand of thought implies that there is no single capitalist-systemic pattern which could have been supreme to other forms of social organization. Originality / value / implications / recommendations – The presented theoretical perspective is founded on the premise that institutions are pivotal both for socio-economic success and failure. Therefore, the research covers fundamental and/or specific institutions and their relations which change over time. Thus, it differs profoundly from mainstream economic theories that, thanks to timeless modeling, reveal mechanisms and seem to make economic processes predictable. Here, approaches are presented which are relatively rarely associated with institutionalism by a contemporary economist.

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