Institutionalism and its spatial dimension
Institutionalism and its spatial dimension

Summary/Abstract: The paper brought abundant evidence that institutionally oriented conceptions of regional growth/development represent a very appropriate instrument for dealing with contemporary regional issues. Practical nature of institutional conceptions that characterize economic growth and development in space – and no matter whether traditional ones, such as polarization conceptions or spatial divisions of labour or more modern ones, such as industrial districts, learning regions or institutional thickness - proved its usefulness many times; and arguably, the importance of regional conceptions inspired by institutional economics will even grow in the future. The great advantage of institutionalism is that it pragmatically tackles both economic and non-economic elements, processes and phenomena that lead to economic growth/development in concrete territories. Quality of both formal and informal institutions thus becomes increasingly important presumption for local or regional prosperity. Moreover, institutional economics perceives individual entities and phenomena in particular territories from evolutionary perspective, which makes them more comprehensible. Generally speaking, institutionalism and institutional approach to territorial growth/development partly enable to overcome the limitations given by neoclassical economic doctrine.

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