From Emerging to Developed Market: The Neoinstitutional Approach Based on the Case of Poland
From Emerging to Developed Market: The Neoinstitutional Approach Based on the Case of Poland

Summary/Abstract: Background. The issue of economic growth is still an important area of economic research. This topic is crucial for the economic sciences as well as for economic policy practice. Let this statement be the most important assumption in this arti­cle. Everything that happens in the economy concerns socio-economic phenomena. The main scientific problem comes down to the question of what is the role of in­stitutional factors in the socio-economic development of Poland?Research aims. The author set himself two main aims. The first aim is an at­tempt to present institutional determinants that affect the socio-economic devel­opment of the Polish economy. The second is an attempt to present the devel­opment of the Polish economy by setting it against the background of selected European countries.Methodology. This work uses a modified taxonomic development measure meth­od based on the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). The research was embedded in the current of new institutional eco­nomics. The concept of the institutional matrix was also used.Key findings. Analyses conducted have facilitated the creation of an overview of the socio-economic development of the Polish economy. This was illustrated by the average socio-economic development index (ASEDI). Taxonomic measures of development were also calculated for all 10 of the economies analyzed. The main research time horizon is 2008–2018. Part of the collected data enabled anal­ysis of the period 1995–2018. The results of research and analyses have shown that selected institutional factors significantly affect the final level and quality of socio-economic development of Poland in comparison with selected European countries.

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