INSTITUCIONES Y CAPITAL SOCIAL
INSTITUTIONS AND SOCIAL CAPITAL

Author(s): Luis Fernando Marmolejo Muñoz, Duvan Emilio Ramírez Ospina
Subject(s): Geography, Regional studies
Published by: Wydawnictwa Uniwersytetu Warszawskiego
Keywords: institutions; institutionalism; neoinstitutionalism; costs of transaction; contracts; organization; market; exchange; neoclassical economics; hierarchies; economies of scale
Summary/Abstract: This wor k deals with the study of social capital, understood as the existence ofsocial networks that facilitate the processes of cooperation and collective action, throughthe generation of trust between members of a community and other, external which youcan see by the existence of institutions that guarantee the fulfi llment of contracts andrespect for property rights. The study of institutions is also addressed as a fundamentalelement oriented to promoting the development of the capacity of the organizations tofl exibly adapt to different shocks and develop standards of formal and informal behaviourin the face of a highly competitive environment.This direction deals with the study of institutions as an important factor in the exchangeprocesses, establishing differentiation and the similarities between institutions and organizations,in the same way an analysis of the neoclassical economics and the neoinstitutionalistapproach is carried out in relation to the operation of markets and its infl uenceon the emergence of transaction costs in the processes of human exchange, which historicallyhave given rise to the creation of organizations in cases in which contracts carriedout under market conditions imply higher costs with respect to the transactions withinan organization.The paper also discusses the approaches of the neoinstitutionalist theory in relation tocontracts as a relevant institution that can promote or block cooperation in exchange,as a substantive institution through which it is specifi ed what type of property rightscan be transferred and on what terms, and as a generator of incentives involving agentsin all types of transactions. In this way, the study presents an approach to the importanceof the institutionalist and neinstitutionalist theory in the development of the theory oforganizations.

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