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Institutions, by creating a business environment that facilitates the activities of economic agents and making the decisions on how to use limited resources, determine the performance of all economic actors and the level of economic development. Their role has been confirmed by specific examples of the functioning of different national economies, as well as by a number of economic studies which established that the quality of institutions, their consistency, reliability and efficiency determine the quality of economic growth and sustainable development and prosperity of the society in the material, spiritual, cultural and other respects. Therefore, it is reasonable to expect that any country which establishes economic institutions by means of its political system, will also seek to establish such an institutional environment that will be conducive to economic activity, and thus generate more dynamic rates of economic growth and support sustainable development. However, despite their relevant and indisputable contribution, different countries have different understanding of institutions, therefore, many economies operate in conditions of underdeveloped and inefficient institutions. The reality shows that the institutions, by their nature, differ considerably from one country to another, which is precisely why the countries differ in the level of economic and social development. Hence, both empirical economic research and theory produce extensive evidence on the characteristics and performance of the different institutional arrangements by especially pointing to the existence, properties and effects of the inclusive and extractive institutions.

ekonomski horizonti

The 16th scientific meeting: Institutional changes as a determinant of the Republic of Serbia's economic development, April 6, 2017, Faculty of Economics, University of Kragujevac, Kragujevac, the Republic of Serbia