Theory of the new institutional school on state-market-society relations in the market economy

Xuan Thuy Doan1,2,
1 Phó Viện trưởng, Viện kinh tế chính trị học
2 Học viện Chính trị Quốc gia Hồ Chí Minh

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Abstract

The term "new institutional economics" or "new institutional economics" was first coined by Oliver Williamson in 1975, gradually becoming a rapidly developing school of thought. New institutional economics is a modern economic trend with methodological characteristics including: First, based on two fundamental perspectives: social institutions are of great significance; can analyze social institutions using the tools of economic theory. Second, use economic analysis tools to research outside market phenomena: issues of ethnic discrimination, education, health care, marriage, crime, parliamentary elections, lobbying... that is, transfer to study different social institutions. Third, criticize the Neoclassical perspective of absolutizing individual subjects and not respecting group and organizational subjects, thereby focusing on studying the relationships within each economic organization. The article provides a general overview of the new institutional school, development trends and analyzes the state-market-society relationship from the perspective of the new institutional school.

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References

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