ARTICLE TITLE: The Concept of Inclusive Institutions and Its Implications
AUTHORS: Balatsky E.
ABSTRACT: The article discusses the concept of inclusive institutions (CII) put forward by D.Acemoglu and J.Robinson. Shows the analogies and parallels between CII and earlier economic theories and doctrines, shows their organic relationship and continuity. Particular emphasis is placed on more accurate definition of inclusive and extractive institutions, which is made possible by the introduction of the concepts of guarantees and freedoms for the two social groups – elites and masses. It is shown that in the absence of these clarifications, many systemic crises are not amenable to adequate explanation
KEYWORDS: inclusive institutions , extractive institutions , reforms , economic growth , evolution