Institutional Approach to the Role of the State in the Economy: Modern Features
( Pp. 134-140)

The purpose of this study is to examine the institutional approach to the role of the state in the modern economy. Based on the analysis of various approaches to the study of this phenomenon, the paper formulates the following conclusions. It has been established that the modern stage of economic development is characterized by a revision of the assessment of the role of the state in regulating the market. It is shown that the state at the same time stabilizes the institutional environment and initiates its changes. It is argued that the state form of management of large communities by establishing and changing the rules of economic activity by minimizing transaction costs is the most common today. It is determined that the key results of state regulation of the economy are the support of innovation activity, promotion of scientific and technological progress, creation of conditions conducive to a favorable investment climate, development of various social programs. It is shown that state participation in socio-economic processes should be balanced and effective, and excessive intervention can lead to corruption and restrict competition.

Kushnir A. M. Institutional Approach to the Role of the State in the Economy: Modern Features // ECONOMIC PROBLEMS AND LEGAL PRACTICE. 2023. Vol. 19. № 4. P. 134-140. (in Russ.) EDN: FSAKIY

Hobbes T. Leviathan, or Matter, Form and Power of the Church and Civil State // Hobbes T. Works: In 2 vol. V. 2. Moscow: Mysl, 1991.
Dementiev V.V. Power and transformational economy // Terra Economicus. 2004. V. 2. №. 4. рр. 74–86.
Zalysin I.Y. Efficiency of violence as a political tool //Social and Political Sciences. 2015. №. 3. рр. 33–36.
Locke J. Two treatises on government / Works in three volumes: Vol. 3. Moscow: Mysl, 1988. 668 р.
North D.K. Capitalism and Economic Growth // Journal of Economic Theory. 2005. №. 3. рр. 5–15.
Oleinik A. Institutional traps of the post-privatization period in Russia // Voprosy ekonomiki. 2004. №. 6. рр. 79–94.
Timofeeva O.F., Kolesnikova M.L. State regulation of the economy // Microeconomics. 2013. №. 2. рр. 6–13.
Chernobel G.T. Institutional determinant of the system of public administration // Journal of Russian law. 2008. №. 4 (136). рр. 45–55.
Bell T.W. The Forecast for Anarchy //The Routledge Handbook of Anarchy and Anarchist Thought. Routledge, 2020. рр. 309–324.
Buchanan J.M. The constitution of economic policy // Science. 1987. V. 236. №. 4807. рр. 1433–1436.
Caton J. Moral community and moral order: Developing Buchanan’s multilevel social contract theory // Erasmus Journal for Philosophy and Economics. 2020. V. 13. №. 2. рр. 1–29.
Coase R.H. The Nature of the Firm / Economica. 1937. 4: рр. 386–405.
Crain W.M. On the structure and stability of political markets // Journal of Political Economy. 1977. V. 85. №. 4. рр. 829–842.
Grafstein R. Institutional realism: the social and political constraints on rational actors. New Haven and London: Yale University Press, 1992. 244 р.
Ghoshal S., Moran P. Bad for practice: A critique of the transaction cost theory //Academy of management Review. 1996. 21. №. 1. рр. 13–47.
Harper D.A. Innovation and institutions from the bottom up: an introduction // Journal of Institutional Economics. 2018. V. 14. №. 6. Р. 975–1001.
Khaitan T. Guarantor institutions // Asian Journal of Comparative Law. 2021. V. 16. №. 1. P. 40–59. doi:10.1017/asjcl.2021.19
Hölkeskamp K.J., Karataş S., Roth R. Empire, Hegemony or Anar­chy? Rome and Italy, 201–31 BCE, (Ancient History), Franz Steiner Verlag, Stuttgart 2019. 259 p.
Mcguire M.C. Leviathan, Taxation, and Public Goods //The Oxford Handbook of Public Choice, Volume 2. 2019.
North D.C., Wallis J.J., Weingast B.R. Violence and social orders: A conceptual framework for interpreting recorded human history. Cambridge University Press, 2009.
Olsen J.P. Maybe it is time to rediscover bureaucracy // Journal of public administration research and theory. 2006. Т. 16. №. 1. рр. 1-24.
Olson M. Dictatorship, democracy, and development // American political science review. 1993. V. 87. №. 3. рр. 567–576.
Winter Jr.R.K. State law, shareholder protection, and the theory of the corporation // The Journal of Legal Studies. 1977. V. 6. № 2. рр. 251-292.
Zafirovski M. Economics and Apologetics—The Ideology/Utopia of Laissez-Faire and its Discontents // Journal of Economic Issues. 2019. V. 53. №. 3. рр. 647–676.

state regulation of the economy, institutional economics, transaction costs, economic power, institutional change, inequality, competition..