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The Role Of Institutions, Business, And Society In Shaping Modern Economy

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  • Julia G. Dobreva

Abstract

Institutions are a part of the social order of society and they govern behaviour and expectations of individuals, while at the same time they regulate business operations and ethics. In fact, the morality of institutions is guaranteed by the process of social evolution. On the other hand, the role of business in society is an important aspect of leadership and not in conflict with profitability and economic growth. The role of business in society is in fact the challenge of what is called “corporate social responsibility”. The aim of this paper is to critically discuss the interrelations between institutions, business, and society by closely looking at the way institutions operate in terms of guaranteeing economic development, their role in building social structures and improving social development, and their contribution to the overall process of establishing a tight link between the economy and social welfare.

Suggested Citation

  • Julia G. Dobreva, 2018. "The Role Of Institutions, Business, And Society In Shaping Modern Economy," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 12(1), pages 119-125.
    • Handle: RePEc:isp:journl:v:12:y:2018:i:1:p:119-125
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    References listed on IDEAS

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    1. Chang, Ha-Joon, 2011. "Institutions and economic development: theory, policy and history," Journal of Institutional Economics, Cambridge University Press, vol. 7(4), pages 473-498, December.
    2. G. Hodgson, 2007. "What Are Institutions?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
    3. Chang, Ha-Joon, 2011. "Reply to the comments on ‘Institutions and Economic Development: Theory, Policy and History’," Journal of Institutional Economics, Cambridge University Press, vol. 7(4), pages 595-613, December.
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    Cited by:

    1. Virginia Zhelyazkova, 2018. "The Road to Circular Economy: What Can Europe Learn from the Experionce of Germany and Japan?," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 167-177.

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    More about this item

    Keywords

    institutions; economic development; social development;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

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