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Three approaches to institutions in economic analysis: Polanyi, North and the surplus approach’s third way

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  • Sergio Cesaratto

    (Università di Siena)

Abstract

I compare three approaches to economic history and institutions: the classical surplus approach, the Polanyian view, and New Institutional Economics (NIE). In the first institutions are seen in relation to the production and distribution of the social surplus. Research in economic anthropology, archaeology and history has validated the fecundity of this approach. The Polanyian criticism to classical and neoclassical theories is then considered and appreciated, although some severe limitations are envisaged. A good part of the paper concentrate upon Douglass North, the NIE most representative author in the field of economic history. Striking of North is the attempt to replicate Marx’s relation between economics and institutions in the context of neoclassical theory. Transaction costs economics revealed a dead end in explaining institutions and the power of predatory élites. Lacking a material anchor such as surplus theory, North’s theory became progressively more elusive and indeterminate. On balance, a surplus-based Marxist-Polanyian approach is the most promising direction although much further work is still necessary to explain the coevolution of the economic and institutional sides of the economy.

Suggested Citation

  • Sergio Cesaratto, 2024. "Three approaches to institutions in economic analysis: Polanyi, North and the surplus approach’s third way," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 41(1), pages 267-293, April.
  • Handle: RePEc:spr:epolit:v:41:y:2024:i:1:d:10.1007_s40888-024-00323-4
    DOI: 10.1007/s40888-024-00323-4
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    Keywords

    Institutions; Surplus approach; Karl Polanyi; New Institutional Economics; Douglass North;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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