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From Common Policy to Common Institutions. Institutional Arrangement in the International System on the Example of the Common Agricultural Policy

Author

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  • Maciejczak, Mariusz
  • Grzelak, Paweł

Abstract

The paper aims to present the importance that institutional arrangements play in the economic systems beyond the scope of one country. The authors attempts also to evaluate impact that the institutional arrangement of the European Union’s Common Agricultural Policy plays for the development of agriculture and rural areas in Poland. The paper argues that institutional arrangement of mechanisms and instruments of CAP, especially of single market and financial solidarity, leads participants of this system to obtain additional value not only in form of financial benefits, but also in form of economic profits resulted from uncertainty avoidance of free market.

Suggested Citation

  • Maciejczak, Mariusz & Grzelak, Paweł, 2014. "From Common Policy to Common Institutions. Institutional Arrangement in the International System on the Example of the Common Agricultural Policy," Roczniki (Annals), Polish Association of Agricultural Economists and Agribusiness - Stowarzyszenie Ekonomistow Rolnictwa e Agrobiznesu (SERiA), vol. 2014(6).
    • Handle: RePEc:ags:paaero:205909
    DOI: 10.22004/ag.econ.205909
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    References listed on IDEAS

    as
    1. North, Douglass C., 1971. "Institutional Change and Economic Growth," The Journal of Economic History, Cambridge University Press, vol. 31(1), pages 118-125, March.
    2. G. Hodgson, 2007. "What Are Institutions?," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
    3. Curtiss, Jarmila & Balmann, Alfons & Dautzenberg, Kirsti & Happe, Kathrin (ed.), 2006. "Agriculture in the face of changing markets, institutions and policies: Challenges and strategies," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 33, number 93012.
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