Etymology of the Term "Institution" and Evolution of Its Meaning in Economic Studies Using the Example of the WTO
Journal Title: Проблеми економіки - Year 2015, Vol 2015, Issue 1
Abstract
"Institution", or "social institution", is not only one of the most popular terms in contemporary social sciences, which is determined by the scientific trend which dominates them, namely institutionalism, but also the least defined one. This results in the essence of the term becoming evasive and generalized, which creates a precedent for referring to virtually anything as an "institution". The essence of this term varies not only in economics and law, psychology and sociology, but also within one discipline. Understanding of this term which is of critical importance for institutionalism is further complicated by its being increasingly frequently used in the press and thus turning into an "institutional trap". Nevertheless, provided that the key terms are defined, institutionalism has a chance of becoming a common philosophy of the discipline - the economic "Theory of Everything". The article discusses the dual essence of the WTO which establishes the rules of play in the international trade but cannot be fully responsible for the strategy of its participating players. On the one hand, the WTO is an institution consisting of international civil servants, while on the other hand, it is an organization comprised of member countries. The aim of the article is to consider the national tradition of using the term "institution" and to study the etymology of the term on the basis of the evolution of its essence in economic studies for its correct interpretation using the example of the WTO.
Authors and Affiliations
Serhiy Berenda, Alina Sholom
Keywords
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