engleski

Economic institutions and the reproduction of capital

The reproduction of capitalism as a socio-economic system entails production and utilisation of various forms of capital - including physical, financial, human, organisational and social capital. Although all these forms have economic value, there is a fundamental difference between the appropriable forms of capital that can be owned, traded and thus disembedded from their social context, and those that are predominantly relational and context-dependent, and can be ‘ owned’ and ‘ traded’ only partially and conditionally. The reproduction of the forms of capital occurs in the context of economic institutions, among which property rights, contracts, firms, markets, as well as forms of inter-firm cooperation are particularly analysed. Rather than being purely instrumental, economic institutions are pervaded by the duality between rights and obligations or constraints. Consequently, sustainable reproduction and enhancement of various forms of capital depend upon the social context that enables the existence and interpretation of such processes. Although this claim particularly pertains to the relational forms of capital, it is also applicable to the appropriable forms as well – especially given the shift towards post-industrial society. By providing conducive social relations, institutions facilitate the ongoing balancing process between production and utilisation of various forms of capital.

economic institutions; capital; property rights; contracts; firms; markets; inter-firm cooperation

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