NEOINSTITUTIONAL APPROACH TO STRATEGIC SOCIO-ECONOMIC DEVELOPMENT OF TERRITORIES: BASIC PROVISIONS AND FUTURE FOCUS

Abstract

A key issue of strategic planning of territorial socio-economic development is a lack of institutional building projects in strategic documents. Hence, measures enshrined in strategic documents are merely structural and, as a rule, are aimed at achieving quantitative indicators only. Therefore, a neoinstitutional approach, considering social reality through the prism of institutions, is of particular interest for the strategic management practices development. The relevance of the research is justified by the growing popularity of the neoinstitutional approach in scientific community.
The article explores main provisions of modern neoinstitutionalism: analyzes normative, cognitive and integrative interpretations of the “institution” category, describes the neoinstitutional model of economic entities, provides a brief overview of the concept of transaction costs and the uncertainty factor. The neoinstitutional understanding of the relationship between culture and institutions and economic development process is thoroughly considered, and two basic scenarios of the relationship between culture and institutions in a static state are described. The methodological basis of the research is made of works by modern representatives of the neoinstitutional school - A. Greif, D. North, G. Hodgson, J. Searl, O. Williamson, G. Stigler, V. V. Polterovich, A. A. Auzan.
As the research findings, main provisions of neoinstitutionalism were provided, features of the neoinstitutional approach to socio-economic development, expressed in the process of institutional changes and an increase in the efficiency of institutions, were given. The possibility of using neoinstitutional approach in the strategic management of the territorial socio-economic development was also justified. The main advantage of this approach is revealed in the wide variability of strategies for economic transformations based on socio-cultural characteristics of certain territories and the characteristics of the existing institutional environment.