Institutionalism and Modern Socio-Economic Trends of Social Development

Abstract

The life cycle is inherent in any system and its individual elements. The period from the formation of a particular socio-economic system to its death (change) is its life cycle. There is an acute need for understanding new phenomena and development challenges, assessing possible threats and risks that may accompany the transformation of socio-economic relations in transitional periods. The purpose of the article is to describe the trends in socio-economic reality that have manifested in recent decades, which allow outlining the expected features of the decades to come. The consistent disclosure of substantiated trends, confirmed by the theoretical conceptual framework and the empirical component, reflects the causal relationship of all spheres of social structure. The integration social function of institutions based on the unity of dialectical positions is revealed, where the economic system serves as an arena for interaction and expression of politics, culture, psychology, ideology and other public spheres. Large-scale evolutionary changes and the emergence of new cultural types occur subject to the transformation of technology and economics. The evolving evolutionary laws of development are mediated by both institutional influence and the systemic nature of the formation of the conditions of socio-economic relations. Institutions of society contribute to the tendencies of preservation and variability of socio-economic development and their further transmission under conditions of dynamics and staging. Determining written and generally accepted rules of behavior in society, institutions reinforce the processes of interaction between economic entities, and form, within the framework of existing informal norms, motives, incentives and rules of the relationship between political, social and economic systems.