INSTITUTIONALIZATION OF INTERESTS IN THE NATIONAL ECONOMY: ECONOMIC AND LEGAL ASPECTS OF THE MODERNIZATION OF THE CORPORATE SECTOR

Abstract

The article summarizes the main approaches to the institutionalization of interests in the national economy, as well as the economic and legal aspects of the impact of institutionalization on the modernization of the corporate sector. The purpose of the work is to substantiate the concept of the "mechanism of institutionalization of interests" to describe the process of forming a new social order that meets the requirements of the information society. It is noted that the formation of the information society in Ukraine lags behind the leading countries of the world, which, in addition to the war, is largely connected with the low efficiency of the institutional structure of the national economy, which inhibits innovative development. Emphasis is placed on the fact that the slower institutional and cultural changes occur, the cheaper labor is. It is substantiated that the theoretical basis for solving the problem of defining the "mechanism of institutionalization of interests" is the institutional economic theory, the theory of corporate management, and the theory of economy. It is suggested that institutionalization should be understood as socio-economic processes that shape the organization of subjects, turning their interactions into an institutional system, the elements of which turn into a generally accepted practice, which is preserved in an unchanged form for a number of generations, being confirmed in the real behavior of people. It was concluded that the institutionalization of interests in the national economy provides a degree of subordination of individual interests to public interests and affects the modernization of all sectors of the national economy, including the corporate one. A peculiarity for the corporate sector is that the role of institutionalization in this sector is that it is a factor in reducing uncertainty and a basis for forecasting the behavior of business entities. At the same time, the result of the institutionalization of interests can be considered the creation of a clear institutional role structure of interests, approved by the majority of participants in socio-economic relations, in accordance with norms and rules. In this regard, it is emphasized that the mechanism of institutionalization of interests in the national economy is also related to the creation of organizations and institutions that organize the functioning of the relevant institute, management and control of its activities, which again affects the modernization of the corporate sector. Characteristic signs of institutionalization of interests in the national economy are summarized. According to the results of the generalization, it is indicated that one of the criteria for the degree of completeness of the process of institutionalization of interests can be the massive predictable behavior of the bearers of interests in accordance with institutional patterns of behavior. It was determined that the institutionalization of interests in the national economy can be studied in two contexts. First, as a historical process of birth and establishment of new institutions, which allows us to reveal the reasons and conditions for their emergence. And, secondly, as the functioning of institutions within the framework of the socio-economic system in connection with the process of adaptation of the interests of individuals, collectives, sectors, during which mechanisms are formed that ensure stability and sustainability of development. The types of mechanisms of institutionalization of coalitions of interests for the modernization of the corporate sector are systematized. Based on the results of the research, it was concluded that in the interests of the formation of the information society, a transition from strict state regulation to a policy of flexible stimulation of the development and modernization of the corporate sector of the national economy is necessary. At the same time, the state's activities should be aimed at implementing mechanisms and institutions that stimulate interest in innovation and investment in human capital, ensuring social justice and solidarity.