Abstract
Annals of Social Sciences & Management studies are an international journal which focuses to spread a vast knowledge to the readers. ASM includes various topics which cover every part of Sociology and management studies like Philosophy & Public Affairs
Highlights
The economic models that analyse the functioning of market economies assume the existence of institutions - not necessarily economic - which are essential for the functioning of the markets, whether they are competitive, oligopolistic or monopolistic
A well-defined system of property rights, a regulation bureaucracy of markets which guarantees competition, public policies that support social cohesion, political institutions that reduce the risk of social conflicts and/or allow their management, are all institutions functional to the economic growth of a country
Political theories believe that institutions and policies are introduced for the achievement of benefits by those politically more powerful groups, to consolidate their power and accumulate resources [10]; according to Marx, for example, society was divided into social classes and policies were designed by the dominant social class, while, modern theories believe that institutions are determined by sovereigns, bureaucrats, dominant ethnic and religious groups and lobbies
Summary
University of Messina, Italy Submission: August 03, 2020; Published: September 08, 2020 *Corresponding author: Annunziata Calabrese, University of Messina, Italy. JEL Classification: D02; E02; O43; O44; D72 Keywords: Institutions; Political Competition; Inefficiency; Economic Development; Market; Monopolistic; Public policies; Oligopolistic
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