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Institutional Organization of Economic Reproduction in X- and Y-Economies

русская версия

Опубликовано на портале: 31-12-2016
The paper attempts to apply the principle of methodological institutionalism and the theory of institutional matrices, particularly the latter’s concept of the structure of X- and Y-economies, to the analysis of the processes of economic reproduction. In fact, we follow Marx and other scholars of classical political economy who in these processes identified the associated reproduction of social relations. In the reproduction model of Karl Marx he, on the one hand, identified movement of goods (products, works, services) in their real and monetary forms and, on the other hand, institutional and social arrangements that facilitate this movement in specific types of societies. The paper develops the idea that, over time, this insight about the dual nature of economic relations (supported later by Karl Polanyi and others) has been the neglected and lost sight of, until now. We also argue that Marx made his analysis of economic reproduction in respect of only one particular case – a capitalist economy, which we describe as the Y-type economy. With respect to the X-economies, a similar analysis of economic reproduction processes in accordance with Marx's model has not been carried out. This paper is the first one, in which we show that economic reproduction of goods in the X- and Y-economies is based on different structures of economic institutions. An external cause, influencing the difference between the prevailing economic institutions, is assumed to be differences in climatic conditions. The results of empirical statistical calculations are presented as proof of this assumption. It is also shown that indicators of economic reproduction differ in proportion between different institutional frameworks. As an example, results of the comparative analysis of capital accumulation in X- and Y-economies are presented, supporting the main conclusions of the paper.
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