L7 UCSPOL

• Institutions are established organizations or practices in society that are built around specific purposes, functions, or objectives
• Institutions: They provide structure and stability to social, economic, political, and cultural systems. Examples include the family, schools, government agencies, banks, and religious establishments
• ECONOMIC INSTITUTIONS These are the specific agencies or foundations, both government and private, devoted to collecting or studying economic data, or commissioned with the job of supplying a good or service that is important to the economy of a country.
• ECONOMIC INSTITUTIONS: One of these examples are also the well-established arrangements and structures part of the culture such as; competitive markets and banking system.
• Reciprocity: refers to the exchange of goods and services that has same value; like Barter
• Transfers:entails a redistribution of income that is not matched by the actual exchange of goods and services.
• Redistribution: refers to the policy or practice of lessening inequalities in income.
• Market Transactions: exchange of goods and services that takes place in the economy and is measured in terms of GDP. (Gross Domestic Product
• Market is a mechanism and not necessarily a place that brings buyers and sellers together for the desired transaction
• State is a political body the exercises monopoly of violence or legitimate control overuse of force within its territory.
• International Organizations Entities established by formal political agreements between their members who have the status of international treaties. 1. World Bank 2. International Monetary Fund – IMF 3. World Trade Organization – WTO
• -They are the advocates of principled causes ideas and values to human rights and environment. They do not work alone nor are they limited by national borders. : Transnational Advocacy Groups
• -They are the agencies that help establish and support sustainability programs for the community. :Development Agencies
• Autonomous association of persons united voluntarily to meet their common needs through a jointly owned and democratically controlled enterprise. (Cooperatives)
• Representation of members at the workplace and in the wider society. (Trade Unions)
• banks: primary functions - accepting deposits, granting advances. : secondary functions - agency functions, utility functions.
• Corporations: 1. selecting a ceo 2. providing continuity 3. managing resources effectively 4. increasing profits 5. social responsibilities
• NON STATE INSTITUTIONS 1. Banks 2. Corporations 3. Cooperatives 4. Trade Unions 5. International Organizations 6. Transnational Advocacy Groups & Development Agencies