Institutional Economics (Volume 1)

Author: John R. Commons (USA)
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Features: The Economics of Institutions is one of the major works of John R. Commons (1862-1945), an American bourgeois economist. The Institutional School emerged in the early 20th century in the United States. At this time, the United States had become the leading country in world industrial production and had developed into a highly advanced monopoly capitalism. Simultaneously, it was precisely in the United States that the contradictions of capitalism were most starkly manifested, and the workers' movement was increasingly escalating. To deceive the people, monopoly capitalism needed to beautify itself and seek a panacea for capitalism. The Institutional School was born to meet this need.