INSTITUTIONAL ECONOMIC THEORY AND DEVELOPMENT WORLD ECONOMIC SCIENCE IN CONDITIONS GLOBALIZATION CHANGES

The article examines the study of institutional economic theory in domestic and foreign scientific literature. It is noted that in the study of the named theory, there are a number of unresolved issues and problems. There is no classification of the various concepts. According to the authors of the article, institutional economic theory becomes a set of different approaches, united by common basic ideas. The use of various approaches to solving economic problems by scientists — institutionalists attracts attention and contributes to its further development. And although the formation of the main provisions of this theory is not completed, it has firmly taken a leading place among the main directions of modern economic science. It is established that institutionalism has made a significant contribution to the further development of economic science. By combining economic science with other social sciences, in particular with history, psychology, law and sociology, using the evolutionary and functional approach in the study of economic phenomena and processes, it was possible to make significant progress in economic research in the field of methodology. This opens up new horizons for the knowledge of economic reality, helps to consider it in a more multifaceted way. Creative use of the potential of the institutional direction of economic thought will ensure the efficient operation of the economic system. Radical institutional changes, together with the technical and economic modernization of society, will help to organize a more harmonious world order.