Despite the crucial role of business in shaping the economy, current cooperation between public authorities and entrepreneurs in Poland remains largely ineffective. In the environment of a limited awareness of entrepreneurs and an underdeveloped culture of self-government and self-determination, B. Guziejewska and P. Marciniak suggest that the solution to improving institutional efficiency may be the establishment of chambers of commerce.
In the research article “The importance of new institutional economics’ achievements for the promotion of the idea of a general self-governing business organization in Poland”, they explore how insights from new institutional economics support this approach.
Key takeaways:
- New institutional economics expands the definition of institutions, with Douglass North describing them as humanly devised constraints that structure political, economic and social interaction.
- A crucial concept in new institutional economics, transaction costs encompass many intricacies of making an economic exchange, including information acquisition, misunderstandings and conflicts of interest, among others.
- The analysis performed by B. Guziejewska and P. Marciniak suggests that instituting a general self-governing business organization in Poland could help reduce transaction costs across the legal and economic systems.
The article published in 2021 was an introduction to further research on Polish chambers of commerce in a broader, universal and international institutional context. To find out more about the possible benefits of a general self-governing business organization, previous discussions and draft laws, and relevant concepts of new institutional economics, read the full article (in Polish but can be autotranslated).
