Economic Institutions

• A company or an organization that deals with money or with managing the distribution of money,
goods, and services in an economy.

• Examples are banks, government organizations, and investment funds

Reciprocity

• In social psychology, reciprocity is a social rule that says people should repay, in kind, what another
person has provided for them; that is, people give back (reciprocate) the kind of treatment they have
received from another.

• By virtue of the rule of reciprocity, people are obligated to repay favors, gifts, invitations, etc. in the
future.

• This sense of future obligation associated with reciprocity makes it possible to build continuing
relationships and exchanges.

• Reciprocal actions of this nature are important to social psychology as they can help explain the
maintenance of social norms.

Transfer

• Are payments that are made without any good or service being received in return (Bishop, 2012)

• 1. Banking: Moving funds among two or more accounts held by the same or different entities.

• 2. Real estate: Conveyance of title to a property from the seller to the buyer through a deed of transfer,
following payment of the price.

• 3. Securities trading: Delivery of a stock (share) certificate by the seller's broker to the buyer's broker
followed by conveyance of the title by recording the change in the stock (share) register.

Redistribution

• In Economics the theory, policy, or practice of lessening or reducing inequalities in income for example
through such measures like progressive taxation and anti-poverty programs.

• It is the act of the government to distribute income from the wealthy businesses and citizens to the less
wealthy (Mares, 2014).

Market Transactions

• The exchange of goods and services through a market. The set of market transactions taking place in
the economy is most important in terms of measuring gross domestic product (GDP).

• Market transactions provide the basic data used at the Bureau of Economic Analysis to begin the
estimation of GDP.

• However, these data don't just want to measure market transactions, their goal is to measure economic
production.

• As such, they eliminate some market transactions that do not involve economic production, and then
add economic production that do not involve market transactions.

MARKET

• A system of private ownership and enterprise that acts based on their own private and self- interest
(Schmalensee, 2013).

STATE

• The governing body of the society (Arcinas & Mactal, 2016).

State-market relations

• call for a holistic view of the relationship between the material and relational dynamics of society,
 • The state contains mechanisms that are essential to the existence of markets themselves, and these
mechanisms are not “natural” given.

• Economies are actually institutional production systems wherein the material density of the state both as
organization and administration is of relevance.

Non-state Institutions

• These are institutions that are not controlled by the government or by the State.

• Examples are banks, corporations, private institutions

Trade Unions

• It refers to a voluntary association of either employees or employer or independent workers to protect

their interest and becomes an instrument of defense against exploitation and maltreatment.

Cooperatives

• Firm owned, controlled, and operated by a group of users for their own benefit.

• Each member contributes equity capital, and shares in the control of the firm on the basis of one-
member, one-vote principle (and not in proportion to his or her equity contribution).

Transnational Advocacy Groups

• They are free flowing and open relationships among knowledgeable and committed actors (individuals
and organizations).

• International organizations such as the UN, and actors from the corporate/business world.

• These networks are united by a commitment to some practical, usually "trans-sovereign" issue (an issue
that transcends across multiple countries)

• ex: women's representation, environmental sustainability, human rights, etc.

Development Agencies

• These are local or international groups committed to pursuing specific developmental agendas of the
state.

International Organizations

• These are groups that promote voluntary cooperation among its members.