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Transactional Infrastructure of the Economy: the Evolution of Concepts and Synthesis of Definitions

Transactional Infrastructure of the Economy: the Evolution of Concepts and Synthesis of Definitions

Journal of Economic Regulation, , Vol. 8 (no. 1),

The overview of evolution of market infrastructure concepts is provided, the first concepts of institutional infrastructure are revealed in the paper. Evolutionarily developed narrowing of essence of infrastructure in connection with the priority analysis of its physical (material and technological) components is proved. It ignores the fact that transactional resources, being drivers (driving forces) of economic systems evolution, in turn evolve, becoming harder and harder, combining increase in efficiency of the elements and strengthening of heterogeneity and discrepancy of their structure. Transactional evolution of economy in general and evolution of separate transactional resources of production are the perspective directions of the special analysis. Transactional infrastructure is considered as the integrated complex of institutional, organizational (relational) and information infrastructures. The problems of the first concepts of transactional infrastructure connected with difficulties of differentiation of its subsystems always operating jointly are revealed. Prospect of transition from the isolated analysis of separate resources of transactional type (institutes, organizations, information, social capital, trust, etc.) to studying corresponding specific software infrastructures and to the system analysis of integrated transactional infrastructure of economy are argued. The transactional sector (as set of the specialized industries and the appropriate collective and individual subjects providing with resources market transaction) is offered to be considered as transactional structure of economy. Transactional infrastructure is treated as critically significant factor of economic evolution which in the conditions of post-industrial type of economy gradually purchases transactional nature.

Keywords: infrastructure; transactional infrastructure; institutional infrastructure; organizational infrastructure; information infrastructure; transactional sector.

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