Munich Personal RePEc Archive

Блокчейн и институциональная сложность: постинституционализм vs. неоинституционализм

Frolov, Daniil (2019): Блокчейн и институциональная сложность: постинституционализм vs. неоинституционализм.

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From the point of view of modern neo-institutional economics, blockchain is an institutional technology that minimizes transaction costs and leads to the elimination of intermediation. Using the example of the blockchain, I demonstrate the possibilities of post-institutionalism – a new generation of methodologies and theories of institutional analysis, alternative to neo-institutional economics. Based on the theory of transaction value, I argue that the blockchain technologies will not radically reduce transaction costs, but will reorient intermediaries to improving the quality of transactions and expanding the offer of additional transaction services. Using the theory of institutional assemblages, I argue that it is impossible to form a homogeneous system of blockchain-based institutions associated exclusively with the principles of decentralization, transparency and openness. Blockchain-based institutions will be of a hybrid nature, combining elements of opposing institutional logics – regulatory and algorithmic law, Ricardian and smart contracts, private and public systems, uncontrollability and arbitration

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