Economic Analysis: Theory and Practice
 

Institutional aspects of post-industrialization: Theoretical analysis and practical implications

Vol. 16, Iss. 8, AUGUST 2017

Received: 30 June 2017

Received in revised form: 14 July 2017

Accepted: 27 July 2017

Available online: 29 August 2017

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: B52

Pages: 1420–1437

https://doi.org/10.24891/ea.16.8.1420

Marushchak I.V. Volgograd State University, Volgograd, Russian Federation marushak_irina79@mail.ru

Subject The article considers institutional processes generated by post-industrialization, which is the most important trend in the modern social and economic development and relates to enhanced role of service industries in employment, GDP volume and industrial sector operations.
Objectives The study aims to perform a systems analysis of institutional (including transactional) content and effects of post-industrialization, to systematize the implications of applied nature to the development of transactional industries.
Methods The study draws on theoretical and methodological concepts of institutional, evolutionary, systems and comparative analysis.
Results The paper presents a complex analysis of institutional aspects of post-industrialization, which is specific to all leading countries of the world. The analysis is based on real indices of the service sector development. I classify the instances of servicization of industrial and agrarian sectors that are connected to extension of the service sector and development of hybrid production; underpin the need to avoid the interpretation of post-industrialization in a negative aspect and to perceive it as something homogeneous, as this trend appears asymmetrically and asynchronously in different branches and spheres of economy.
Conclusions The paper proves an important role of transactional services and service-producing industries in the post-industrial economy, shows the leading role of stakeholders in the course of post-industrialization that is related to mass production of customized goods and services, formulates prospects for transactional industries' growth under post-industrialization in the sphere of public administration, sustainable development of territorial entities, and expansion of innovative knowledge-intensive business services of transactional type.

Keywords: economic analysis, transactional development, post-industrialization, service sector, institutional economy

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