Institutional capital: A new analytical framework on theory and actions for economic development

Institutions are the first collective resources accumulated in any society. In this case, every society is instituted. These resources must be taken in account to ameliorate the socioeconomic conditions of the members of it. Not only for economic growth, but over all for a sustainable economic development, institutions are fundamental. Furthermore, some specific institutions present the shown properties of the capital. That is why we use the institutional capital approach to analyze the importance of such institutions in economic development theories and practices. The main conclusions of this paper are explained in the promises of this notion for future researches on implemented actions and theories on economic development, mainly in developing countries. Our work in progress shows that institutional capital is determinant for success and efficiency in microfinancial actions. The conclusions of this research are also useful to deepen theories on economic growth, organizations, and overall on Institutional Economics.