Theory of institutional transformations and role of a state in modern economy

The author analyzes how the role which governmental authorities play in national economy recently changed that resulted in emergence of a new institutional system. The theory of institutional transformations provides for the ideas that economic efficiency is in balance with principles of social justice and this balance is based on such institutional system where market mechanisms are combined with distributing ones that allows higher development of human potential of the country and which has shaped dually: the western market economy modified into “social market” since XX century and Russian distributing economy – into “a liberal distributing system” since 2000.