Institutions: a critical analysis of their main characteristics

The paper aims to investigate the main characteristics of institutions, as well as some of their more conspicuous peculiarities, as, for instance, their resistance to change, chiefly when compared to the capacity and speed of transformation of what is called the other social factors (or components). The article tries to describe the relationships among institutions and other social factors, in addition to contrasts and similarities among institutions in different levels, and in distinct countries and regions. It also intends to show the factors that conduct to a growing or decreasing institutional homogeneity in these different loci, and to an augmentation or lessening of the institutional instrumentality. Besides, the paper tries to give a better definition of institutions, which is important nowadays, given the increasing interest of economics for institutions.