Economic Institutions

Institutions organizing production, exchange and ownership: property as the institution of rights over resources, the market as the institution coordinating exchange through price, and the guild as a historical institution organizing a trade or craft and controlling entry to it. Belongs here: an institution whose primary function is economic production, exchange or ownership. Does not belong here: an institution whose primary function is governing or adjudicating rather than producing or exchanging, grouped under Political and Legal Institutions.