Institutions and society: towards a critical theory of economic institutions
The global financial crisis of 2007-2008 that was followed by The Great Recession and European sovereign debt crisis caused the biggest economic downturn since the Great Depression in 1930s. In Europe, the economic crisis developed into a serious political challenge to the (economic) institutions of monetary union and the existing institutional framework of the European Union as well. The future of the institutional framework of the EU will vastly depend upon a comprehensive theoretical and interdisciplinary assessment. Although academic study of the subject of (social) institutions is on the rise in ethics, sociology and politics, it remains unjustifiably underdeveloped in economics. The proposed study investigates the possibility of devising a critical theory of institutions in general, and of economic institutions in particular. It expounds critical contributions to the understanding of economic institutions from a variety of disciplinary fields and it contributes to the establishment of a multidisciplinary account of social validity, economic function, ethical normativity, and political foundation. Additionally, it would represent a landmark study in critical theories of economic institutions – filling a definite gap in the literature, offering a first dedicated and exclusive delineation of a critical theory of economic institutions. Finally, it would act as an instructive case study, offering an indispensable resource for scholars of economic institutions, and provide a robust analytical framework for the assessment of raison d’etre of institutions and institutional reform. With an eye to project's overall success, the study will be conducted at an academic environment of leading experts on critique of political economy and critical theory. Hence, it will endow the fellow with ground-breaking expertise in agenda-setting and action-oriented research, strengthen the academic and interdisciplinary prowess and open the path to independent and further research.