The article reviews the core theories of Elinor Ostrom and the Bloomington School of Institutional Analysis and Development, arguing that they can claim significant pragmatical validity by enabling an integrated approach to governance, including development and other public policies.

Although old, the debate on whether government’s intervention in economic activities can stimulate economic growth once again rose within the countries of Central and Eastern Europe. They have passed a harsh transition process, pressed on by the intention to join the EU, which involved...