The dissertation is devoted to an in-depth research on the trajectory of the economic system of Ukraine during the period of independence, identification of limiting factors, and elaboration of recommendations for the development of effective and inclusive institutions. In the work, the rationale for using the methodology of institutionalism to analyze the development and changes in economic systems is substantiated. In particular, it is remarked that institutionalism allows researchers to explore economic issues from different points of view and in interdisciplinary, as well as evolutionary and historical perspectives. The conceptual apparatus of the institutional analysis, applied for the evolution of economic systems, is clarified. In particular, the author formulated his own definition of an economic system, the main object of the dissertation. In addition, as a result of a thorough study of the institutionalist paradigm, it is found that successful economic reforms and strong institutional transformations of economic systems, to a great extent, depend on inclusive institutions. The dissertation also features the findings on algorithms of effective institutional changes, obstacles for their implementation, and ways of minimizing the negative influence of path dependency. The author draws attention to key institutional features that the economy of independent Ukraine inherited from the command system of the former USSR as its predecessor. The author also considers the reasons for the development of an unfavorable institutional order in the economy at the initial stages of Ukraine's independence. In order to investigate evolutionary changes in Ukraine's economic system, a new approach is elaborated and explained by the author. The novelty of the proposed approach grounds on highlighting five main groups of institutions, namely, property, power, competition, innovation, and values. In accordance with the approach, core characteristics of property institutions’ development in the economy of Ukraine are analyzed, as well as the attributes of formal and informal political power norms are highlighted. In addition, the fundamental aspects of the evolution of competition and innovation institutions are regarded, as well as key values, mentality features, and priorities of Ukrainian society are explored. Consequently, it is clarified that the peculiarities of the institutional configuration of Ukraine’s economy lie in the significant differences between the formal outline and the actual content and functioning of the economic system. The dynamics of state policy in the areas of property, power, competition, innovation, and values are analyzed. Furthermore, the dissertation features a quantitative assessment of the evolution of Ukraine’s economy in terms of five groups of institutions and in the context of international comparisons with the economic systems of Central and Eastern European countries. Based on the proposed approach, the author develops an integrated indicator of the institutional development in economic systems, as well as clusters the researched countries according to it. The degree of correlation-regression relationship between GDP per capita indices and proposed institutional indicators is investigated. The author stresses important aspects of implementing the policies for institutions’ development in the studied areas, offers recommendations for the spheres of property, power, competition, innovation, and values that will potentially promote the development of inclusive institutions in Ukraine. It is also stated that in order to build a stable and effective institutional environment, there has to be a culture of trust and cooperation established in the Ukrainian society, where each participant of the economic system adheres to their areas of responsibility. In addition, as a part of this configuration, state policymakers explore the real life of Ukrainians and convert gained insights into socially desired institutions.
