The term economic institution has a broad meaning in the world of economics.

Economists tend to use the term variably depending on the context. Some
economics have been known to use this term interchangeably with another term
Financial institutions. Although the two terms are closely related, they hardly refer
to the same thing, at least not strictly speaking. While a financial institution refers
to establishments such as banks which offer financial services to their clients, the
term economic institution refers to any institution that is a player in an economy.
This includes manufacturers, traders, consumers as well as regulators of an
economy.
Therefore, in essence, an economic institution is any establishment whose activities
have a bearing on society, whether these institutions are businesses or not. In view
of this definition, it becomes a little tricky to say what qualifies an institution to be
called an economic one. Certain questions arise. For example, are non-profit making
organizations also qualified to be called economic institutions? The answer to this
question, and many others like this, is really not definite. Economists have been left
with the liberty to decide what type of institutions to be included, depending on the
circumstances and what exactly they are looking for. However, in strict sense, since
almost every establishment in society has an economic aspect to it, then perhaps
one would be right to refer to any institution as an economic one.
Role of economic institutions
Economics has variously been defined as a social science that involves itself in the
study and analysis of production, distribution as well as consumption of goods and
services. Therefore, in some circumstances, when considering which type of
institutions fall under this category, some economist choose to leave out regulatory
institutions and others such as non-profit organizations. This leaves us with three
categories: Manufacturers, distributors and consumers. These three can informally
be referred to as the categories of economic institution.
Advanced modern economic theories pay very close attention to institutions. In
institutional economies, institutions are deemed to play a very central role in
shaping the behavior of other players in an economic setting. For example, in the
world today there are some very huge multinational companies, which have
overwhelming market presence and a lot of financial prowess. Such companies have
the power to influence key aspects of the market such as demand and supply, as
well as pricing. It is not uncommon nowadays for huge companies to buy, or merge
with small companies which are supposed to be competitors in the same market.
Big companies also have the power to influence consumer preferences through
advertisements in the media.

Need for regulation

In world that is growing very fast economically, and with everyone embracing
concepts of globalization and modern technology, it is difficult to ignore the role of
economic institutions in shaping how people behave in an economy. Therefore, it
has become increasingly important to come up with proper rules and regulations for
economic institutions, in order to set stage for fairness as well as effective and
sustainable economic growth and development.

The Global Economy

In a nutshell, the global economy refers to the economy of the world, comprising of
different economies of individual countries, with each economy related with the
other in one way or another. A key concept in the global economy is globalization,
which is the process that leads to individual economies around the world being
closely interwoven such that an event in one country is bound to affect the state of
other world economies. In the past century or so, the focus on globalization has
intensified a lot. More and more trade has been done between different countries,
and restrictions on movement and business across borders have been reduced a
great deal. The resulting phenomenon is what a global economy is all about. People
are now able to sell their commodities in any market across the world.
Likewise, consumers also enjoy a much wider variety of goods and services since
they can sample them from other places and not just their own countries alone
A global economy has its share of advantages and disadvantages.
Advantages of a Global Economy
Improved Quality
Free movement of goods and services across borders does wonders in improving
the quality of the goods and services. This can be attributed partly to the increased
competition. Logically, a local manufacturer will be forced to produce better quality
goods because now the consumers have the option of buying from foreign
companies, which are likely to be of high quality since they are exports. Likewise,
the same manufacturer will need to up their game if they are to have any chance of
penetrating foreign markets.

Growth
No one can dispute the fact that a global economy leads to high growth. It is very
simple: A larger market for producers and a wider variety for consumers. There is
increased consumer wealth and thus more trade, leading to even further growth.
Uniform standards
Thanks to the global economy, a shirt is now likely to cost just about the same in
New Delhi as it would in New York. This makes it easier to set the standards for
goods and services, with only slight discrepancies in different countries, thus
making trade much easier and reducing the chances of exploitation.
Disadvantages
However, it is true that a global economy is not without its faults.
Growth with inequality
First of all, because there are opportunities across borders, there is always a danger
of there being high economic growth with a lot of inequality. This is because the
wealthy in society are usually better placed to take advantage of the opportunities,
thus growing wealthier and leaving the poor with little or nothing.
Exploitation of labor
Along with globalization comes a new concept: outsourcing. Outsourcing involves
delegating labor from developed countries to the developing ones where the cost of
labor is much cheaper. This helps the multinational companies in the developed
world to cut on the cost of labor, and make bigger profits. Essentially, for the worker
in the underdeveloped country, this is unfair exploitation.
The benefits of a global economy cannot be ignored, but neither can the flaws of
globalization. Perhaps it would be helpful to have effective checks and balances for
the global economy if the goals of globalization are to be realized.
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