Nikša Grgurević, Saša Mitrić

Adriatic University, Faculty of Management, Zemunska 143, 85 348 Meljine, Herceg Novi, Montenegro,
University PIM Banja Luka, Faculty of Economics, despota Stefana Lazarevića bb, 78 000 Banja Luka, Bosnia and Herzegovina


ISSN 2637-2150
e-ISSN 2637-2614
UDK 330.14:005.336.4]:005.336.4
DOI 10.7251/STED2102095G

Paper received: 23.08.2021.
Paper accepted: 10.11.2021.
Published: 29.11.2021.

Corresponding Author: 
Niksa Grgurevic, Adriatic University, Faculty of Management, Zemunska 143, 85 348 Meljine, HercegNovi, Montenegro,


In all areas of society, it is necessary to actively and continuously act on unique (constitutive) rules that apply equally to all and perform non-selective and unprivileged regulation, coordination, organization and limitation of human behavior. These are institutions that can best present their functions. Economics has clearly shown how the real (and even virtual) economic reality works in principle and determined that the role of institutions in society and economy is not only necessary and unavoidable, but also a priority, as a metabasis and meta-mechanism. This paper presents a study of the impact of constitutional (political) rules, economic rules and contracts on the construction of socio-cultural capital. The aim of the research is to prove that all development models that have ignored institutions have proved unsustainable. The constitution has the role of preventing arbitrariness, ie “rule without rules”.

Keywordsconstitution, institutions, economic reality, sociocultural capital.