New institutional economics includes the basic theories of

The new institutionalism, on the one hand, inherits the tradition of the institutional school, which boasts of institutional and structural analysis and advocates reforms based on the existing capitalist system of ownership of the means of production; on the other hand, based on the new political and economic conditions after the end of the Second World War, it pays more attention to the realities of capitalism than the past institutional school, criticizes capitalism's criticized the defects of capitalism and put forward more specific policy proposals. It also covers a much wider range of policy objectives and value criteria.