Abstract:

A generalized classification of market structures operating in the market of monopolistic competition is proposed from the perspective of the institutional approach, in which the cluster serves as an alternative form of market organization. The existing diversity of business organizational forms is explained from the point of view of selection mechanisms aimed at reducing transaction costs arising in the process of its development and implementation. The present research paper clarifies the role and place of the cluster in the development of market relations, and also considers the institutional prerequisites for its occurrence. The cluster is treated as a specific form of market relations, which allows to achieve maximum market power due to the ability to reduce transaction costs of infrastructure links. Along with this, the possibility of reducing various types of infrastructure costs, forms a separate type of institutional rent: the infrastructure rent. The possibility of produсing monopoly income from the use of infrastructure rent is considered in this study as the main prerequisite for the emergence of clusters in the monopolistic competition market.