Modern societies develop very quickly. However, along with rapid economic growth, comes risk to the economic system. That is why there is a need for study of the institutional base on which modern society is built to enable more effective management and better forecasting for further development. Existing studies and publications on the economic and legal foundations of modern society do not take into account the institutional aspects of its development and thus do not fully reflect its sense and content. This book aims to fill this gap in scientific knowledge. This book views the economic and legal foundations of modern society through the lens of a new institutional theory in relation to Russia. The author focuses on Russia – a unique economic system with a developing market, involved in the processes of international economic globalization and integration. The author analyzes actual problems and perspectives of the development of the modern Russian economy through the prism of a new institutional theory. Institutional theory allows for determination and analyzing foundation of society functioning, and “rules of the game”. Without understanding the institutional foundations, consideration of applied issues of development of economy will be fragmentary, as it would be impossible to understand the logic of existing status quo and perspectives of its change in future. This book should fill this gap in modern scientific knowledge.