The paper aims to present the importance that institutional arrangements play in the economic systems beyond the scope of one country. The authors attempts also to evaluate impact that the institutional arrangement of the European Union’s Common Agricultural Policy plays for the development of agriculture and rural areas in Poland. The paper argues that institutional arrangement of mechanisms and instruments of CAP, especially of single market and financial solidarity, leads participants of this system to obtain additional value not only in form of financial benefits, but also in form of economic profits resulted from uncertainty avoidance of free market.


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