**3. Social institutions in modern economy**

Therefore, I am arguing now on the basis of a theory of intentional actions that is more precise, in the sense that realistic theses can be formulated about the conditions as well as the functioning of main economic institutions in modern societies, when we do not start with the assumption of given or socially founded expectations on the macro level. Instead, I suggest starting with simple assumptions about individuals trying to act with regard to their own intentions in social fields and therefore dealing with the problem of social expectation. Hence, we consider the processes of establishing and maintaining institutions in economic fields by regarding individual intentions as well as capabilities on the one hand, and by taking specific social constellations into account on the other.
