“…Initially, it must be highlighted that the contemporary institutional thought is essentially divided into two main theoretical lines, the first of which is known as Old Institutional Economics (OIE). As stated in Aguilar Filho & Silva Filho (2010), this line helped disseminate the approach of economic analysis, and sought to study economic phenomena employing analytic tools from other sciences, such as psychology, grounding itself on the influence of technologic developments, social and historical facts, and practices of collective norms and values. Old Institutionalism, as it may also be known, is guided by initial thinkers, such as Commons (1959), Mitchell (1967) and Veblen (1974).…”