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The article is devoted to the work of Elinor Ostrom, the winner of the economic Nobel Prize in 2009. It presents the main principles of Ostrom’s theory, underlining its role in the development of theoritcal reflection in social and economic sciences as well as its practical dimension helping to find solutions for effective commons governing. The authors present arguments that Ostrom’s research results are of great significance: they contribute to the development of the so called second generation theory of collective action by combining results from experiments with field research and have an immense practical effect proving the importance of social capital and other “intangible” factors for overcoming collective action dilemmas, increasing economic effectiveness and achieving long-term sustainability.
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