One of the fundamental challenges which political decision-makers must face is the proper construction of the system of public authority. Its proper organisation should protect it from two undesirable extreme situations: tyranny and anarchy. Hence, one of the key systemic principles in modern democracies is separation of powers. This principle is firmly established in the tradition of research on institutions. In the article an attempt is made at presenting the principle in accordance with the neoinstitutional approach. The point of reference is the concept of veto players, which is particularly helpful in analysing separation of powers in its functional dimension. It allows one to see that the legal sanctioning of the principle does not provide sufficient protection from overt cumulation of power by one political actor. Its efficiency depends on extra-institutional factors determining political rivalry.
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