This article examines the concept of inclusive institutions (CII) put forward by Daron Acemoglu and James Robinson. It draws analogies and parallels between the CII and earlier economic theories and doctrines, revealing their organic interconnection and continuity. Particular focus is put on a more precise definition of inclusive and extractive institutions made possible by the introduction of the concepts of guarantees and freedoms of two social groups, the elites and the masses. The author shows that many systemic crises do not lend themselves to an adequate explanation without these clarifications.