Institutional Definition

We have all been part of, hated or have been used or abused by institutions. What is an institution? The dictionary defines an institution as

in·sti·tu·tion ( P ) Pronunciation Key (nst-tshn, -ty-) n. The act of instituting. A custom, practice, relationship, or behavioral pattern of importance in the life of a community or society: the institutions of marriage and the family. Informal. One long associated with a specified place, position, or function. An established organization or foundation, especially one dedicated to education, public service, or culture. The building or buildings housing such an organization. A place for the care of persons who are destitute, disabled, or mentally ill.

My definition is from an objectivist viewpoint. An insitution is any group, body, association, or set, either public or private that has the capability to influence those that are not members.

A good example is the Federal Reserve, a private institution (that's right it is not part of the US Government) that has the ability to effect millions (everyone that holds US Dollars as currency). Another example is the Catholic Church. When they ran the Spanish Inquisition, muillions were effected.