The article considers models of modernization of the country's economy in the context of catching-up development. The greatest attention is paid to the reform of agricultural economies, and the impact of formal and informal institutions on this process is estimated. The problem of the presence and absence of free economic space when choosing a model of modernization of the economic system is raised. A scheme of typological models of modernization with a catch-up type of reforms is proposed. Keywords: globalization, modernization models, catching-up type of development, formal and informal institutions, agricultural sector reform. It is difficult to overestimate the interest in the problem of civilizations in the scientific world. It is particularly saturated by the fact that the modern model of globalization, which acts in the interests of a local (albeit heterogeneous) group of countries, leads to an increase in the uneven level of development of the world community [Yakovets, 2003, p. 6]. That is why the monograph "Civilizations in the XXI Century: Problems and prospects of Development" by A. V. Akimov and A. I. Yakovlev presented for the discussion is so important. According to the authors, the "crisis of the system", and the current state of the world economy can best be described using this particular paradigm, suggests two vectors of movement - to continue developing along the inertial path or to choose the path of modernization [Akimov, Yakovlev, 2012, p. 156]. Inertial development will undoubtedly lead to a" catastrophe", which, in turn, will put a number of countries of the world community in the face of"revolutionary transformations". Modernization, considered by the authors as the main tool of "reform", will require targeted actions from the authorities to transform the economic system [Akimov, Yakovlev, 2012, p. 176]. In the context of accelerating globalization, reform should affect most countries of the world community, and the civilizational approach, ... Read more