institution
UK: ˌɪnstɪˈtjuːʃən | US: ˌɪnstɪˈtuːʃən
n. an established organization or system (e.g., educational, governmental)
n. a custom or practice widely accepted in society
n. the act of instituting or establishing something
The word "institution" derives from the Latin institutio, meaning "arrangement" or "custom," which itself comes from instituere ("to set up, establish"). The morpheme institut preserves the core idea of "establishing," while -ion transforms the verb into a noun, denoting the result or entity of that action. Over time, "institution" evolved to signify both the act of founding (e.g., "the institution of laws") and the enduring organizations or systems (e.g., "financial institutions") that embody societal structures.
Harvard University is a prestigious educational institution.
Marriage is a social institution with deep historical roots.
The government announced the institution of new environmental policies.
Banks are key institutions in the global economy.
The museum serves as a cultural institution for the community.