The Three Angels Messages, page-4

Which modern day institution do you believe this refers to?
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“Babylon the Great” represents all false religion operating worldwide.
(Revelation 17:15) He said to me: “The waters that you saw, where the prostitute is sitting, mean peoples and crowds and nations and tongues.(Revelation 17:18) And the woman whom you saw means the great city that has a kingdom over the kings of the earth.”

''The kings of the earth'' and ''the merchants'' survive her destruction, so she cannot be the political or commercial systems.

(Revelation 18:9) “And the kings of the earth who committed sexual immorality with her and lived with her in shameless luxury will weep and beat themselves in grief over her when they see the smoke from her burning.
(Revelation 18:15) “The merchants who sold these things, who became rich from her, will stand at a distance because of their fear of her torment and will weep and mourn,

She is called a prostitute because she forms alliances with governments for money or other favors.

(Revelation 17:1, 2) One of the seven angels who had the seven bowls came and said to me: “Come, I will show you the judgment on the great prostitute who sits on many waters, 2 with whom the kings of the earth committed sexual immorality, and earth’s inhabitants were made drunk with the wine of her sexual immorality.”

She misleads mankind by her ''spiritistic practices''.
(Revelation 18:23) No light of a lamp will ever shine in you again, and no voice of a bridegroom and of a bride will ever be heard in you again; for your merchants were the top-ranking men of the earth, and by your spiritistic practices all the nations were misled.