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Is the Recovery of Transition Countries Possible on the New Global Stage and How?

Author

Listed:
  • Anđelko S. Lojpur

    (Faculty of Economics, University of Montenegro, Podgorica, Montenegro)

  • Ivan Radević

    (Faculty of Economics, University of Montenegro, Podgorica, Montenegro)

  • Anja A. Lojpur

    (Central Bank of Montenegro, Podgorica, Montenegro)

  • Nikola Martinović

    (Crnogorska komercijalna banka, member of OTP Group, Podgorica, Montenegro)

Abstract

When it comes to finding a new development formula in transition countries, it is worrisome that a well-trodden development paradigm lacks in today’s multipolar world. Therefore, overcoming the apparent deadlock in the development of transition countries is possible only through the “new” order, or, in other words, through acceptance of the “new” economic paradigm of development. This paper aims to answer the key question regarding the development perspectives of the transition countries, “Can the transition countries (region) ever catch up with the living standards of the world’s most advanced market economies?” In this sense, the research of a new development pattern involving reactivation of the entrepreneurial economy is the answer to the second question: given the omnipresent globalization, is it possible to reverse the concept of development in the transition to greater equality of wealth in the world; therefore, this paper openly advocates for the re-industrialization of transition countries.

Suggested Citation

  • Anđelko S. Lojpur & Ivan Radević & Anja A. Lojpur & Nikola Martinović, 2020. "Is the Recovery of Transition Countries Possible on the New Global Stage and How?," International Journal of Innovation and Economic Development, Inovatus Services Ltd., vol. 6(1), pages 19-30, April.
    • Handle: RePEc:mgs:ijoied:v:6:y:2020:i:1:p:19-30
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    References listed on IDEAS

    as
    1. Dani Rodrik, 2006. "Institutions for High-Quality Growth: What They Are and How to Acquire Them," Chapters, in: Kartik Roy & Jörn Sideras (ed.), Institutions, Globalisation and Empowerment, chapter 2, Edward Elgar Publishing.
    2. World Bank, 2007. "Building Knowledge Economies : Advanced Strategies for Development," World Bank Publications - Books, The World Bank Group, number 6853, December.
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    More about this item

    Keywords

    Transition; Globalization; Competitiveness; New development paradigm; Re-Industrialization;
    All these keywords.

    JEL classification:

    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General

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