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Economic Institutions And Competitiveness Of Economy With Emphasis On Montenegro

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  • Milivoje Radovic
  • Radoje Zugic
  • Nikola Milovic

Abstract

The competitiveness of economy has become a key term in economic trends. It is related to all strategic issues of sustainable economic development. A sure way for its preserving in unstable conditions would include increasing competition, and modernization of the economy which would lead to knowledge economy, innovations and institutional development. Knowledge and innovations also depend on development of institutions and support. This is the reason why the starting point is the hypothesis that the competitiveness of economy dominantly depends on the degree of development and the efficiency of economic institutes. This paper considers the importance of economic institutionalization, and some elementary causes and conditions that prevented a pluralistic and even monistic performance of individual economic institutes (such as competition, market regulation, etc.) in most transition countries, and led to their objective substitution by the quasi-Institutes of sociopathological and anti-institutional nature. The primary importance pluralistic synergy of economic institutions is stressed for the development of competition. The analysis of the competitiveness in Montenegro points to urgent strengthening of institutional development factors and appropriate ambient.

Suggested Citation

  • Milivoje Radovic & Radoje Zugic & Nikola Milovic, 2013. "Economic Institutions And Competitiveness Of Economy With Emphasis On Montenegro," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 9(1), pages 63-74.
  • Handle: RePEc:mje:mjejnl:v:9:y:2013:i:1:p:63-74
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    References listed on IDEAS

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    1. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, June.
    2. Michael Porter, 2003. "The Economic Performance of Regions," Regional Studies, Taylor & Francis Journals, vol. 37(6-7), pages 549-578.
    3. Michael Kitson & Ron Martin & Peter Tyler, 2004. "Regional Competitiveness: An Elusive yet Key Concept?," Regional Studies, Taylor & Francis Journals, vol. 38(9), pages 991-999.
    4. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
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