European Competitiveness in the Context of Globalization
The competitiveness is defined as a „set of institutions, policies and factors which determine a country’s level of productivity”. On its turn, the level of productivity establishes a lasting level of prosperity which can be reached by an economy. In other words, the competitive economies tend to be able to produce a higher level of income for their citizens. The level of productivity determines as well the rates of profitability obtained by investments (physical, human and technological), in an economy. Because the rates of profitability are fundamental factors of the economic increase rates, a competitive economy is that which increases faster on long term. The World Economic Forum has founded the analysis of the competitiveness based on the Global Competitiveness index (GCI) since 2005, an extremely comprehensive index for the measuring of national competitiveness, which includes the microeconomic and macroeconomic aspects of the national competitiveness. The competitiveness is almost always restricted to the international price competitiveness, measured by indicators of the exchange, deflated in many ways. Such an analysis focuses only on the results of the exports. Europe has learned many lessons from the recent financial and economic crisis. It is very clear now that in a very well integrated Union, and much more in a monetary union, the economies and successes of the member states are interconnected.
Volume (Year): 60 (2012)
Issue (Month): 4 (November)
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