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"Invisible Hand" of Globalization

In: Contemporary Issues in the Integration Processes of Western Balkan Countries in the European Union

Author

Listed:
  • Slavenko Grgurevic

    (Institute of Economic Sciences)

  • Djuro Kutlaca

    (Mihajlo Pupin Institute)

Abstract

Paper presents discussions on globalization of “Invisible Hand” of Market rules, and case study of Innovation Law in Serbia. Criticism of un-controlled spread of idea of neo-liberal capitalism throughout of transition countries, i.e. countries without knowledge and experience about market mechanisms and without economic power to overcome mistakes and wrong decisions is addressed to policy makers and economists to search for less painful road to market economy. Criticism of policies based on enhancement of the role of state, followed by legal framework inappropriate for market economy, is addressed to policy makers in order to overcome hidden mechanisms of central-planned economy. Both situations are extremes, one suitable for developed economies, and the other which belongs to history of economy. This paper stands position which is more adequate to reality, based on capacities and potentials for growth and readiness for development, which implies changes in mental structure, orientation on existing resources, and integration in international networks of knowledge and innovation. Transition countries should follow idea of creation of national innovation systems, which is, in fact, building of knowledge based economy.

Suggested Citation

  • Slavenko Grgurevic & Djuro Kutlaca, 2011. ""Invisible Hand" of Globalization," Book Chapters, in: Stefan Bogdan Salej & Dejan Eric & Srdjan Redzepagic & Ivan Stosic (ed.), Contemporary Issues in the Integration Processes of Western Balkan Countries in the European Union, chapter 4, pages 38-67, Institute of Economic Sciences.
    • Handle: RePEc:ibg:chaptr:conissue-4
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