THE TRANSITION AND EFFECTIVENESS OF INDUSTRIAL POLICY IN WESTERN BALKAN COUNTRIES – THE CASE STUDY FOR SERBIA
Keywords:
industrial policy, effectiveness, production-organizational system, innovation system, production entrepreneurshipAbstract
The basic characteristic of transition in Serbia and other Western Balkan countries is a radical deindustrialization. In this context, reindustrialization should represent the framework of a new concept of developing this region. This, naturally, makes some problems, both in creating new and using the current development factors. The first and most relevant problem is that reindustrialization must be based on the European concept of endogenous, propulsive and self-sustainable development. In this context, the starting hypothesis is that discussions on effectiveness of industrial policy cannot lead only to (10) Institutional arrangement of market authorities (multiparty political system), (2) reforms of product and service markets (privatization and liberalization), and (3) Financial market development (leaving the banking system to foreign factors). Then to expect these three markets with support of subvention of labor and capital form the public sources, before all, in order to stimulate foreign direct investments, build spontaneously a good model of industrial transition. For Serbia, the biggest problems to increase the effectiveness of industrial policy in these countries are: (1) Slow structuring of the new production-organizational system and (2) Slow efficiency of the innovation system because (3) undeveloped authentic production entrepreneurship. Their point is that the restoration of capitalism and transition in Serbia have not succeeded to create a good strategic framework for (1) Export business development, (2) Private investments in real economy, and (3) Increase of effectiveness of public industry regulation. However, such a development scenario is not fatedly determined as unrealizable. In this context, the work gives some suggestions to formulate measures and instruments for advancing the efficiency of industrial policy in Serbia.
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