Entrepreneurial Economy‖ Faculty for International Economics, Finance and Business UDG University
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Postgraduate Studies ―Entrepreneurial Economy‖ Faculty for International Economics, Finance and Business UDG University Entrepreneurial Economy Podgorica, May 2010 "Entrepreneurial Economy" Volume XVI/I “Entrepreneurial economy” Volume XVI, Issue I, 05/2010 Glavni i odgovorni urednik: Prof. dr Veselin Vukotić Redakcioni odbor: Prof.dr Mlađen Šljivančanin, prof.dr Danilo Šuković, prof.dr Miroslav Prokopijević, doc.dr Maja Drakić, doc.dr Milica Vukotić, doc.dr Igor Lukšić Uređivački odbor: prof.dr Mlađen Šljivančanin, prof.dr Danilo Suković, prof.dr Miroslav Prokopijević, prof.dr Stojan Dabić, doc.dr Petar Ivanović, doc.dr Maja Baćović, dr Zoran Djikanović, dr Duško Bjelica, dr Milorad Katnić, dr Zvezdan Vukanović, dr Vlado Kavarić, mr Ivana Stesević, mr Jadranka Kaludjerović, mr Jelena Boljević, mr Nikola Perović, mr Nina Vujosević Izdavač: Postdiplomske studije »Preduzetnička ekonomija«, Fakultet za međunarodnu ekonomiju, finansije i biznis, Podgorica Tehnički urednik: Dragan Knežević Dizajn korica: Nebojša Klačar, studio »Arhangel«, Beograd Rukovodilac Studija: prof. dr Veselin Vukotić (Podgorica) Predsjednik Savjeta Postdiplomskih studija: prof. dr Steve Pejovich, Texas, USA Adresa: Donja Gorica bb, Podgorica, 81000, Crna Gora Telefon/fax: +382 (0)20 410 777 e-mail: [email protected] web: www.udg.edu.me ISSN 1451-6659 Tiraž: 500 Štampa: Montcarton, Podgorica "Entrepreneurial Economy" Volume XVI/I 3 "Entrepreneurial Economy" Volume XVI/I Introductory remarks The first volume of economic journal „Entrepreneurial Economy― strated to be published in 2002. Fifteen volumes, some of which had several issues, has been published until now. This is the volume XVI. The journal is published by the Foundation „Entrepreneurial Economy― of the Postgraduate studies „Entrepreneurial Economy― at the Faculty for International Economics, Finance and Business, University UDG, Montenegro. The papers in this first issue of the volume XVI deal with the topic: Globalization and Economic Crisis. All papers are written in English which is broadening the market of potential readers of this economic journal. Editor in Chief Professor Veselin Vukotic 4 Authors 1. Maja Bacovic, PhD, Faculty of Economics of University of Montenegro; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy” (fourth generation) 2. Milica Dakovic, Institute for Strategic Studies and Prognoses, Montenegro; guest student of Postgraduate Studies “Entrepreneurial Economy” 3. Zoran Djikanovic, PhD, Securities and Exchange Commission of Montenegro, Faculty for International Economics, Finance and Business, University UDG, Montenegro; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy” (second generation) 4. Neda Ivovic, PhD, Securities and Exchange Commission of Montenegro, Professor at Postgraduate Studies „Entrepreneurial Economy” 5. Milorad Katnic, PhD, Ministry of Finance, Government of Montenegro; Faculty for International Economics, Finance and Business, University UDG, Montenegro; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy” (fifth generation) 6. Danijela Laketic, MSci, ―DZU Altas penzija‖ - Atlas Group, Montenegro; holds a Master‟s Degree from Postgraduate Studies “Entrepreneurial Economy” (fourth generation) 7. Igor Luksic, PhD, Government of Montenegro; Faculty for International Economics, Finance and Business, University UDG, Montenegro; holds a Doctorate from Postgraduate Studies “Entrepreneurial Economy” (fourth generation) 8. Svetozar Pejovich, PhD, Texas A&M University, USA; Law Faculty of the University of Belgrade, Serbia; Faculty for International Economics, Finance and Business, University UDG, Montenegro; The President of the Board and professor of Postgraduate Studies “Entrepreneurial Economy” 9. Nikola Perovic, MSci, Company ―13.jul - Plantaze‖, holds a Master's Degree from Postgraduate Studies “Entrepreneurial Economy” (fifth generation) 10. Nina Radovic, Montenegro Investment Promotion Agency – MIPA, Student of Postgraduate Studies “Entrepreneurial Economy”(ninth generation) In alphabetical order 5 "Entrepreneurial Economy" Volume XVI/I 11. Krassen Stanchev, PhD, Institute for Market Economics, Bulgaria, Professor of Postgraduate Studies “Entrepreneurial Economy” 12. Ivana Vojinovic, MSci, Institute for Strategic Studies and Prognoses, Montenegro; holds a Master‟s Degree from Postgraduate Studies “Entrepreneurial Economy” (seventh generation) 13. Veselin Vukotic, PhD, Faculty for International Economics, Finance and Business, University UDG, Montenegro; Institute for Strategic Studies and Prognoses; Institute of Social Science, Belgrade, Serbia, Founder, the Director and Professor of the Postgraduate Studies “Entrepreneurial Economy” 6 "Entrepreneurial Economy" Volume XVI/I Contents: 1. Veselin Vukotic,Philosophy of the history of the crises ....................................................... 8 2. Svetozar Pejovich, From social democracy to liberal socialism: a property rigts analysis of the trasition in Europe ...................................................................................................... 29 3. Krassen Stanchev, Gipsy Contribution to Prosperity and Capitalism in Bulgaria ......... 66 4. Igor Luksic, Austrian Explanation of the Crisis ............................................................... 82 5. Maja Bacovic, Small open economies and the global financial crisis ............................. 93 6. Zoran Djikanovic and Neda Ivovic, Global market and financial market regulation .. 106 7. Ivana Vojinovic,Origins of the global economic crisis (failure of politics or market) 118 8. Milorad Katnic, Fiscal policy (Mis)use in times of the crisis ......................................... 134 9. Milica Dakovic, Old-new capitalism ....................................................................... 150 10. Danijela Laketic, Global economic crisis- a problem but also an opportunity… .... 157 11. Nikola Perovic, Global crisis in wine industry .............................................................. 169 12. Nina Radovic, Crisis 1929-1932, Asian crisis and transitional crisis connected with today‘s crisis! Whether the crisis is natural or is it a result of mistake? ....................... 177 7 "Entrepreneurial Economy" Volume XVI/I Veselin Vukotic Philosophy of the history of the crisis Abstract: Prevailing approach which dominates science of economics today, and becomes axiomatic assumtpions say: market is a imperfect mechanism, and as such it makes big mistakes.These mistakes of market are the main cause of the crisis. In order to prevent market from making mistakes, strong state regulation is needed. If the state regulates the market, i.e. if the state restrain unbridled market wild forces, the crises will not occur. This approach might be close to me once I was a student of economics with no experience. But, even then I didn‟t quite understand the explanation of Big economic crises, which was the result of hyperproduction – nobody could buy produced goods! Along with acquiring new knowledge and new experiences, this explanation of crisis remained unclear to me. I started to beleive that wrong actors are accused to be responsible for the crisis. Today I firmly believe that the state provokes the crisis when disable the market to function naturally. As I intend to accept the challenge to prove this notion, this paper will preceed one more comprehensive project aimed to do so. In the paper I‟ll keep the focus of my attention to two myths: myth of current economic crisis and myth of Big economic crisis. Key words: Crisis, Interest (Rate), Market, Technology, The State, Central Bank Der Markt ׃Standpunkt das dominirt, und aufnimmt den Status eines Axioms ist ׃Resümee ist ein imperfekter Mechanismus, die in ihrer funktion sehr großen Fehler macht und diese Fehler sind die Ursache der Krise! Das der Markt nicht so viele Fehler macht, sollte es von der seite des Staates reguliert werden. Wenn der Staat den Markt reguliert, oder die wilden kräfte der störung des Marktes zügeln, dann wurde es keine Krise geben.Vielleicht war das alles näher fur mich als Wirtschaft Student ohne Erfahrung, aber auch damals war mir nicht eindeutig die Erklärung über die Große Wirtschaftskrise, die das Ergebnis der Überproduktion war - niemand konnte die hergestellten Waren kaufen! Wie ich praktisches erlangte und neues theoretisches Wissen, die Haltung über der ursachen der Krise wurden mir immer mehr unklar und unklarer und imer mehr habe ich angenommen die Philosophie das für die Krise der falsche Spieler belastet wurde. In der Tat heute bin ich der meinung das der Staat der verhindert das der Markt funktionirt, auf seiner natürliche waise die Ursache der Krise ist. Gerade die Herausforderung diese These zu beweisen hat mich motiviert, in einem umfassenden eingriff zu gehen, das nur eine Vorstufe zu diesem Artikel ist. Hier möchte ich zunächst auf zwei Mythen mich aufhalten: den Mythos von der aktuellen Wirtschaftskrise und der Mythos der Großen Wirtschaftskrise. Stich wörter: Krise, Zinsen, der Markt, Technik, Staat, Zentralbank Резюме: Mнение, которое доминирует и приобретает статус аксиомы, следующее: рынок несовершѐнный механизм, который в своей функциональности делает большие ошибки, и именно эти ошибки рынка являются причиной кризиса! Чтоб рынок не совершал ошибки, он должен регулироваться государством. Если Faculty for International Economics, Finance and Business, Podgorica; Institute for Strategic Studies and Prognosis, Podgorica; Institute of Social Sciences, Belgrade 8 "Entrepreneurial