ECONOMIC FREEDOM AND DEVELOPMENT OF SMALL COUNTRIES
DOI:
https://doi.org/10.7251/ACE1727163CKeywords:
economic freedom, small countries, economic growth, economic developmentAbstract
Economic freedom is an important prerequisite for achieving economic growth and development, especially for small countries that do not have the bargaining power for anti-liberal economic policies, nor can they determine the international economic relations. Tis paper will present the theoretical concept of economic freedom, with an emphasis on its importance. The paper will show the condition of economic freedom of small countries, with a comparative analysis of the components of economic freedom of small and large countries, according to the Index of Economic Freedom. The importance of economic freedom is highlighted, especially in the context of economies of small countries that are characterized by vulnerability, inability to develop a diversified economy and the lack of specific resources, which determines their need for greater government participation in the economy. The main objective of the paper is to present the impact of economic freedom on the development of small countries and explain ways of improving conditions of economic freedom in these countries.
References
Ayal, E.B. i Karras G. (1998). Components of Economic Freedom and Growth: An Empirical Study. The Journal of Developing Areas, 32(3), 327-338.
Bengoa, M. i Sanchez-Robles, B. (2003). Foreign direct investment, economic freedom and growth: new evidence from Latin America, European Journal of Political Economy, 19, 529–545.
Bilas, V., Franc, S. i Sadiković, A. (2010). Komparativna analiza razine poduzetničkih aktivnosti u Hrvatskoj i odabranim zemljama. Zbornik Ekonomskog fakulteta u Zagrebu, 8(1)
Borović, Z. (2014). Does Economic Freedom Impact Economic Growth: Evidence from two Western Balkan Countries. Industrija, 42 (2), Vol.42, 57-70
Boudreaux, D. J. (2014). The Essential Hayek. Vancouver: Fraser Institute
Bronfenbrenner, M. (1955). Two Concepts of Economic Freedom. Ethics, 65 (3), 157-170
Callahan, G. (2012). Economics for real people. Auburn: Ludwig von Mises Institute
Campbell, N.D. i Rogers, T.M. (2007). Economic freedom and net business formation. Cato Journal, 27(1)
Carabini, L.E. (2008). Inclined to liberty, Auburn: Ludwig von Mises Institute
Carlsson, F. i Lundström, S. (2002). Freedom and Growth: Decomposing the Effects. Public Choice, 112 (3/4), 335-344,
Cavusgil, T.S., Knight, G. i Riesenberger, J.R.. (2012), International Business: Strategy, Management, and the New Realities. New Jersey: Prentice Hall
Friedman, M. (1996). Sloboda izbora. Novi Sad: Global Book
Friedman, M. (1997). Kapitalizam i sloboda. Novi Sad: Global book
Gligovor, V. (2012). Male zemlje. Preuzeto 11.01.2017. sa pescanik.net/male-zemlje/Harari, Y.N. (2011). Sapiens, a brief history of humankind. London: Vintage books
Harkin S. (2012). Growth and small nations. Preuzeto 11.01.2017. sa www.worldfnance.com/comment/growth-and-small-nations
Harvi, D. (2012), Kratka istorija neoliberalizma. Novi Sad: Medi Terran Publishing
Hayek, F.A. (1999). Poredak slobode. Novi Sad: Global book
Heritage foundation. (2016). About Te Index. Preuzeto 16.01.2017. sa www.heritage.org/index/about
Hodžić, K. (2005). Uvod u ekonomiju, Tuzla: IK Penn d.o.o. International Monetary Fund. (2013). Macroeconomic issues in small states and implications for fund engagement. Preuzeto 11.01.2017 sa https://www.imf.org/external/np/pp/eng/2013/022013.pdf
Kešeljević, A. (2007). Indexes of economic freedom – An outline and open issues. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 25(2), 223-243.
Kirchhoff, B.A. i Spencer, A.S. (2006). Legal Infrastructure and Entrepreneurship: An International Comparison. Preuzeto 20.01.2017. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1497851
Kuznets, S. (1960). Economc growth of small nations, International Economic Association Conference Volumes, 14-32
Lopandić, D. (2010). Male i srednje zemlje u međunarodnim odnosima i u Evropskoj uniji. MP 1, 79-112
Marotta, D.J. (2016). Economic Indicators: Gross Domestic Product (GDP). Preuzeto 20.01.2017. sa www.marottaonmoney.com/economic-indicators-gross-domesticproduct-gdp/Marx, K. i Engels, F. (2009). Komunistički manifest. Beograd: Centar za liberterske studije
Mises, L. (2010). Antikapitalistički mentalitet. Zagreb: Mate
Mises, L. i Hayek, F.A. (1998). O slobodnom tržištu. Zagreb: Mate
Nozick, R. (2003). Anarhija, država i utopija. Zagreb: Jesenski i Turk
Palmer, T. (2013). Why Liberty. Illinois: Jameson Books, Inc.
Peretz, D. i ostali. (2001). Small states in the global economy, Washington: World Bank Petković, V. (2006). Ekonomska sloboda: Da ili ne?. Srpski ekonomski forum. Preuzeto 15.01.2017. sa www.sef.rs/wp-content/uploads/ekonomska_sloboda_da_ili_ne_vladimir_petkovic.pdf
PRMED (2005). Economic Growth and Integration of Small States to the World Economy. Preuzeto 05.01.2017. sa siteresources.worldbank.org/INTDEBTDEPT/Resources/468980-1206974166266/4833916-1206989877225/SmallStatesDecember2005.pdf
Prokopijević, M. (2000). Konstitucionalna ekonomija. Beograd: E press Rosenberg, N. i Birdzell, L.E. (1986). How the West grew rich, The Economic Transformation of the Industrial World. New York: Basic Books
Samuelson, P.A. i Nordahus, W.D. (2007). Ekonomija. osamnaesto izdanje, Zagreb: Mate
Schumpeter, J.A. (2012). Te theory of economic development. New Jersey: Transaction Publishers
Selimović, J. (2016). Ekonomske slobode u Bosni i Hercegovini. Business Consultant /Poslovni Konsultant, 8(60), 73-83.
Smith, A. (2003). Te wealth of nations. New York: A Bantam Book
Stiglitz, J.E. (2008). Ekonomija javnog sektora. 2 izdanje, Beograd: Ekonomski fakultet Beograd
Te Economist. (2014). Big problems for little countries. Preuzeto 15.01.2017. sa www.economist.com/blogs/freeexchange/2014/09/economics-small-states
The World Bank. (2007). World Bank Country and Lending Groups. Preuzeto 20.01.2017. sa https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups
Tomka, G. (2004). Neoliberalizam - doktrina savremenog sveta. Privredna izgradnja, 47(3/4), 213-232.
Vukotić, V. i drugi (2014). (Anti)liberalizam i ekonomija, Beograd: Institut društvenih nauka, centar za ekonomska istraživanja
World Meters. (2017). Countries in the world by population (2017). Preuzeto 10.01.2017. sa www.worldometers.info/world-population/population-by-country/
