SPECIFICS OF INDUSTRIALIZATION IN CENTRAL AND EASTERN EUROPEAN COUNTRIES WITH SMALL ECONOMY

Boris Chistruga and Rodica Crudu
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Boris Chistruga: Academy of Economic Studies of Moldova
Rodica Crudu: Academy of Economic Studies of Moldova

Revista Economica, 2017, vol. 69, issue 4, 53-67

Abstract: The paper presents in a specific way the issue of increasing interdependence between countries, which is an important feature of the contemporary stage of development in the world and in European economy. The article argues that these interdependencies are adjusting and moving in relation with changes in the production factors in each country. Most vulnerable to these adjustments are small economies, the development model of which is "marked" among other things by European leadership crisis, increasing the gap between rich and poor countries, slowing integration processes, etc. To solve these issues, the article proposes and argues a development concept for countries with small economies of Central and Eastern Europe (CEE) based on a comprehensive process of industrialization resulting in an export-oriented economy. The paper highlights that industrialization, from the beginning of the process, must be export oriented. The knowledge and information society establishment, as well as the transition from an economy based on inputs to one based on investment and innovation, requires an extensive process of industrialization based on low-cost manufacturing value added. The concept of economic growth for small European countries, proposed in this article, is attempting to combine the pressing need of industrialization and social security of citizens so characteristic for European model.

Keywords: EU economic development; Industrialization; export-oriented economy; model of economic growth (search for similar items in EconPapers)
JEL-codes: F43 O14 O40 (search for similar items in EconPapers)
Date: 2017
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