Is the Recovery of Transition Countries Possible on the New Global Stage and How?

Anđelko S. Lojpur, Ivan Radević, Anja A. Lojpur and Nikola Martinović
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Anđelko S. Lojpur: Faculty of Economics, University of Montenegro, Podgorica, Montenegro
Ivan Radević: Faculty of Economics, University of Montenegro, Podgorica, Montenegro
Anja A. Lojpur: Central Bank of Montenegro, Podgorica, Montenegro
Nikola Martinović: Crnogorska komercijalna banka, member of OTP Group, Podgorica, Montenegro

International Journal of Innovation and Economic Development, 2020, vol. 6, issue 1, 19-30

Abstract: When it comes to finding a new development formula in transition countries, it is worrisome that a well-trodden development paradigm lacks in today’s multipolar world. Therefore, overcoming the apparent deadlock in the development of transition countries is possible only through the “new” order, or, in other words, through acceptance of the “new” economic paradigm of development. This paper aims to answer the key question regarding the development perspectives of the transition countries, “Can the transition countries (region) ever catch up with the living standards of the world’s most advanced market economies?” In this sense, the research of a new development pattern involving reactivation of the entrepreneurial economy is the answer to the second question: given the omnipresent globalization, is it possible to reverse the concept of development in the transition to greater equality of wealth in the world; therefore, this paper openly advocates for the re-industrialization of transition countries.

Keywords: Transition; Globalization; Competitiveness; New development paradigm; Re-Industrialization (search for similar items in EconPapers)
JEL-codes: M00 (search for similar items in EconPapers)
Date: 2020
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