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Over 1.8 billion people — from Central Europe to East Asia — have been involved in the great systemic transformation to market economy, civic society and democracy, lasting already a generation. The process has evolved more by chance than by design, and has brought mixed fruits. The diversification of the current situation is a result of both the legacy from the past and the different strategies and policies executed in particular countries over subsequent periods. These polices have been based on different assumptions and followed the advises of alternative schools of economic thought. Consequently, there are theoretical lessons to learn, as well as policy implications, from this vast experience. The paper, written from the comparative perspective and exercising counterfactual history analyses of the multi-track process of the great Post-Communist change during the last two decades, provides some forecasts and propositions for the next generation.

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Keynesian policy was quite successful in the post-war decades in Western Europe, but by the late 1960s lost its efficiency due to changes in conditions rather than its mistaken logic. The lesson from the first global crisis erupting in early 1970s and also from the subsequent several crises since then is that the increasing crisis propensity of the world economy is rooted in its inherent disequilibria stemming from deep inequalities, asymmetrical interdependencies and disintegrated socio-economic structures. In view of the failure of the prevailing methods of crisis management, particularly those undifferentiated, antisocial austerity measures corresponding to a neo-liberal monetarist concept which neglects this lesson, many economists prefer the Keynesian recipe. However, since global crises need global solution, and the spread of conspicuous consumption modify the demand constraint, its application must be adjusted to reality, and requires some global governance which may pave the way for a global oeco-social market economy.

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Competitiveness research projects, especially in the United States, revealed and described some phenomena, having become commonplaces by now, for the first time in the 1980s. Examples of such phenomena are the following: each developed market economy can be described as an open economy and we have to live and manage in a global economy. Competitiveness research projects formulated suggestions for governments and business leaders on how to cope with the evolving phenomena. They also provided their theoretical backgrounds but there are still some theoretical and empirical dilemmas in competitiveness research projects regardless of their effectiveness. One such dilemma is their either economics or business origin. The paper discusses the main reason for this and suggests that competitiveness research projects have brought a system paradigm that makes necessary the modification and reinterpretation of traditional borderlines and the scope of economics and business studies.

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It is of particular importance to be competitive for a country like Hungary, going to join the European Union. It has been important for the country to modernise its tax system, in line with completing the transition into a modern market economy. It is usually less interest in the examination of the tax system as to whether it is competitive, and if so, whether it is streamlined enough to comply with the international comity that dictates us that a country - while attractive for investors - must not avail itself of tax practices that can be seen harmful. Hungary, associated with the EC, is also bound to rules equivalent to the EC rules on state aid and, as a WTO member, to WTO rules on subsidies. This paper takes a hard look at the Hungarian fiscal system from the perspective of illegal state aid and harmful tax competition.

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Since the start of its post-socialist transformation in 1989, Bulgaria has imported a large number of formal institutions from advanced market economies, including the EU-15. However, the adoption of EU and other international rules has not been effective due to weak enforcement and application by domestic actors such as the securities regulator, courts, and company owners/managers. The failures of corporate governance in Bulgaria until the early 2000s can be attributed to the broad institutional context (the lack of rule of law) as well as the creation of quasi-public companies as a result of the first wave of mass privatisation (1996–97). Since 2002, information disclosure and protection of shareholder rights have improved significantly. The article examines the proposition that this is partly due to the prospect of EU accession, which has certainly influenced the attitudes and expectations of domestic actors. Based on company surveys and in-depth interviews, the paper analyses how the securities regulator and company owners/managers have been adapting to the imported formal rules.

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In this article, the authors give a rich-in-data account of Hungary's structural transition to a market economy between 1993 and 1998. Although the availability of statistics also puts constraint on which period to study, these years may as well be later termed the first phase of post-socialist transition. The article has three main parts. In the first, structural changes of the whole economy are presented; the structural shifts in output, value added, and investments are analysed. The diffusion of private ownership and foreign capital and the process of decentralisation and concentration are also discussed. In the second part, the manufacturing industries are in focus. With an interesting analytical tool – the growth matrix – the authors present a possible approach of studying sectoral development. By distinguishing the factor needs of the manufacturing industries, the factor intensities of production are also easy to understand and yet reasonable for studying the adjustment to modernisation trends. In the third part, the structural changes of foreign trade are shown: export orientation, import dependency, the relationship between export and technology are the main concerns of analysis. The impact of FDI on the manufacturing industries' foreign trade and performance close the third part of the article.

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Poland and Slovakia during the economic crisis 2008–2010

The influence of diverse exchange rate regimes

Society and Economy
Author: Krzysztof Bandasz

This article examines the impact of different exchange rate regimes on economic conditions during an external economic shock. It focuses on the recent global recession of 2008 and analyses its impact on two emerging market economies: Poland and Slovakia. These countries share many similarities, such as location, main trading partners and the general level of development. However, they differ significantly in the size of their economies and economic openness. They adopted radically different currency arrangements as well, which determined the way their economies were influenced by the economic turmoil. The article examines the role of foreign loans and the export structure as potential factors influencing the Slovak and Polish economies. Several economic indicators are analysed and compared, including trade balance, inflation, conditions in the tourism sector and credibility with the investor community. The paper argues that Poland substantially benefited from its monetary autonomy and the depreciation of the Polish Zloty. The weaker currency triggered a significant expenditure switching effect and improved the balance of trade. The membership in the Euro-zone had a blurred impact on Slovakia, it increased stability and credibility, however, it did not allow nominal adjustments to cushion the real economy.

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Reputation is key in the management in tourism industry. In other words, a company should present favorable corporate image to enhance the trust of the customers and further induce the purchase intention and behaviors so as to enhance the sustainable management of tourism businesses. Customers’ Trust is the support of tourism industry, as it satisfies the basic demands for travel guarantee and safety. Following the promotion of consumer awareness, consumers tend to purchase products or accept services from trusted tourism businesses, which therefore have to present excellent corporate image. Nevertheless, some tourism businesses have neglected Marketing Ethics in the development of market economy because of over-pursuing economic interests. When consumer sovereignty is infringed, consumer satisfaction would be reduced, resulting in declining customer loyalty. By distributing and collecting questionnaires on-site, adult tourists of Lion Travel are sampled as the research subjects. A total of 400 copies of questionnaires were distributed, in which 276 copies were valid, with the retrieval rate of 69%. SPSS is utilized for the data analyses, and Factor Analysis, Reliability Analysis, Regression Analysis, and Analysis of Variance are applied to testing various hypotheses. The research results are concluded as following. 1. Marketing Ethics presents partially positive effects on Service Process in Customer Satisfaction. 2. Marketing Ethics reveals partially positive effects on Service Structure in Customer Satisfaction. 3. Marketing Ethics shows significantly positive effects on Service Outcome in Customer Satisfaction. 4. Individual Attributes appear to have remarkable effects on the correlations between Marketing Ethics and Customer Satisfaction.

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Lavigne, M. (1999): The Economics of Transition. From Socialist Economy to Market Economy. Second edition. New York: St. Martin's Press. The Economics of Transition. From Socialist Economy to Market Economy

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. - Terribile, F. (1998): Trends in OECD Countries' International Competitiveness: The Influence of Emerging Market Economies. OECD Economics Department Working Papers, No. 195. http://www.oecd.org/dataoecd/34/47/1864948.pdf

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