Vedriš, Mladen; Šimić, Ružica
June 2009
Economics / Ekonomija;2009, Vol. 16 Issue 2, p525
Academic Journal
The global economic crisis has quickly overcome national economies. After the first shock caused by the initial financial crisis in the United States, a process to find a solution has begun not only at the level of individual countries but also among wider, organized decisionmaking structures and institutions (the G-7, G-20, IMF, World Bank, OECD, and European Union). This process began with measures to prevent a deepening of the crisis and the creation of an institutional framework to prevent similar events in the immediate future. It can be expected that the developed countries will succeed in finding responses to these questions this year and next year. With the passage of time there is maturing conviction and need for a greater degree of coordination of the measures that are being implemented in individual countries. Framing the importance and role of industrial policy as a platform for a new development cycle and for balanced growth, is again becoming relevant in doctrine and practice to those who guide the direction of economic policy. As a transition country, Croatia has felt this crisis in two ways: as an external shock and, at the same time, as a trigger for the need to confront more than a decade of accumulated structural problems, beginning with the low level of labor efficiency and capital (competitiveness), the constant and high level of foreign indebtedness, regional disharmonies, an absence of industrial (development) policy, and the low level of efficiency in public administration and public services. How this crisis can be used as an opportunity to generate momentum for a national transformation is a question for the academic community, but even more (also in Croatia) for leaders of the executive and legislative authorities and in other legitimate institutions responsible for achieving the required changes. It remains clear that this activity is conditioned not only on the newly-arisen global crisis, but perhaps more so on a decade or more of deficits in its own development strategy and operational economic


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