ECONOMIC FREEDOM AND DEVELOPMENT OF SMALL COUNTRIES
Journal Title: Acta Economica - Year 2017, Vol 15, Issue 27
Abstract
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.
Authors and Affiliations
Admir Čavalić
Keywords
Related Articles
- EP ID EP43857
- DOI https://doi.org/10.7251/ACE1727163C
- Views 260
- Downloads 0
RESPONSES OF BOSNIA AND HERZEGOVINA FINANCIAL SECTOR TO FINANCIAL CRISIS AND RECESION
The paper deals with economic and financial crisis that spilled over from trading partners into Bosnia and Herzegovina. The key issue is how financial sector of the country responds to the current crisis and what measure...
Insurance against professional liability in function of protection of the interests and stability of the company business and the managers
On the markets of developed countries, insurance against general and professional liability presents the foundation in protection of stability of the company business. There are various lines of these products which as t...
Model of structural equation of influence knowledge economy on growth of gross domestic product
The modern age is often described using the terms information society, post-industrial society, knowledge economy, e-culture. Each of these phrases stresses some of the components of our modernity and is the result of ma...
Logical insufficiencies of „stimulus – response” theory specialisation in solution of marketing problems
Marketing is interdisciplinary science which uses other science’s and discipline’s knowledge when solving a problem, where is a possibility for logical mistake in analogy. We question application of analogy conclusion, t...
CONTEMPORARY LIBERALISM AND ECONOMIC PROSPERITY
Today's liberalism that goes along individual freedom, the rule of law, constitutionally constrained government and free market economy is not much different from its classical predecessor. The significant improvement in...