Institutional Economics, Globalization and Transition Processes

The goal of this subject is to provide the necessary knowledge in the areas of: institutional economics and its importance for economic growth and development; the growing process of cohesion, integration and interdependence of countries, embodied in globalization, good and bad sides of the process; transitional process in the world that marked the end of the twentieth and beginning of the twenty-first century, made mistakes and missed opportunities, successes and problems faced by countries in transition.

After successfully passing the subject, the student will be able to: describe the notion of institutions, institutional changes and transaction costs; realize key characteristics and dimensions of globalization; examine key elements and arguments for and against globalization; classify the different dimensions of globalization; examine the importance of economic meaning of transition; explain the transition process in the world; anticipate future problems faced by countries in transition.

Key thematic areas covered by the subject are: institutions, institutional changes, institutions and economic performance, the key characteristics and dimensions of globalization, the globalization – arguments for and against, globalization and its impact on development of developed economies and the economies of developing countries, what was promised and what was achieved? Globalization and regulations, reshaping process of globalization for more harmonious development of the world, the concept of transition, economic meaning of transition, transition processes in the world, experience and results of the transition process - mistakes and successes and problems faced by countries in transition.

Lectures, exercises, discussions, seminar papers, case studies and consultations.

Study research pre-exam paper and taking final oral exam.

Douglas, C. N. (2003). Institutions, Institutional Change and Economic Performance. Zagreb: MASMEDIA Stiglitz, J.E. (2004). The Contradictions of Globalization. Belgrade: SBM-x Reinert, E., S. (2006). Global Economy. Belgrade: Čigoja Ralston, S, J. (2011). The Collapse of Globalism and the Transformation of the World. Belgrade: Arhipelag Mohamad, M. (2006). Globalization and the New Realities. Sarajevo: Ljiljan Giddens, E. (2009). Europe in the Global Age. Beograd: CLIO Žarković V. (2012). Privatization in Central and Eastern Europe. Banja Luka: Faculty of Economics, University of Banja Luka. Mikerević, D. (2011). International Financial and Currency Market. Banja Luka: Faculty of Economics, University of Banja Luka and Finrar.