Working Papers Institute of International Business University of Gdansk

CHALLANGES OF THE GLOBAL ECONOMY 

ISSN 1230-6444

Editor-in-chief: Urszula Mrzygłód

Graphic design of the journal's cover: Andrzej Taranek 

Publisher Editor: Maria Mosiewicz

Scientific Board: Bohdan Jeliński, Danuta Marciniak-Neider, Janusz Neider, Ewa Oziewicz, Joanna Pietrzak

Publisher: Wydawnictwo Uniwersytetu Gdańskiego, Sopot 2012

Paper form is the original version

INTERNATIONAL ECONOMIC CRISIS

Małgorzata Adamczyk 


Współczesny kryzys finansowy - przyczyny i konsekwencje dla gospodarki światowej  [pdf PL]
 
Contemporary financial crisis – causes and consequences for the world economy  [pdf PL]

The global financial crisis which occurred in 2008-2009 was one of the biggest crises that affected the world economy. The crisis began in the United States and swept through most of the countries in the world particularly, through developed ones.

The purpose of this paper is to present the causes of the crisis on such a huge scale and the effects that impressed on the entire world economy, both in the micro and macro perspective. The objective established requires an explanation of the basic concepts associated with the financial crisis. Attaining these objectives influences the selection of analytical and descriptive research methods and sources of information.

The main conclusions: the contemporary financial crisis was a typical traditional crisis which can be explained by the Minsky’s model; there were many causes of the crisis, but the most important was disregarding rapid development of the subprime mortgages and rising an asset price bubble in the US property market; effects of the crisis were very intense for the entire global economy.
 

Elżbieta Bombińska 


Wpływ kryzysy finansowego i ekonomicznego na bilans płatniczy krajów rozwijających się w latach 2008-2010 [pdf PL]
  
The impact of the financial and economic crisis on the developing countries’ balance of payments during the years 2008-2010

The objective of this article is to analyze the changes in the developing countries’ overall balance of payments during the years 2008-2010. The analysis comprises the changes in balances on current and financial accounts and their components. The economic crisis caused significant drops of the developing countries’ balance value and reversed the trends of pre-crisis changes of the accounts’ main components. The fall of a surplus on the current account was determined by a large drop of merchandise trade balance and other financial flows were factor destabilizing the balance on financial account . Most of the changes were visible only in the period of 2008-2009. The final result of the lowered surpluses on the developing countries’ current and financial balances was a temporal decrease of their external instability. However, deficits on current accounts of some of the developing countries’ groups during the years 2008-2010 cannot be treated as the results of the economic crisis. 

 

Elżbieta Czarny, Jerzy Menkes, Katarzyna Śledziewska 


Państwa o różnych poziomach rozwoju w czasie kryzysu gospodarczego [pdf PL]

 Countries of a different level of development in times of the economic crisis

The paper objective is to analyse economic activity of diversely advanced countries during the economic downturn commenced in 2008. GDP and trade alterations are analysed. The empirical analysis is proceeded with the comments on the state differences impact on their economies grouping.  Thus, the origin of the division into developed, developing and transition states is examined. The empirical analysis proves that, first of all, the most advanced states suffered least during the last crisis. Secondly, fast economic growth of developing and transition economies of early 21-st century results in diminishing differences in the state groups incomes. Thirdly, there was a much more significant collapse of trade than GDP during the crisis.

 

Peter Frankenfeld 


A Marshall Plan for Greece? The European Union and the financial crisis in Greece. A theoretical and political analysis in the Global World against a background of regional integration [pdf EN]

 Plan Marshalla dla Grecji? Unia Europejska a kryzys finansowy w Grecji. Analiza teoretyczna i polityczna w globalnym świecie na tle procesów integracji regionalnej

Caused by imbalances over decades and enforced by the worldwide financial and economic slump 2008-2009, Greece has hopelessly run into public debt. The joint EC-ECB-IMF safe-guard austerity programmes have even deteriorated the economy of Greece that sucked into a free fall. – In search for solutions, it is discussed to launch growth programmes for the country – like the old Marshall Plan in the post-war period 60 years ago. – However, investigations show that there are lots of doubts if the Marshall Plan really was the reason for the long time growth in West-Europe in the 50s and 60s, nevertheless it was a political presumption for it. – The experience of the German Unification points out that much higher amounts of financial transfers and investments are anything else than a guarantee for growth and competition strengths. – For Greece, there seem to be only bad solutions. – At the same time the development path of European integrations is at a crossroad because the contradiction between the creation of an Internal Market and a Monetary Union on the one hand and the enforcement of “Cohesion” and “Solidarity” on the other hand is demanding fundamental adaptions for a survival of the European Union as such. 




Algis Junevičius, Ona Junevičienė


The Crisis in the Eurozone: the current situation and perspectives  [pdf EN]
Kryzys w strefie euro – aktualna sytuacja i perspektywy

This paper explores ideas for the implementation of systematic decisions of how to structure sovereign debt system in the EU and avoid future sovereign debt crisis. The two main difficulties that arise in a framework of the “European bonds” are how to ensure further sustainability of EU sovereign debt management (especially for high-debt countries) and how to convince virtuous countries to support the project and reduce the debt service costs. This paper suggests an approach for dealing with those issues, although this area clearly requires further work. While this paper concludes that the “European bonds” is a novel approach for improving sovereign debt management that is worthy of further research, it is only the first pass at the issue, and further research is needed before arriving at a definite conclusion. In fact, while bringing more benefits for countries with high debt levels, the ideas of the “European bonds” may become contradictory to the countries with the effective debt management practices. In any case, it will help to prevent future overborrowing and sovereign debt crisis. Moreover, an overall judgment of the “European bonds” will depend on the further development of sovereign debt management decisions of the EU institutions. The increase of EU countries sovereign debt is the pending scientific problem leading to the search of complex solutions needed for overcoming present sovereign debt crisis and restoring the trust of Euro as a currency of all European Union. The aim of the paper is to analyze the reasons of the present EU sovereign debt crisis and to assess the “European bonds” as possible measure for solving the EU sovereign debt control problem. Research methods applied – analysis of scientific papers and statistical data.

 

Katarzyna Kalinowska 


Czy recepta szkoły austriackiej na kryzys jest aktualna? [pdf PL]

Is Austrian recipe for crisis still valid? 
 
The aim of this article is to give an answer to the question if the anti-cyclical economic policy based on the Austrian theory is still valid in the 21st century. The article consists of two parts: theoretical and empirical. The first part briefly describes the causes of economic fluctuations and the anti-cyclical economic policy based on the Austrian theory. In the empirical part of the paper there is the evaluation of the anti-cyclical economic policy in some countries of the  Economic Communities. An empirical analysis provides the following conclusions. Countries with little government intervention in the economy overcome the crisis faster than the states which interfere with the market; not overloaded public finance enhances economic growth in the long term; the anti-cyclical economic policy based on the Austrian theory primarily applies to the long term and system changes. Hence, they are not fully appreciated among the economic policy makers. 
 

Bożena Pera 


Skutki globalnego kryzysu finansowego dla wymiany handlowej grupy G-20  [pdf PL]

The effects of global financial crisis on the G-20 international trade 

The global financial crisis caused not only a decrease of the GDP in the world economy, but also a collapse in the international trade as well. The aim of the paper is to analyze the effects of the global financial crisis on G20 international trade. The macroeconomic situation of G20 countries was presented in the section one. Then G20 international trade was analyzed, taking into consideration an annual variation of the commodity flows and the commodity structure of the G20 export and import. The clusters via Ward’s minimum variance method were identified to find and compare similarities among the analyzed countries.

The main conclusions of the paper are as follows: the global financial crisis affected all the G20 countries, mainly developed countries, emerging economies to a lesser extent, the effects of the crisis were revealed in an annual variation of the international trade value and the commodity structure of export and import by the SITC section.      
 

Szymon Piotrowski 


Koncepcja global governance a kryzys polityczny i gospodarczy. Uwagi krytyczne [pdf PL]

 The concept of global governance in the light of the political and economic crisis – critical remarks 
 
This paper deals with the concept of global governance. The main objective of this paper is to analyze and assess the importance of the global governance mechanism in contemporary international relations. In the beginning, the paper defines and specifies the source of the concept of global governance. Then it presents global governance in the practice of contemporary international relations. The paper also determines the popularity of the concept of global governance and characterizes its shortcomings and weaknesses and describes the importance and role of soft law within the concept of multilateral international cooperation.  The study examines the concept of global governance from the perspective of the social sciences and law. It reviews Polish and foreign-language literature in this field. The study indicates that global governance is not the best method of solving contemporary international problems and that the current political and economic crisis may further reduce its effectiveness.


Kazimierz Starzyk 


Emerging economies and the breakdown of the international payment equilibirium   [pdf EN]

Gospodarki wschodzące a załamanie międzynarodowej równowagi płatniczej

 The aim of the article is to determine the causes and effects of the breakdown of the international payment equilibrium in the light of the theory of international economics. This has been done using as an example the case of the Economic Crisis 2007/8+, while examining, in particular, the role the emerging economies have played in it. The article`s aim is, also, to define the phases of international payment disequilibrium, as well as, an appraisal of the surplus economies responsibility for the world financial crisis.

The article’s main conception thesis is the claim that the deepening of global imbalances, as observed since the turn of the century, is the derivative of the structural changes taking place in the world economy stemming from an increased competitiveness of emerging economies, mostly Asian ones (surplus economies). This phenomenon has been accompanied by the trend of a relatively low economic activity of the developed economies (deficit economies).

In the author`s opinion, the above situation in the world economy has become a cause of the global financial crisis, and as the result of the global economic crisis. The return to the global balance is, therefore, conditioned through the increase of competitiveness of deficit economies, in particular the United States and Western Europe.  

 

CONTEMPORARY TENDENCIES IN INTERNATIONAL RELATIONS

 
Tomasz Białowąs 


Postęp technologiczny jako czynnik wzrostu znaczenia Chin w gospodarce światowej [pdf PL]

Technological progress as a factor of the growing importance of China in the world economy

This paper analyses the importance of technological progress in China’s post-1978 economic development. The results show that since China’s reform and opening up, technological progress has been positively associated with GDP growth and exports development. TFP growth explained more than 25% of China's growth since 1978. Foreign direct investment has become China’s predominant source of technology transfer. The contribution of FDI to the expansion of China’s foreign trade has been growing from 1% in 1985 to 54,6% in 2010. Increases in foreign-invested enterprises not only augment China’s export volumes, but also upgrade its structure. 

Technological progress is measured by TFP. The analysis used four main data sources: The Conference Board [2012] - TFP accounting; The World Bank [2012] - number of researchers, and R&D data, Barro and Lee [2012] - educational level, and UNCTAD for structural changes in foreign trade. 

 

Sebastian Bobowski 


Międzynarodowy podział pracy w gospodarce globalnej XXI wieku [pdf PL]

International division of labor in the global economy of the 21st century
 
The international division of labor is interpreted as an emanation of ongoing engagement of national economies in the production and exchange oriented on foreign partners. Getting rid of the production surplus through exports resulted in an increase in the production volume over time in order to supply foreign markets systematically. Generated economic benefits inspired seeking for opportunities in the locations of specific comparative advantages in order to locate there parts of value-added chain. Globalization, driven by trade liberalization and technological progress, has contributed to the expansion of international business, making transnational corporations the key beneficiaries of the policy of "openness", both coordinators of international trade and capital flows. The development of intra - industry trade, involving more and more countries with different levels of socio - economic development, promotes the formation of a new kind of vertical specialization within the emerging markets (process level). 

The aim of the article is to illustrate the influence of the logic of competition within global market of the 21st century on shaping the new image of the international division of labor.


Bogusława Drelich-Skulska 


Rola państwa w kształtowaniu zagranicznej polityki ekonomicznej Japonii na przełomie XX i XXI wieku [pdf PL]
The role of the state in shaping Japanese foreign economic policy at the turn of the 20th and 21st century

The role of state in the market economy system is an issue considered by both economists and politicians. An interest in this subject usually increases during the economic crisis and the related protectionism. Economic systems, analyzed in the long run, are dynamic with features specific for each country. Each of them is shaped by the historical and cultural conditions as well as mentality of different societies. The subject of interest of this paper is the economic system of Japan, and especially the state's role in shaping foreign economic policy. The author, while presenting the dominant historical and cultural conditions that influenced the importance of the state in the Japanese economic system, focuses on the role of the Ministry of Economy, Trade and Industry (METI). Furthermore, the author  indicates the position of METI in shaping the economic policy of Japan by examining its relationship with other government agencies and the private sector.
 

Łukasz Goczek 


Zglobalizowane państwo regulacji [pdf PL]

Globalized regulatory state  

The article presents the issues in economic regulation leading to the emergence of the globalized regulatory state. It demonstrates that privatization, liberalization, and other reforms that were aimed to withdraw the state from the market of goods and services were closely coupled with increasing numbers of regulatory institutions and the formalization of codes of conduct in corporations, public sector, and international institutions. The article contrasts the prevalence of regulation with the problems that may require further or more effective regulation, the effects of which cross national borders. These problems are often themselves a side-effect of globalization and an increased mobility of goods, capital, and people. Thus, fulfilling regulatory policy objectives must be achieved by going beyond the limits of national jurisdiction.
 

Monika Kowalska 


Entrepreneurship and its role from the European Union perspective [pdf EN]

Przedsiębiorczość i jej znaczenie w kontekście działań Unii Europejskiej 


Entrepreneurship lays the foundations of the modern knowledge-based economy. Entrepreneurs exploit new opportunities and stimulate the economic growth and development. The paper aims to present the concept of entrepreneurship from the European Union perspective focusing on the EU efforts made to create the business and legal environment conductive to entrepreneurs. EU official documents and publications were analyzed to demonstrate the role of entrepreneurship for the EU economy and recommendations for creating favourbale conditions for small and medium-sized enterprises (SMEs). The paper views entrepreneurship in light of its selected theories and analyzes the EU dimension of entrepreneurship as well as entrepreneurial motivations and risks faced by SMEs. 



Borisas Melnikas 

Knowledge economy in the European Union: strategic decisions in the context of globalization  [pdf EN]

Gospodarka oparta na wiedzy w Unii Europejskiej: strategiczne decyzje w kontekście globalizacji


Economic and technological internationalization and development of new forms of economic, social and technological headway designed to create and further improve economies based on knowledge and high technologies sector in the European Union are analyzed here. The main emphasis is put on strategic decisions in the area of economic and technological internationalization, knowledge economy and high technologies sectors creation and further modernization as well as creation of scientific and technological progress oriented networks of clusters. High technology sectors development and clusterization oriented towards an increase of efficiency of various national and regional economies is a critical precondition for successful creation of the modern economy based on knowledge, both in the whole space of the European Union and particular countries. A concept of creation of regional and cross-regional clusters and their networks also known as „economic oazes“ is suggested here. It is explained that in the economies based on knowledge development of clusters and their networks will soon become one of the core forms of economic and technological advancement. The idea of international clusterization generally oriented towards creation and promotion of high technologies is given.

Some typical factors of the economic, technological  and social development of the European Union are being described here, and it is subsequently proved that these factors reflect on the common context of creation of the knowledge based economies. Understanding these factors allows us to consequently implement strategies of two types that could create the economies based on knowledge: these are the strategies oriented towards integration of the processes of economic, technological and social development along with the strategies oriented towards the syntesis of the results of the economic endeavours and technology advancement of different origins.

The promotion of the patterns based on the ideas of integration and synthesis is a core prerequisite for encouragement of innovations and improvement of technology transmition systems.  Further research dedicated to the patterns mentioned above, is a promising trend of the science of economics as well as the science of management and administration directly connected to the needs for creation of knowledge based economies and internationalization processes in the European Union.

 
Marcin Menkes 


Spotkania milowe G-20 [pdf PL]

G20 Milesummits  
 

The most advanced economies, members of the G8, who suffered the most since the 2008 crisis, suddenly understood their incapacity to maintain the steering role in the international economy alone. Accordingly, either they could have shared their privileged position, or waited until emerging economies shaped separate international organizations. At the same time, the choice of allowing new parties to participate in talks and raise topics of greater importance with  them, entails the risk of losing efficiency, crucial for the subsistence of the forum whose legitimacy may be questioned. The paper scrutinizes how a necessary adaptation to changing crisis circumstances influenced the choice of the agenda. It argues that while initially the G20 mainly adopted urgent response measures, subsequently it engaged in a reform of the global economic governance system – probably the only way to maintain its raison d'être.
 


Bogumiła Mucha-Leszko, Magdalena Kąkol

Pozycja i rola Unii Europejskiej w globalnym układzie sił gospodarczych [pdf PL]

The European Union position and role as a global economic power 


In the study, an attempt was made to outline the EU position in the world economy and to assess whether it enables to impact effectively the global trade relations and trade principles. The priorities of the EU external trade policy and its initiatives to multilateralise the world trade system, first and foremost within WTO were presented. An analysis of the EU trade and its competitiveness was conducted by the comparing it to the United States, Japan and China, including the dynamics of trade, comparative advantages in merchandise and services trade as well as the current account balance. It turns out that despite having a large share in the international trade, the European Union is not able to force through rules of multilateral trade policy, binding for all the participants of the world market, which would assure a more effective allocation of production factors on a global scale, fair competition and a better operation of adjustment mechanisms in the case of an emergence of imbalances in countries’ current accounts.


Paweł Pasierbiak 

Związki handlowe Japonii i Korei Południowej [pdf PL]

Trade relations between Japan and the Republic of Korea 

 
The purpose of the article intended by the author is to analyze the trade links between Japan and the Republic of Korea during the first decade of the twenty-first century. The changes that have taken place in merchandise exports and imports and in their structure are presented. The author has distinguished the most important factors influencing the trade flows: a state of the global economy, business conditions in the domestic markets of Japan and Korea, changes in the exchange rates, trade policies towards each other, as well as political relations between both countries. The author concludes that despite the relatively rapid growth of the trade turnover, the intensity of trade between Japan and South Korea has declined. At the same time, Korea’s deficit in the trade balance with Japan has a negative impact on the trade policy towards each other. This is one of the reasons why a free trade agreement between Korea and Japan has not been concluded yet. This situation is one of the major obstacles to the development of trade between the parties. To achieve the aim of the article, the author used a analytical and descriptive method.
 

Zdzisław W. Puślecki 


Relacje Unii Europejskiej z Chińską Republiką Ludową wobec wyzwań gospodarki globalnej 2012 [pdf PL]

The European Union relations with the People’s Republic of China in the face of challenges of the global economy 2012 
 

The main aim of the article is to present of the European Union relationship with the People's Republic of China against the new challenges of the global economy 2012. Economic relations between the two parties in the first decade of the 21st century have significantly developed, which is due to the common interests. The economic crisis of the first and second decade of the 21st century contributed to the creation of stimulus plans to boost economies of both parties which resulted in  strengthening mutual relations. In the case of both parties there exist reasons and conditions for further development and  broader economic cooperation. Extremely topical and important for forward-looking global position of the European Union are Chinese competitive challenges, resulting from a dynamic development.
 

Aleksandra Stadnik 

Migracje międzynarodowe a kreowanie kapitału ludzkiego - wybrane problemy [pdf PL]

International migration and human capital creation – selected aspects 
 

The phenomenon of international migration generates a number of implications at different levels of the social and economic life. The inevitability of migration and its dynamics forces us to observe this effects, especially in the context of maximizing positive  aspects. The area of particular interests is the sphere of human capital creation. The connection between the flow of population and the creation of human, capital including the importance of the skilled workers flow and brain drain consequences as well as  their role in the transfer of knowledge and the financial transfer from emigrants, poses a challenge to the society to use best opportunities stemming from migration. 

FINANCIAL SECTOR PERFORMANCE IN THE GLOBAL ECONOMY

Katarzyna Appelt 


Ucieczka od pieniądza [pdf PL]


Flight into real goods 


The main goal of the article is to recognize a phenomenon known as the flight into the real good. The author focuses on the circumstances of its occurrence in Russia and Germany in the early 20s. The first part of the article is an introduction. The next part includes an analysis of inflation processes  in Germany and Russia in 1914-1923. The last part of the article presents the conclusions. While we experience rising commodity prices, the author raises a question about the possible consequences of cutting the link between money and its equivalent expressed in gold in the late 70s.


Joanna Bogołębska 


Internacjonalizacja renminbi (RMB) a międzynarodowa nierównowaga płatnicza [pdf PL]

Internationalisation of the Renminbi (RMB) and the problem of global imbalances 


The internationalization processes of the currencies as an alternative to the USD are of great importance and are becoming deeply investigated, during academic discussions as well as at the official international meetings (G20, IMF, BIS). The evolution of the international monetary system towards a truly multipolar one, is among the scenarios of reforming the system. The driving force behind the reform is the lack of stability of the system based on one currency and its role in creating global imbalances. Among currencies being able to substitute the USD in the international monetary system, renminbi (RMB) is gaining more and more in importance. What is wotrth noting is that Chinese authorities are especially active in promoting the process of internationalization of the currency, due to benefits of the internationalization process for the country. The aim of the article is to analyze the process of the internationalisation of the RMB and to answer the question of its influence on the Chinese as well as the global economy.
 

MIĘDZYNARODOWY KRYZYS EKONOMICZNY / INTERNATIONAL ECONOMIC CRISIS

Marzena Adamczyk 

Współczesny kryzys finansowy - przyczyny i konsekwencje dla gospodarki światowej  [pdf PL]

 Contemporary financial crisis – causes and consequences for the world economy

The global financial crisis which occurred in 2008-2009 was one of the biggest crises that affected the world economy. The crisis began in the United States and swept through most of the countries in the world particularly, through developed ones.
The purpose of this paper is to present the causes of the crisis on such a huge scale and the effects that impressed on the entire world economy, both in the micro and macro perspective. The objective established requires an explanation of the basic concepts associated with the financial crisis. Attaining these objectives influences the selection of analytical and descriptive research methods and sources of information.
The main conclusions: the contemporary financial crisis was a typical traditional crisis which can be explained by the Minsky’s model; there were many causes of the crisis, but the most important was disregarding rapid development of the subprime mortgages and rising an asset price bubble in the US property market; effects of the crisis were very intense for the entire global economy.


Elżbieta Bombińska 

Wpływ kryzysy finansowego i ekonomicznego na bilans płatniczy krajów rozwijających się w latach 2008-2010 [pdf PL]

The impact of the financial and economic crisis on the developing countries’ balance of payments during the years 2008-2010

The objective of this article is to analyze the changes in the developing countries’ overall balance of payments during the years 2008-2010. The analysis comprises the changes in balances on current and financial accounts and their components. The economic crisis caused significant drops of the developing countries’ balance value and reversed the trends of pre-crisis changes of the accounts’ main components. The fall of a surplus on the current account was determined by a large drop of merchandise trade balance and other financial flows were factor destabilizing the balance on financial account . Most of the changes were visible only in the period of 2008-2009. The final result of the lowered surpluses on the developing countries’ current and financial balances was a temporal decrease of their external instability. However, deficits on current accounts of some of the developing countries’ groups during the years 2008-2010 cannot be treated as the results of the economic crisis.

Elżbieta Czarny, Jerzy Menkes, Katarzyna Śledziewska 

Państwa o różnych poziomach rozwoju w czasie kryzysu gospodarczego [pdf PL]

 Countries of a different level of development in times of the economic crisis

The paper objective is to analyse economic activity of diversely advanced countries during the economic downturn commenced in 2008. GDP and trade alterations are analysed. The empirical analysis is proceeded with the comments on the state differences impact on their economies grouping.  Thus, the origin of the division into developed, developing and transition states is examined. The empirical analysis proves that, first of all, the most advanced states suffered least during the last crisis. Secondly, fast economic growth of developing and transition economies of early 21-st century results in diminishing differences in the state groups incomes. Thirdly, there was a much more significant collapse of trade than GDP during the crisis.

 
Peter Frankenfeld 

A Marshall Plan for Greece? The European Union and the financial crisis in Greece. A theoretical and political analysis in the Global World against a background of regional integration [pdf EN]

 Plan Marshalla dla Grecji? Unia Europejska a kryzys finansowy w Grecji. Analiza teoretyczna i polityczna w globalnym świecie na tle procesów integracji regionalnej

Caused by imbalances over decades and enforced by the worldwide financial and economic slump 2008-2009, Greece has hopelessly run into public debt. The joint EC-ECB-IMF safe-guard austerity programmes have even deteriorated the economy of Greece that sucked into a free fall. – In search for solutions, it is discussed to launch growth programmes for the country – like the old Marshall Plan in the post-war period 60 years ago. – However, investigations show that there are lots of doubts if the Marshall Plan really was the reason for the long time growth in West-Europe in the 50s and 60s, nevertheless it was a political presumption for it. – The experience of the German Unification points out that much higher amounts of financial transfers and investments are anything else than a guarantee for growth and competition strengths. – For Greece, there seem to be only bad solutions. – At the same time the development path of European integrations is at a crossroad because the contradiction between the creation of an Internal Market and a Monetary Union on the one hand and the enforcement of “Cohesion” and “Solidarity” on the other hand is demanding fundamental adaptions for a survival of the European Union as such. 

Algis Junevičius, Ona Junevičienė

The Crisis in the Eurozone: the current situation and perspectives  [pdf EN]

 Kryzys w strefie euro – aktualna sytuacja i perspektywy

This paper explores ideas for the implementation of systematic decisions of how to structure sovereign debt system in the EU and avoid future sovereign debt crisis. The two main difficulties that arise in a framework of the “European bonds” are how to ensure further sustainability of EU sovereign debt management (especially for high-debt countries) and how to convince virtuous countries to support the project and reduce the debt service costs. This paper suggests an approach for dealing with those issues, although this area clearly requires further work. While this paper concludes that the “European bonds” is a novel approach for improving sovereign debt management that is worthy of further research, it is only the first pass at the issue, and further research is needed before arriving at a definite conclusion. In fact, while bringing more benefits for countries with high debt levels, the ideas of the “European bonds” may become contradictory to the countries with the effective debt management practices. In any case, it will help to prevent future overborrowing and sovereign debt crisis. Moreover, an overall judgment of the “European bonds” will depend on the further development of sovereign debt management decisions of the EU institutions. The increase of EU countries sovereign debt is the pending scientific problem leading to the search of complex solutions needed for overcoming present sovereign debt crisis and restoring the trust of Euro as a currency of all European Union. The aim of the paper is to analyze the reasons of the present EU sovereign debt crisis and to assess the “European bonds” as possible measure for solving the EU sovereign debt control problem. Research methods applied – analysis of scientific papers and statistical data.

Katarzyna Kalinowska 

Czy recepta szkoły austriackiej na kryzys jest aktualna? [pdf PL]

Is Austrian recipe for crisis still valid? 

The aim of this article is to give an answer to the question if the anti-cyclical economic policy based on the Austrian theory is still valid in the 21st century. The article consists of two parts: theoretical and empirical. The first part briefly describes the causes of economic fluctuations and the anti-cyclical economic policy based on the Austrian theory. In the empirical part of the paper there is the evaluation of the anti-cyclical economic policy in some countries of the  Economic Communities. An empirical analysis provides the following conclusions. Countries with little government intervention in the economy overcome the crisis faster than the states which interfere with the market; not overloaded public finance enhances economic growth in the long term; the anti-cyclical economic policy based on the Austrian theory primarily applies to the long term and system changes. Hence, they are not fully appreciated among the economic policy makers.
 

Bożena Pera 

Skutki globalnego kryzysu finansowego dla wymiany handlowej grupy G-20  [pdf PL]

The effects of global financial crisis on the G-20 international trade

The global financial crisis caused not only a decrease of the GDP in the world economy, but also a collapse in the international trade as well. The aim of the paper is to analyze the effects of the global financial crisis on G20 international trade. The macroeconomic situation of G20 countries was presented in the section one. Then G20 international trade was analyzed, taking into consideration an annual variation of the commodity flows and the commodity structure of the G20 export and import. The clusters via Ward’s minimum variance method were identified to find and compare similarities among the analyzed countries.
The main conclusions of the paper are as follows: the global financial crisis affected all the G20 countries, mainly developed countries, emerging economies to a lesser extent, the effects of the crisis were revealed in an annual variation of the international trade value and the commodity structure of export and import by the SITC section.      



Szymon Piotrowski 
 
Koncepcja global governance a kryzys polityczny i gospodarczy. Uwagi krytyczne [pdf PL]

The concept of global governance in the light of the political and economic crisis – critical remarks

This paper deals with the concept of global governance. The main objective of this paper is to analyze and assess the importance of the global governance mechanism in contemporary international relations. In the beginning, the paper defines and specifies the source of the concept of global governance. Then it presents global governance in the practice of contemporary international relations. The paper also determines the popularity of the concept of global governance and characterizes its shortcomings and weaknesses and describes the importance and role of soft law within the concept of multilateral international cooperation.  The study examines the concept of global governance from the perspective of the social sciences and law. It reviews Polish and foreign-language literature in this field. The study indicates that global governance is not the best method of solving contemporary international problems and that the current political and economic crisis may further reduce its effectiveness.
 

Kazimierz Starzyk 

Emerging economies and the breakdown of the international payment equilibirium   [pdf EN]

Gospodarki wschodzące a załamanie międzynarodowej równowagi płatniczej

The aim of the article is to determine the causes and effects of the breakdown of the international payment equilibrium in the light of the theory of international economics. This has been done using as an example the case of the Economic Crisis 2007/8+, while examining, in particular, the role the emerging economies have played in it. The article`s aim is, also, to define the phases of international payment disequilibrium, as well as, an appraisal of the surplus economies responsibility for the world financial crisis.
The article’s main conception thesis is the claim that the deepening of global imbalances, as observed since the turn of the century, is the derivative of the structural changes taking place in the world economy stemming from an increased competitiveness of emerging economies, mostly Asian ones (surplus economies). This phenomenon has been accompanied by the trend of a relatively low economic activity of the developed economies (deficit economies).
In the author`s opinion, the above situation in the world economy has become a cause of the global financial crisis, and as the result of the global economic crisis. The return to the global balance is, therefore, conditioned through the increase of competitiveness of deficit economies, in particular the United States and Western Europe.

CONTEMPORARY TENDENCIES IN INTERNATIONAL RELATIONS

Tomasz Białowąs 

Postęp technologiczny jako czynnik wzrostu znaczenia Chin w gospodarce światowej [pdf PL]

Technological progress as a factor of the growing importance of China in the world economy
 
This paper analyses the importance of technological progress in China’s post-1978 economic development. The results show that since China’s reform and opening up, technological progress has been positively associated with GDP growth and exports development. TFP growth explained more than 25% of China's growth since 1978. Foreign direct investment has become China’s predominant source of technology transfer. The contribution of FDI to the expansion of China’s foreign trade has been growing from 1% in 1985 to 54,6% in 2010. Increases in foreign-invested enterprises not only augment China’s export volumes, but also upgrade its structure. 

Technological progress is measured by TFP. The analysis used four main data sources: The Conference Board [2012] - TFP accounting; The World Bank [2012] - number of researchers, and R&D data, Barro and Lee [2012] - educational level, and UNCTAD for structural changes in foreign trade.

Sebastian Bobowski 

Międzynarodowy podział pracy w gospodarce globalnej XXI wieku [pdf PL]

International division of labor in the global economy of the 21st century

The international division of labor is interpreted as an emanation of ongoing engagement of national economies in the production and exchange oriented on foreign partners. Getting rid of the production surplus through exports resulted in an increase in the production volume over time in order to supply foreign markets systematically. Generated economic benefits inspired seeking for opportunities in the locations of specific comparative advantages in order to locate there parts of value-added chain. Globalization, driven by trade liberalization and technological progress, has contributed to the expansion of international business, making transnational corporations the key beneficiaries of the policy of "openness", both coordinators of international trade and capital flows. The development of intra - industry trade, involving more and more countries with different levels of socio - economic development, promotes the formation of a new kind of vertical specialization within the emerging markets (process level). 
The aim of the article is to illustrate the influence of the logic of competition within global market of the 21st century on shaping the new image of the international division of labor.


Bogusława Drelich-Skulska 

Rola państwa w kształtowaniu zagranicznej polityki ekonomicznej Japonii na przełomie XX i XXI wieku [pdf PL]

The role of the state in shaping Japanese foreign economic policy at the turn of the 20th and 21st century

The role of state in the market economy system is an issue considered by both economists and politicians. An interest in this subject usually increases during the economic crisis and the related protectionism. Economic systems, analyzed in the long run, are dynamic with features specific for each country. Each of them is shaped by the historical and cultural conditions as well as mentality of different societies. The subject of interest of this paper is the economic system of Japan, and especially the state's role in shaping foreign economic policy. The author, while presenting the dominant historical and cultural conditions that influenced the importance of the state in the Japanese economic system, focuses on the role of the Ministry of Economy, Trade and Industry (METI). Furthermore, the author  indicates the position of METI in shaping the economic policy of Japan by examining its relationship with other government agencies and the private sector.


Łukasz Goczek 

Zglobalizowane państwo regulacji [pdf PL]

Globalized regulatory state  

The article presents the issues in economic regulation leading to the emergence of the globalized regulatory state. It demonstrates that privatization, liberalization, and other reforms that were aimed to withdraw the state from the market of goods and services were closely coupled with increasing numbers of regulatory institutions and the formalization of codes of conduct in corporations, public sector, and international institutions. The article contrasts the prevalence of regulation with the problems that may require further or more effective regulation, the effects of which cross national borders. These problems are often themselves a side-effect of globalization and an increased mobility of goods, capital, and people. Thus, fulfilling regulatory policy objectives must be achieved by going beyond the limits of national jurisdiction.


Monika Kowalska 

Entrepreneurship and its role from the European Union perspective [pdf EN]

Przedsiębiorczość i jej znaczenie w kontekście działań Unii Europejskiej 

Entrepreneurship lays the foundations of the modern knowledge-based economy. Entrepreneurs exploit new opportunities and stimulate the economic growth and development. The paper aims to present the concept of entrepreneurship from the European Union perspective focusing on the EU efforts made to create the business and legal environment conductive to entrepreneurs. EU official documents and publications were analyzed to demonstrate the role of entrepreneurship for the EU economy and recommendations for creating favourbale conditions for small and medium-sized enterprises (SMEs). The paper views entrepreneurship in light of its selected theories and analyzes the EU dimension of entrepreneurship as well as entrepreneurial motivations and risks faced by SMEs. 
 

Borisas Melnikas

Knowledge economy in the European Union: strategic decisions in the context of globalization  [pdf EN]

Gospodarka oparta na wiedzy w Unii Europejskiej: strategiczne decyzje w kontekście globalizacji

Economic and technological internationalization and development of new forms of economic, social and technological headway designed to create and further improve economies based on knowledge and high technologies sector in the European Union are analyzed here. The main emphasis is put on strategic decisions in the area of economic and technological internationalization, knowledge economy and high technologies sectors creation and further modernization as well as creation of scientific and technological progress oriented networks of clusters. High technology sectors development and clusterization oriented towards an increase of efficiency of various national and regional economies is a critical precondition for successful creation of the modern economy based on knowledge, both in the whole space of the European Union and particular countries. A concept of creation of regional and cross-regional clusters and their networks also known as „economic oazes“ is suggested here. It is explained that in the economies based on knowledge development of clusters and their networks will soon become one of the core forms of economic and technological advancement. The idea of international clusterization generally oriented towards creation and promotion of high technologies is given.
Some typical factors of the economic, technological  and social development of the European Union are being described here, and it is subsequently proved that these factors reflect on the common context of creation of the knowledge based economies. Understanding these factors allows us to consequently implement strategies of two types that could create the economies based on knowledge: these are the strategies oriented towards integration of the processes of economic, technological and social development along with the strategies oriented towards the syntesis of the results of the economic endeavours and technology advancement of different origins.
The promotion of the patterns based on the ideas of integration and synthesis is a core prerequisite for encouragement of innovations and improvement of technology transmition systems.  Further research dedicated to the patterns mentioned above, is a promising trend of the science of economics as well as the science of management and administration directly connected to the needs for creation of knowledge based economies and internationalization processes in the European Union.  

Marcin Menkes 

Spotkania milowe G-20 [pdf PL]

G20 Milesummits  

The most advanced economies, members of the G8, who suffered the most since the 2008 crisis, suddenly understood their incapacity to maintain the steering role in the international economy alone. Accordingly, either they could have shared their privileged position, or waited until emerging economies shaped separate international organizations. At the same time, the choice of allowing new parties to participate in talks and raise topics of greater importance with  them, entails the risk of losing efficiency, crucial for the subsistence of the forum whose legitimacy may be questioned. The paper scrutinizes how a necessary adaptation to changing crisis circumstances influenced the choice of the agenda. It argues that while initially the G20 mainly adopted urgent response measures, subsequently it engaged in a reform of the global economic governance system – probably the only way to maintain its raison d'être.


Bogumiła Mucha-Leszko, Magdalena Kąkol

Pozycja i rola Unii Europejskiej w globalnym układzie sił gospodarczych [pdf PL]

The European Union position and role as a global economic power 

In the study, an attempt was made to outline the EU position in the world economy and to assess whether it enables to impact effectively the global trade relations and trade principles. The priorities of the EU external trade policy and its initiatives to multilateralise the world trade system, first and foremost within WTO were presented. An analysis of the EU trade and its competitiveness was conducted by the comparing it to the United States, Japan and China, including the dynamics of trade, comparative advantages in merchandise and services trade as well as the current account balance. It turns out that despite having a large share in the international trade, the European Union is not able to force through rules of multilateral trade policy, binding for all the participants of the world market, which would assure a more effective allocation of production factors on a global scale, fair competition and a better operation of adjustment mechanisms in the case of an emergence of imbalances in countries’ current accounts.

Paweł Pasierbiak 

Związki handlowe Japonii i Korei Południowej [pdf PL]

Trade relations between Japan and the Republic of Korea 

The purpose of the article intended by the author is to analyze the trade links between Japan and the Republic of Korea during the first decade of the twenty-first century. The changes that have taken place in merchandise exports and imports and in their structure are presented. The author has distinguished the most important factors influencing the trade flows: a state of the global economy, business conditions in the domestic markets of Japan and Korea, changes in the exchange rates, trade policies towards each other, as well as political relations between both countries. The author concludes that despite the relatively rapid growth of the trade turnover, the intensity of trade between Japan and South Korea has declined. At the same time, Korea’s deficit in the trade balance with Japan has a negative impact on the trade policy towards each other. This is one of the reasons why a free trade agreement between Korea and Japan has not been concluded yet. This situation is one of the major obstacles to the development of trade between the parties. To achieve the aim of the article, the author used a analytical and descriptive method.

 
Zdzisław W. Puślecki 

Relacje Unii Europejskiej z Chińską Republiką Ludową wobec wyzwań gospodarki globalnej 2012 [pdf PL]

The European Union relations with the People’s Republic of China in the face of challenges of the global economy 2012

The main aim of the article is to present of the European Union relationship with the People's Republic of China against the new challenges of the global economy 2012. Economic relations between the two parties in the first decade of the 21st century have significantly developed, which is due to the common interests. The economic crisis of the first and second decade of the 21st century contributed to the creation of stimulus plans to boost economies of both parties which resulted in  strengthening mutual relations. In the case of both parties there exist reasons and conditions for further development and  broader economic cooperation. Extremely topical and important for forward-looking global position of the European Union are Chinese competitive challenges, resulting from a dynamic development.

 
Aleksandra Stadnik 

Migracje międzynarodowe a kreowanie kapitału ludzkiego - wybrane problemy [pdf PL]

International migration and human capital creation – selected aspects

The phenomenon of international migration generates a number of implications at different levels of the social and economic life. The inevitability of migration and its dynamics forces us to observe this effects, especially in the context of maximizing positive  aspects. The area of particular interests is the sphere of human capital creation. The connection between the flow of population and the creation of human, capital including the importance of the skilled workers flow and brain drain consequences as well as  their role in the transfer of knowledge and the financial transfer from emigrants, poses a challenge to the society to use best opportunities stemming from migration.

FINANCIAL SECTOR PERFORMANCE IN THE GLOBAL ECONOMY

Katarzyna Appelt 

Ucieczka od pieniądza [pdf PL]

Flight into real goods 

The main goal of the article is to recognize a phenomenon known as the flight into the real good. The author focuses on the circumstances of its occurrence in Russia and Germany in the early 20s. The first part of the article is an introduction. The next part includes an analysis of inflation processes  in Germany and Russia in 1914-1923. The last part of the article presents the conclusions. While we experience rising commodity prices, the author raises a question about the possible consequences of cutting the link between money and its equivalent expressed in gold in the late 70s.

 
Joanna Bogołębska 

Internacjonalizacja renminbi (RMB) a międzynarodowa nierównowaga płatnicza [pdf PL]

Internationalisation of the Renminbi (RMB) and the problem of global imbalances 

The internationalization processes of the currencies as an alternative to the USD are of great importance and are becoming deeply investigated, during academic discussions as well as at the official international meetings (G20, IMF, BIS). The evolution of the international monetary system towards a truly multipolar one, is among the scenarios of reforming the system. The driving force behind the reform is the lack of stability of the system based on one currency and its role in creating global imbalances. Among currencies being able to substitute the USD in the international monetary system, renminbi (RMB) is gaining more and more in importance. What is wotrth noting is that Chinese authorities are especially active in promoting the process of internationalization of the currency, due to benefits of the internationalization process for the country. The aim of the article is to analyze the process of the internationalisation of the RMB and to answer the question of its influence on the Chinese as well as the global economy.
 

Dominika Brózda, Ewa Feder-Sempach 

Reakcja cen akcji w strefie euro na decyzje Europejskiego Banku Centralnego [pdf PL]

The reaction of stock prices in the euro zone to the European Central Bank decisions 
 
The relationship between the monetary policy and the financial market, especially stock market, is one of the issues which has been analysed by economists, politicians and monetary authorities in each country. The asset price channel is the main element of the monetary policy transmission mechanism. The aim of the study is to analyze the relationship between the reference interest rate of the European Central Bank (ECB) and the stock market in the euro zone, which is represented by the EURO STOXX index. Presented in this article, empirical studies analyse the impact of changes in the ECB's main policy rates on the stock market returns in the euro zone. Results from the studies (covering the period 1999-2011) showed the lack of connection between the ECB's monetary policy and the stock market. The explanation for this phenomenon may reflect the fact that the monetary policy decision of the ECB are well anticipated by the financial market participants.


Eugeniusz Gostomski 

Regulowanie międzynarodowych przepływów kapitału [pdf PL]

Regulations of international capital flows  

Considering the global financial crisis, the problem of the role of governments and international organizations in shaping international capital flows has become frequently debated. The main aim of this paper is not only to analyze the capital flows from the perspective of recent years, but also to present arguments in favour of against keeping the capital flows under control. This article is based on the literature dedicated to the cash flows on an international scale. The main conclusion the author of this article has drawn is that any capital import restrictions will not improve the situation on international financial market. However, some positive effects could be achieved by leading a reliable economic policy and maintain flexible exchange rates.

 
Wawrzyniec Michalczyk 

Rola rezerw dewizowych w polskiej polityce walutowej [pdf PL]

The role of the official reserve assets in the Polish currency policy

The aim of the article is to present the results of an analysis (including an indicatory one) of the status and structure of the Polish official reserve assets after 2000 and to identify their role in the currency policy, from a in historical and prognostic perspective. As the research methods, the statistical analysis and literature analysis were used. In the years of 2000-2011, the reserves in Poland were increasing steadily (over three and a half times), yet at different rates. The level of the official reserve assets over the studied period should be assessed as average, but appropriately safe. However, it seems necessary to continue the process of their accumulation in order to effectively influence the exchange rate, even before the accession to the ERM2. After the alteration of the exchange rate regime in 2000 to the floating one, the role of the reserve assets was redefined. Previously, they were treated, among others, as a guarantee of the National Bank of Poland’s compliance with the obligation to care for the maintenance of the exchange rate fluctuations within an indicated band. The reserves began again to fulfil one of their basic role, in fact, in the second half of 2011, when during a significant reduction in the zloty’s relation against other currencies, the central bank conducted a series of interventions.


Jacek Pera

Globalizacja rynków finansowych a problem bezpieczeństwa finansowego w Europie  [pdf PL]

Globalization of financial markets and the problem of the European financial security

The purpose of this paper is to present the basics of the globalisation of international financial markets, stability/instability of the world financial system, and the regulation mechanisms behind the system as well as to discuss Europe’s financial security. The most important consequences of financial markets being unstable include an escalation of “contagion” amongst the institutions and the markets on a local to international scale, increased short term and portfolio capital flows, and a deepening of destruction and imperfections of the global financial market. An improvement in Europe’s financial security can be characterised in terms of the following measures that are the part of a new security architecture: introducing macro-prudential supervision to monitor the overall risk levels in the world economy, strengthening the Financial Stability Board, c/o Bank for International Settlements, introducing a system for deposit guarantees, establishing more specific collaboration between the supervisors of different financial market segments, developing new international economic policy that will be based on supranational regulations and reconstructing the Bretton Woods institutions.


Joanna Sokół 

Skuteczność stress-testów jako narzędzia pomiaru ryzyka [pdf PL]

Effectiveness of stress testing as a tool for measuring risk

The magnitude of the financial crisis that began in 2007 suggests that risk management in the financial institutions must have been inefficient. Neither the risk pricing models, nor the supervisory regulations have protected us against a major breakdown. The 2007 crisis has exposed many weaknesses concerning quantitative methods of risk measurement that are practical and constitute a widely used tool for assessing risk. Aim of this article is to analyze one of the risk measurement methods - stress tests - and to indicate factors that have contributed to underestimating the risk by institutions using this method. Despite the imperfections observed during the breakdown, quantitative models of risk pricing are irreplaceable and give plenty of opportunities. However, it is necessary to complement the methodology with  the lessons learned from the crisis.

INTERNATIONAL ENTREPRENEURSHIP

 
Małgorzata Bartosik-Purgat, Jerzy Schroeder

Organizacja badań rynków zagranicznych w świetle wyzwań współczesnego rynku światowego – wyniki badania polskich eksporterów [pdf PL]

An organization of foreign markets research in the light of the global market challenges – results of the study of Polish exporters

One of the conditions for conducting marketing research of foreign markets by companies cooperating abroad is to organize this activity appropriately. The organizational arrangements in the companies are influenced, among others, by the company`s size, the scope of cooperation with foreign countries and its share in total economic activity of enterprises, and as well as understanding the needs of such research by the company management. The purpose of this paper is to present an analysis based on the research conducted among 493 Polish firms in the area of their market research organization. Studies have shown a diverse and not advanced degree of such organization in Polish companies cooperating with foreign countries. The greatest deficiencies are in the field of developing marketing information systems which is a key element of organizational solutions.

Zbigniew Bentyn 
 
Zarządzanie tożsamością przedsiębiorstwa o charakterze globalnym [pdf PL]

Identity management in global enterprises 

Managing of an identity of a businesses enterprise in the global economy is a challenging task. It is important to have a general strategy to manage all attributes of a company in a way which allows a globally diverted potential customers to receive a certain and desired company image.  By a comparison of strategies adopted by a multinational companies it is found that they tend to choose one of three identified ways to express their identity: monolith identity, group identity or brand identity. Monolith identity is a strategy based on one set of attributes repeated in all possible physical locations available to the global company. The group identity is a flexible usage of the company attributes by the businesses joined to establish a strategic cooperation in a very different location. Brand identity is a strategy which focuses attention of the market on products or services of a company, which allows greater flexibility in term of a local adjustment. The above mentioned strategies are characterized by various requirements to prove their efficiency. They also depend on the strategic goals of the certain global business enterprise.

 
Lidia Danik, Tomasz Gołębiowski

Success factors in innovation cooperation of Polish exporters [pdf EN]

Czynniki sukcesu kooperacji w innowacjach podejmowanych przez polskich eksporterów

Although a growing number of studies refer to innovation practices of firms in emerging markets, less numerous studies on innovation networking have been conducted in CEE countries, including Poland. Our study was focused on the assessment of the significance of success factors in innovation cooperation specific for process-, product-, marketing and organizational innovation. We analyzed a sample of 209 Polish exporters. Descriptive statistics, factor analysis and correlation analysis were applied to answer the research questions. The analysis provides evidence of varying importance of success factors depending on type of innovation. The interrelation between perceived success factors was proven and different underlying factors influencing the cooperation in innovations were discovered. A correlation between the perception of those underlying factors and the cooperation intensity and sustainability was also observed. 


Anna. H.Jankowiak 

Cluster initiatives and the role of government in developing clusters [pdf EN]

Inicjatywy klastrowe oraz rola państwa w kształtowaniu klastrów 

Clusters help to increase the association of the innovation, to create new products, new companies and new jobs. Clusters combine the activities of entrepreneurs and local government institutions and research units contribute to the dynamic growth of local economies. Clusters are the chance for many small and medium-sized companies operating locally and not having the possibility of owning output outside their region. Therefore, clusters constitute a good solution for both local companies and for regional economies which drive economic growth. This article aims to present cluster initiatives and the role of central and local authorities and in shaping them. The cluster policy can lead to a cluster, but a necessary condition for its establishment are location factors. The ideal model is a combination of the two initiatives - bottom up and top-down, which will influence the long-term effectiveness of this type of connection of different units.


Agnieszka Kochel 

Formy międzynarodowego transferu technologii przez korporacje transnarodowe [pdf PL]

Forms of international technology transfer by transnational corporations 
 
Transnational corporations are the key actors in the area of generating new technologies and running innovative activities. Multinationals are globalizing their technological activity by locating research and development functions outside the home country. In the process of the international flows of technology, transnational corporations are using a number of methods of technical knowledge transfer. Companies that are involved in the process of technology flows are mainly transnational corporations from developed countries. Forms of technology transfer are diversified in terms of organization, as well as economic effects that they are generating. The purpose of the article is to describe the main channels of the international flow of technical knowledge as well as to analyze the forms of the international technology flow in the context of using them by multinational companies. Research methods that were applied in the paper include an analysis of domestic and foreign literature and an analysis of statistical data.
 

Małgorzata S. Lewandowska 

Partners and barriers in innovation cooperation – a survey of Polish exporters [pdf EN]

Partnerzy i bariery w innowacjach – wyniki badań polskich eksporterów 

Firms in Central and Eastern Europe (including Poland), need to improve innovation performance and base their competitive strategies more on offering differentiation in order to be more competitive internationally. As theoretical concepts of firm international competitiveness underline the importance of external sources of competitive advantage, empirical studies on innovation cooperation and identification of major collaboration partners as well as importance of cooperation barriers may bring insight into this field. The study elaborates on the research question of whether the openness for cooperation has a positive influence on process, product, marketing and organizational innovation output as well as on the new products sales intensity and export intensity. The impact of different cooperation barriers is measured as well. The paper is based on the results of the study on innovation cooperation of 209 Polish exporters from manufacturing sectors. Descriptive statistics as well as ordered probit regression were applied to answer the research questions. The analysis shows, that horizontal, vertical as well as institutional cooperation is important for all types of innovations introduced by Polish exporters. Different partners clusters were found in the context of new products sales intensity and export intensity. Barriers for cooperation in the researched areas were also distinguished.




Agnieszka Piasecka-Głuszak 

Udoskonalenie działań przedsiębiorstwa wielokulturowego zgodnie z koncepcją Kaizen [pdf PL]

Improving the activities of a multicultural company in line with the concept of Kaizen

In a multicultural company there may be different ways of decision making processes, problem solving methods and corporate behavior models. Following the kaizen management concept, a company is able to use soft and hard tools creating appropriate standards that must be respected and applied by all employees regardless of the existing differences. This article presents the method of kaizen, its principles and rules and possible improvements in the company. The article attempts to demonstrate that, regardless of the existing cultural differences, the concept of kaizen affects the involvement of all employees and appropriate problem solving as well as for developing appropriate standards in every aspect of an enterprise. The article is conceptual and the objective achievement influenced the choice of research method, i.e. descriptive and analytical.


Magdalena Rosińska-Bukowska

Koncepcja paradygmatu międzynarodowej konkurencyjności przedsiębiorstw [pdf PL]

The concept of a paradigm for the international competitiveness of enterprises 

The aim of the article is to present the concept of the international competitiveness of enterprises. It is treated as the basis for an evaluation of the complex business systems’ competitiveness. These systems are referred to as global business networks (GBN). The reason for such research was the conclusion that GBN’s competitiveness evaluation based on the classic analytical models was invalid on the grounds of an insufficient number of parameters taken into account. The theoretical basis of the concept refers to the international competitiveness of economies. However, it must be stressed that it is only an initial point since many other measures of evaluation are finally applied. They were interpreted appropriately to the needs and specificity of the analysis. At the same time there emerged an opportunity to point new areas for examining the problem of GBN. The concept presented should be treated as the form of recommendation, a set of assumptions for the paradigm in which the international competitiveness of enterprises is seen as a “model of organization” operating in a relatively stable environment. 


Jan Rymarczyk 

Strategie konkurencji przedsiębiorstwa międzynarodowego [pdf PL]

Competition strategies of a multinational company

The purpose of this article is to present the changes that have taken place in international competition strategies of companies. In order to achieve this goal the comparative analysis of literature was conducted (mainly Anglo-Saxon authors). On this basis, the essential conclusion was formulated: the changes in the international environment have fundamentally altered the competition strategies of companies. There has been a shift from traditional strategies such as cost leadership, differentiation and concentration to more complex strategies, including above all a huge increase of knowledge importance in the economy.


Dorota Simpson 

Modele analizowania różnorodności kulturowej w biznesie międzynarodowym [pdf PL]

Models of analyzing cultural diversity in international studies 

Despite the globalization process, an easy access to the Internet and information, growing international migration of people, cultural differences do not disappear and sometimes can be a serious barrier in international business relations. Although the majority of motives and behaviours are shared by all people, the minority resulting from cultural diversity can be the source of misunderstandings. That is why it is necessary to study and analyze not only outer and middle layers of culture, but in particular the inner one. Understanding the most hidden layer of culture can lead to better and deeper relations in international business and can result in long-term contacts. An instrument for facilitating the heremeneutical approach to analyzing different cultures is studying and comparing chosen cultural models proposed by various authors, which was the main purpose of the article. The analysis leads to the conclusion that there are some basic problems which are solved in a different way by different cultures such as; time, the role of an individual in the society, the main purpose of human existence and the attitude of mankind to nature. To achieve the purpose of the article, the monographic method was used. 

TRENDS IN FOREIGN DIRECT INVESTMENT

Beata Andrzejczak 

Bezpośrednie inwestycje zagraniczne w gospodarce światowej na przykładzie usług transportowych, gospodarki magazynowej i łączności [pdf PL]

Foreign direct investment in the world economy as exemplified by transport, storage and telecommunication services 

Development of services in transport, storage and telecommunications plays a leading role in the internalization of logiscitcs chains or in the development of economic infrastructure in the world. This phenomenon has implications for the economic development of countries in terms of the internalization of companies in the transport, storage and telecommunications, which is supported by the flows of foreign direct investment (FDI). This article aims to present the flows  (FDI) and to present the significance of the activities of transnational corporation for the transport, storage and telecommunication sector, in the context factors  affecting the growth of (FDI) in the sector analyzed the global economy. The article was based mainly on statistical data from the UNCTAD report.
 

Bogdan Buczkowski

Handel zagraniczny i bezpośrednie inwestycje zagraniczne Japonii w okresie globalnego kryzysu finansowego [pdf PL]

Japanese foreign trade and foreign direct investments during the global financial crisis 

The aim of this article is to show a short-term impact of the global financial crisis and the earthquake on Japanese GDP, exports, imports and foreign direct investment as well as to define  long-term consequences of those factors for the trade balance and current account. Although a short-term economic downturn caused by the earthquake will be much smaller than that caused by the global financial crisis, in the long run, it will accelerate and deepen the process of relocating the production bases to other countries, which will result in a trade balance deficit  and an increase in net income from foreign investment.


Agnieszka Kłysik-Uryszek 

Bezpośrednie inwestycje zagraniczne przedsiębiorstw działających w Polsce – wstępne wyniki badań [pdf PL]

Foreign direct investments of entities operating in Poland – preliminary results

In recent years, a growing trend of expansion in the form of foreign direct investment (FDI) of companies operating in Poland can be observed. This relatively new tendency indicates a development of the Polish economy and the change of its competitive and investment (in terms of IDP) position on an international scale.
The aim of this article is to describe the scale, structure and directions of FDI undertaken by Polish companies, as well as the motivations of investors. The study is based on statistical data provided by the Central Statistics Office (GUS). The time span of an analysis – year 2009 – was determined by data availability. These are the latest data available at the time of writing.
Poland is no longer just a recipient of international capital, but it is also becoming an exporter. Investments are directed primarily to neighboring countries, primarily in order to gain the local market. However, the analysis shows that in primary outward FDI is undertaken by companies belonging to international capital groups operating in Poland and not companies with the Polish capital.    


Aneta Kosztowniak 

Przepływy bezpośrednich inwestycji zagranicznych a potencjał inwestycyjny w krajach wschodzących w latach 1990-2010 [pdf PL]

Foreign direct investment flows and the investment potential in emerging markets over the period 1990-2010

This paper has three aims: 1) to present foreign direct investment flows in emerging markets over the years 1990-2010, 2) to indicate the most important FDI host and home economies, 3) to evaluate the impact of the investment potential and risk and the level of economic freedom in the host country on foreign investors’ decisions. Quantitative methods were used to verify empirical data. The UNCTAD econometric regression model for FDI flow forecasts in the years 2011-2013 is presented. 

The following conclusions are formulated: 1) Emerging markets are becoming important places in global economy for FDI outflows and inflows; 2) The significance of Hong Kong and BRIC countries as FDI home and host countries is growing; 3) Improved Inward FDI Performance Index, Inward FDI Potential Index, Index of Economic Freedom (IEF) and reduced investment risk (Country Risk, CR) are of major importance but they are not decisive when it comes to the foreign investor’s decision on investment location. Another factor that can affect such a decision is the rate of economic growth but the key factor is the size of the host country’s potential customers market.

 
Aleksandra Kuźminska-Haberla 

Promotion of outward foreign direct investments – solutions from emerging economies [pdf EN]

Promocja krajowych inwestycji zagranicznych – rozwiązania z krajów wschodzących 

Foreign direct investment from emerging countries has become a fact. More and more companies take actions abroad, and one of the factors that encourage them to do so is the active promotion of outward foreign investment. The main objective of this paper is to present institutional frameworks and measures used in active outward investment promotion.

An analysis of the solutions used in emerging markets indicate that there is no single solution that would function under all conditions. Countries use a variety of institutions that vary in promotion of outward investments abroad. The most commonly used instruments that meet the needs of investors include: providing information on foreign markets and the possibility of making business there, consulting and assistance in finding business partners, assuring financial assisting and insurance from political risk in particular.


 
Wiesława Lizińska 

Zmiany motywów podejmowania bezpośrednich inwestycji zagranicznych w Polsce [pdf PL]

Changing motives of foreign direct investment in Poland
 
The aim of this study is to identify changing motives of foreign direct investment in Poland. Research is based on a questionnaire survey conducted between 2011-2012 among 115 companies with foreign capital in three regions: Silesia, Warmia and Mazury and Wielkopolska. Among the three most important motives of FDI in Poland by the surveyed companies in each period (before 1990, 1990-1995, 1996-1999, 2000-2003, 2004-2007, 2008-2010) dominated the same ones. Only the relation between them was changing. Only entrepreneurs who started up in 2008-2010 relatively highly appreciated the motive of exploiting their own resources to a greater extent. Motive of getting a new market dominated in three periods (from six separated): 1991-1995, 1996-1999 and 2004-2007. However, among the companies that started its business activity in Poland before 1990, this motive was just as important as access and low labor costs.


Tomasz Michałowski 

Foreign direct investment in Sub-Saharan Africa and its effects on economic growth of the region [pdf EN]

Bezpośrednie inwestycje zagraniczne w Afryce Subsaharyjskiej i ich wpływ na wzrost gospodarczy regionu
 
The objective of this paper is to analyze foreign direct investment (FDI) in Sub-Saharan Africa and examine its effects on economic growth of the region. Although, in absolute terms, FDI inflows to Sub-Saharan Africa have risen significantly over the recent three decades, the overall performance of the region in attracting FDI seems to be disappointing. FDI inflows into Sub-Saharan Africa spread unevenly across the region showing a high degree of concentration in a few countries. There is mixed evidence regarding FDI impact on economic growth in Sub-Saharan Africa. As significant FDI activities in Africa are taking place in the mining sector, backward and forward linkages and spillover effects are very limited. Further efforts of Sub-Saharan Africa should focus on implementing wise development strategies. It could not only help to attract more FDI to the region, but also result in reducing the barriers to FDI effectiveness. The paper is based mainly on the analysis of the latest statistical data and theoretical and empirical findings from literature. 






Agnieszka Stanowska-Hirsch 

Tendencje w rozwoju polskich inwestycji bezpośrednich w Rosji [pdf PL]

Trends in the Polish direct investment in Russia 
 
The interest of Polish enterprises in investment expansion on the Russian market has increased over the last decade. Despite the absence of a clear trend in the outflow of Polish investments in Russia (the variable dynamics of growth and decline over the last decade), the value of Polish FDI stocks in this country has been gradually increasing in the period since 2000. Also, the share of Russia in the portfolio of Polish receivables for FDI has strongly increased. However, the capital, business and geographical structures of the Polish FDI in Russia shaped themselves negatively. The capital structure of Polish direct investment in Russia shows that Polish companies implement too few projects in the form of typical FDI. Business and geographical analysis, in turn, indicates that the Polish FDI is concentrated in labour-intensive sectors and is limited to two federal districts in Russia, in the western and central parts of the country.

 
 PERFORMANCE OF SELECTED MARKETS

Hans-Heinrich Bass 

Index speculation - a new challenge for world food security [pdf EN]

Spekulacja indeksem – nowe wyzwanie dla światowego bezpieczeństwa żywnościowego

In recent years, new actors from the outside the agrobusiness – the “index-oriented investors” – have entered the grain futures markets. This activity cannot be understood without considering the fact that prices for agricultural commodities have increased since the mid-1990s due to fundamental factors, both on the demand- and the supply-side. Based on this, agricultural commodities futures have become an attractive asset class for financial investors with two characteristics: first, they look for new asset classes the performance of which is not correlated with other asset classes; secondly, they believe that passive portfolio-management strategies, i.e. the “replication” of the market by distributing investments across various assets such as those being represented in popular indices, are more successful than active selection strategies. Investment in commodity futures by index-oriented investors had been facilitated by the development of new financial instruments (ETC, ETF). It has become ever more appealing as a result of falling returns on investment for traditional financial investments, such as the government bonds. However, the unconditional demand exerted by index-oriented investors on futures markets does not only lead to the reinforcement of the upward price trend on the spot market but also contributes to the emergence of short-term price bubbles (2008 and 2010/11).





Tomasz Dorożyński 

Znaczenie funduszy strukturalnych Unii Europejskiej dla rynku pracy w Polsce [pdf PL]

The role of the EU structural funds on the labour market in Poland 
 
In order to remove regional economic disparities, the EU pursues a cohesion policy. Such policy is justified economically and socially. It is however conditioned by the acceptance of an active role of the European Union and the Member States in the economy. The pace of economic growth in Poland in the recent years – bigger than the average in the EU – has contributed to the making up for the part of a developing distance towards the rest of the Member States. The cohesion policy Has influenced this process. The main aim of the article is to evaluate of the role of the EU structural funds in the stimulation of the social-economic development of Poland, in particular its impact on the labour market. The evaluation of the cohesion policy from the point of view of experiences of individual Member States and the European Union is not explicit. What is especially controversial here, are unsuccessful attempts to reach the main goal which is the social, economic and territorial cohesion. It does not mean the negation of the outcomes of numerous researches which indicate a positive influence of the cohesion policy on the economic growth. Those and other research methods confirm however that structural funds contribute to an increase of GDP per capita as well as to a reduction of unemployment. The research method is an analysis of the literature related to the subject. 


Jerzy Dudziński 

Nowe relacje cen a kierunki przekształceń struktury współczesnego handlu międzynarodowego [pdf PL]

 New price relations and directions of structural changes in contemporary international trade

The paper analyses the impact of new price relations on the changes in the geographical and commodity structure in contemporary international trade. 
The study attempts to establish whether the new – and relatively fixed – price tendencies are reflected in the structural changes of international trade and if so – to what extent.
The research is based on an analysis of statistical data on the world prices and the international trade volume and value. The time span covers, in general, the previous decade, and sometimes references are made to earlier data. For the world prices, the data of February 2012 are used.
The analysis concludes that there is no evident correlation between the new price relations and the commodity and geographical structure of international trade. This fact should be connected mostly with a compensating – in relation to price movements – effect of the relatively high dynamics of the exports of manufactured goods, particularly from China and other developing countries.


Małgorzata Fronczek 

Penetracja importowa polskiego rynku jako przykład procesów globalizacyjnych  [pdf PL]

Import penetration rate of the Polish market as the example of globalization processes

The aim of this paper is to discuss the changes the Polish foreign trade between 1995 and 2010. Especially, it attempts to analyze the level of import penetration of the Polish market. The statistical data of Central Statistical Office and WTO was used for the calculations. The data quoted in the paper indicate that the value and the volume of Polish exports and imports has significantly increased. Trends in the Polish foreign trade were similar to the trends in the world trade in the years 1995-2010. Between 1995 and 2010 the import penetration rate has increased from 25% to almost 50%. It means that about half of the Polish demand is supplied with imported products. The import penetration rate is the highest for machinery, different types of equipment and transport equipment. Almost 100% of our demand is supplied with the import of these products. It must be emphasized that these commodities are produced in Poland, but almost entire production is exported. It demonstrates that these goods are not adjust to the preferences/expectations of the Polish purchasers.

 
Andrzej S. Grzelakowski 

Globalizacja i jej wpływ na rozwój transportu morskiego i globalnych łańcuchów dostaw [pdf PL]

Globalization and its impact on the maritime transport and the development of the global supply chains

Globalization is in its nature a very complex economic and political phenomenon of the contemporary world. It both creates and stimulates the global economy development, simultaneously influencing  all spheres of activity carried out in this mega-system. The maritime transport belongs to one of them . On the one hand, it is exposed to a strong impact of the globalization processes and, on the other, the maritime transport itself affects these processes. The author analyses the relations existing between the world merchandise trade and the seaborne trade as well as a group of factors determining their dynamics and dimension in terms of value and volume on the one hand, and the world tonnage development as well as the quantity of goods transported by sea on the other. In such a way he attempts to: 1. identify and indicate some basic tendencies existing in this field of the global economy, 2. define a substantial effect of globalization for the maritime transport sector and its impact on the globalization processes and the development of the global supply chains. As a result, it can be pointed out that the maritime transport does not provide any barriers to further development of globalization, the world economy and global supply chains. Moreover, it has a great potential not only to stabilize their development, but also to strengthen and stimulate them on the global scale. 


Agnieszka Hajdukiewicz 

Protekcjonizm w handlu rolnym w czasach globalnego kryzysu i jego implikacje [pdf PL]

Protectionism in agricultural trade in times of the global crisis and its implications

In today's global economy, governments of many countries use a broad range of trade policy measures for the protection and promotion of their agricultural sectors. The main objective of this paper is to analyze the scale and forms of trade restrictions in the trade in agricultural and food products during the global crisis, as well as the causes and consequences of protectionism in agriculture. The method used are literature studies and an analysis of statistical data on trade and trade barriers coming from the database of the World Trade Organization (WTO). In the time of the global crisis, we see the rise of protectionist tendencies in the world agricultural trade. States, seeking to reduce short-term effects of the crisis, protect access to their agricultural markets and affect the export of agricultural commodities using instruments such as higher duties, anti-dumping and anti-subsidy measures, safeguards, sanitary and phytosanitary rules, export restrictions and subsidies. However, trade protectionism causes serious trade distortions, reduces international trade, produces large swings in prices and problems with food supplies, resulting in a threat to the processes of the global economic growth.


Joanna Hawlena 

Globalizacja jako wyzwanie i szansa dla transportu lotniczego [pdf PL]

Globalization as a challenge and opportunity for the air transport

Almost every branch of transport went through the classic process of evolution from a domestic business to global operations. In the case of aviation, its development took place within the international market almost from the beginning. By participating in the process of globalization, air transportation has become one of the most important creators of the dynamics in building transnational strategies for market expansion strategy. The cognitive aim of the considerations presented here is to identify the effects and interrelations occurring in the global market of air carriers, while a practical aim focuses on the mechanism of creating alliances and mergers. Direct studies have enabled to verify theoretical considerations empirically, as well as complement the analyses based on secondary data, using the method of synthesizing the source information processing. The study shows that the dominance in the global market of air carriers, in conditions of fierce competition, can only be reached by those operators that are able to create a strategy which enables to gain a specific range of advantages. Those carriers must also achieve a higher level of economic effectiveness and take over a wider range of demand within the strategic alliances.

 
Dorota Kuder, Justyna Wróblewska 

An influence of changes in the traditional factors of production on economic growth of the United States in the years 1979-2007 [pdf EN]

Wpływ tradycyjnych czynników produkcji na wzrost gospodarczy w Stanach Zjednoczonych w latach 1979-2007

The research purpose of the paper is measuring of the influence of the real capital input, the scale of employment and the technical-organizational progress on the dynamics of the United States economic growth in the years 1979-2007. The research hypothesis is the claim that, due to the relatively high population growth and waves of immigration, the scale of employment in the United States is potentially the biggest source of economic growth there. 

The applied research methods consist in the construction of an econometric model which comprises the impact of expenditure on real capital, the scale of employment and technical development (as defined by J.R. Hicks) on the GDP increase in the United States. The procedure proposed by Engle and Granger will be implemented. Additionally, a simple estimation of the degree of production capacities utilization in the American economy in the years 1997-2007 will be conducted with the application of the formula of the so-called Okun's law.



 
Andżelika Kuźnar 

Obrót własnością intelektualną jako element umiędzynarodowienia transferu technologii – skutki dla krajów wysoko rozwiniętych [pdf PL]

Trade in intellectual property as an element of technology transfer internationalization – effects for developed countries 

Knowledge has become the main factor of the economic growth and national wealth in the twenty-first century. Globalisation and an increasing international interdependence leads to increased technology internationalization, including research and development and intangible technology transfers in the form of patents or licenses, closely related to intellectual property. This article aims to determine the degree of technology internationalization and developments in this field in the main groups of countries. The transactions recorded in the balance of payments (item: royalties and license fees) as well as the technology balance of payments were analysed. An intensification of international transfer of licenses and other intellectual property rights is observed. Developed countries still possess a competitive advantage, but increased competition from other countries heavily importing new technologies and accumulating knowledge is clearly visible.

 
Joanna Michalczyk 

Wpływ globalizacji na rozwój polskiego przemysłu spożywczego [pdf PL]

The impact of globalization on the development of the Polish food industry 

The aim of the paper is to examine selected indicators characterizing the situation in the Polish food industry and to indicate the most important determinants that shape its present and future development. In this study, the following research methods were used: a descriptive method, an analysis of literature and statistical inference. Poland’s integration with the EU has become an important stimulus to the development of the food industry. Changes in the domestic manufacturing have both quantitative and qualitative meaning. This is shown by selected economic indicators, such as production sold, its branch structure and results of foreign trade. Nowadays, due to the progressive opening of the Polish food market to the processes of globalization (mainly because of the transnational corporations’ activity and increased attention to food security which has a very broad context) and the need of looking for new places of distribution for domestic products, the situation of the analysed sector is going to be shaped increasingly by the global trends.


Joanna Pietrzak 

Mechanizmy kreacji bogactwa a nierówności dochodowe i majątkowe [pdf PL]

Wealth creation mechanisms and the income and wealth inequalities

The question why some people are rich while the others have nothing, has been in the centre of interest of economists for many decades. Along with economic development, new tools of multiplying assets appear, leading to a growing disproportion between wealthy and poor social groups. Based on extensive literature studies, this article aimes at presenting the mechanisms of wealth creation and wealth accumulation in the historical perspective. The analysis is focused on income and wealth inequalities and leads to the conclusion that distribution of wealth appears to be based on a network effect that is applicable across societies and has little to do with individual differences. The growing role of financial markets, financial instruments and intermediaries, known as financialization, plays an important role in the distorted wealth distribution pattern. The global infrastructure of tax havens, enabling capital flight and tax evasion by wealthy individuals, also strongly contributes to the widening income and wealth gap.

Wealth creation mechanisms and the income and wealth inequalities

Przemysław Skulski 

Problemy transparentności na międzynarodowym rynku broni [pdf PL]

Problems of transparency on the international arms market

The issues of transparency of the international arms market induce large controversy. On the one hand, there is the increasing awareness of the importance of transparency to eliminate many negative phenomena (illegal arms sales and lobbying, corruption, etc.). On the other hand, researchers dealing with this subject know how difficult it is to collect actual and reliable data on the arms trade. The aim of this paper is to present selected issues related to transparency of the international arms market. It refers to the problems associated with registration of market transactions and its organization. Special attention was paid to the preparation of Arms Trade Treaty, which, in theory, is expected to ensure greater transparency while serving as a control mechanism.

Working Papers Institute of International Business University of Gdansk

CHALLANGES OF THE GLOBAL ECONOMY 

ISSN 1230-6444

Editor-in-chief: Urszula Mrzygłód: Urszula Mrzygłód

Editor of the issue 31/2: Krzysztof Dobrowolski

Graphic design of the journal's cover: Andrzej Taranek

Publisher Editor: Maria Mosiewicz

Scientific Board: Bohdan Jeliński, Danuta Marciniak-Neider, Janusz Neider, Ewa Oziewicz, Joanna Pietrzak

Publisher: Wydawnictwo Uniwersytetu Gdańskiego, Gdańsk 2012

 Paper form is the original version

PAŃSTWA TRANSFORMACJI SYSTEMOWEJ WOBEC WSPÓŁCZESNYCH PROBLEMÓW UNII EUROPEJSKIEJ / TRANSITION ECONOMIES IN THE FACE OF CONTEMPORARY PROBLEMS OF THE EUROPEAN UNION

Stanisław Ładyka

Liberalizm czy neoliberalizm w polityce gospodarczej państwa [pdf PL]

Liberalism or neoliberalism in the economic policy

Socio-economic development is driven both by the external circumstances and economic policy, which has a distinct history. Neoliberalism, which favours radical variant of the free-market economy, has underpinned the economic policy in developed countries. The proponents of neoliberalism often refer back to the origins of liberal economic thought and to Adam Smith. Yet, the fact remains that they go further than the father of liberalism. The aim of the article is to discuss liberalism and neoliberalism in the context of theory and social practice. It presents the evolution of the interpretation of the notion of economic liberalism. Neoliberalism, as practised in the globalised world economy, has made economic contradictions and imbalances even more acute, which is borne out by the current crisis. This fact is highlighted by many politicians and economists.

Eugeniusz Gostomski, Bohdan Jeliński

Wartości poznawcze koncepcji społecznej gospodarki rynkowej Ludwiga Erharda w dobie kryzysu integracji europejskiej [pdf PL]

Cognitive values of the Ludwig Erhard’s idea of social market economy in times of the European integration crisis

The main article is aimed at considering the Erhard’s idea of the social market economy which could be used to overcome the current conceptual and economic crisis in the European Union countries. The authors present the idea of ordoliberalism that formed the basis for social market economy initiated in the West German economic policy by Ludwig Erhard, which resulted in great advantages in the economic and social fields. The Erhard’s attitude to the European integration, cognitive aspects of the idea of the social market economy and the usefulness of this idea for solving the present debt crisis in the euro area countries is also analyzed. The authors believe that overcoming the present crisis requires – according to the philosophy of L. Erhard – abandoning non-competitive economic structures and developing economic structures that could meet the requirements of the markets in the era of globalization. At the same time, the purpose of any government is to create favorable framework conditions for economic growth of the country.

Monika Grottel

Naruszenia praw własności intelektualnej w kontekście kryzysu gospodarczego [pdf PL]

Infringements of intellectual property rights in the context of economic crisis

The main aim of the article was to indicate the dependency between the economic crisis on the global market and the increasing number of intellectual property rights infringements. The analysis of the intellectual property rights infringements on the European market and the analysis of the information published in the Report on the EU enforcement of intellectual property rights confirmed that the protection of IPR is a cornerstone of the EU economy and a key driver of its economic growth. Effective IPR enforcement in the age of the economic crisis is particulary essential for health and safety. Certain counterfeited products, such as foodstuffs, body-care articles and children’s toys, which are produced in an unregulated environment can pose a serious threat to citizens.

Anna Grydź

Zróżnicowania międzyregionalne jako wyzwanie polityk regionalnych na Litwie i w Polsce [pdf PL]

Interregional diversity as a challenge of regional policies in Lithuania and Poland

The purpose of the article is to present social, economic and territorial differences in the regions of Lithuania and Poland. Additionally, the paper includes an outline of the regional policy adopted in the countries being studied. The analysis was mainly based on statistical data published by the statistical institutes of the two countries (Central Statistical Office [Poland] and Lithuanian Department of Statistics) and studies of the Polish Ministry of Regional Development. The regions both in Poland and in Lithuania are not coherent in many aspects such as social (due to different conditions of life, employment opportunities, different level of remuneration, migration trends, etc.), economic (in terms of inequality of GDP produced per inhabitant, ability to absorb foreign capital) and territorial (differences in access to road infrastructure). Each country is making efforts to create a regional policy framework that would result in reducing these differences and thus, would increase the coherence of the whole country.

Olga Dębicka, Aneta Oniszczuk-Jastrząbek

Społeczna odpowiedzialność polskich przedsiębiorstw na tle wybranych krajów Unii Europejskiej [pdf PL]

Corporate Social Responsibility in Polish enterprises as compared with selected European Union countries

This article focuses on the presentation of a concept of corporate social responsibility undertaken by enterprises in selected countries of the European Union. Findings presented in this chapter are based on literature review, including interviews conducted with entrepreneurs, which became the basis for conclusions drawn by the authors. The reports and studies conducted among Polish companies were analyzed to show the degree of CSR understanding and progress made in implementing the principles of social responsibility, including its various tools in the Polish and EU companies. Basing on the analysis presented in the article, it can be stated that social responsibility is a strategic and long-term approach, based on the search for win-win solutions for all stakeholders of the company.

Alina Grynia

Warunki prowadzenia działalności gospodarczej na Litwie w latach 2006–2012 [pdf PL]

Conditions for conducting business activity in Lithuania in 2006–2012

The following paper is an attempt to examine the conditions under which business is carried out in Lithuania. To evaluate these terms the most important international rankings were used. The methodology of their construction was introduced and the results of seven years were summarized. The strongest and weakest points of the economy of Lithuania were identified and a comparison with other countries in the region was drawn. The analysis points to the conclusion that Lithuanian entrepreneurs operate in the legal and institutional environment which in some areas is similar to that of most countries of the EU, or even better (for example in the registration of ownership). However, there are some particular regulations that make the conditions of doing business in Lithuania much more difficult than for their European competitors. Among the areas in which Lithuania clearly lags behind the countries considered to be business-friendly in its regulations and procedures are the following issues: tax regulations and tax rates, labor on starting and closing business.

Jarosław Wołkonowski

Zróżnicowanie dochodowe na Litwie w latach 2000–2011. Wybrane zagadnienia [pdf PL]

Income differences in Lithuania in 2000/2011. Selected issues

The purpose of the article is to analyse differences in income in Lithuania during 2000–2011, and to study the trends of change of the phenomenon. In the period 2000–2011, research methods of studying income diversity changed (surveys on household budgets were conducted by the Department of Statistics assigned to the Government of the Republic of Lithuania). At the beginning of the studied period – in 2000–2008 – the average expenses of a household member were studied by grouping the data using the method of deciles. Later, household incomes were studied using quintiles. The data and the analyses presented in the article show that income diversification in Lithuania during the studied period changed, but it was much higher than the average of the EU-27. 

Stanisław Pilżys

Zmiany w polskim i litewskim sektorze elektroenergetycznym po akcesji do Unii Europejskiej [pdf PL]

Changes in the Polish and Lithuanian electric power sectors after the accession to the European Union

The purpose of the paper is to present the most important changes that have occurred in the electric power sector of Lithuania and Poland after their accession to the European Union. The states examined had to adjust their energy systems in accordance with the EU energy policy, which is to create an internal energy market for all Member States. The EU attempts to achieve that aim primarily through liberalization of local energy markets. Moreover, after the accession to the EU, Lithuania and Poland have taken the responsibility to reduce emissions of environmentally harmful greenhouse gases, which requires large investment in the construction and modernization of the existing outdated energy infrastructure. The phase of liberalization and adjustment to the EU environmental regulations does not run as smoothly as initially expected. Nevertheless, despite some slight differences in the speed of liberalization, there are indications that both Poland and Lithuania will achieve the stated objective of integrating their systems with the EU energy system and will reduce CO2 emissions.

Regina Klukowska

Sektor MŚP w rozwoju regionów Litwy [pdf PL]

Small and medium-sized enterprises in the development of the Lithuanian regions

Development of modern enterprises largely depends on the skills to compete on the market. Innovation is often a necessary condition so that the company could function at all on the market. The purpose of this study is to analyse the impact of small and medium-sized enterprises (SMEs) on the development of the districts of Lithuania. The article discusses the research results that represent the situation of smes in the districts of Lithuania in the period 2002–2010, on the basis of the data of the Department of Statistics of Lithuania. The article includes with statistics and graphical interpretation of individual groups of data. Most attention has been devoted to the discussion of the innovation of enterprises and the relationship with the created gross domestic product by SMEs in the districts.

Tomasz Czuba, Marek Szczepański, Tomasz Jurkiewicz

Kapitał relacyjny a wyniki ekonomiczne małych i średnich firm w Polsce [pdf PL]

Relational capital and economic results of the SME sector in Poland

SMEs have a dominant role in the Polish economy. The SME sector employs 6.6 million people representing 70% of the people working in the corporate sector in Poland. The purpose of this article is to present the problems of SMEs in building relationships with various market participants and in particular the impact of the quantity and quality of the relationship on the economic performance of the SME sector. The study was conducted in 2009 on a random sample of 1,346 small and medium-sized enterprises all over Poland. Descriptive statistics showed that mostly the positive development of economic indicators recorded the busineses with more and higher quality relationships with the business environment. Negative economic indicators of change, in turn, frequently showed businesses with very low rates of relational capital.

Cezary Mańkowski

Polski rynek usług TSL wobec kryzysu gospodarczego w Unii Europejskiej [pdf PL]

The Polish market of TFL services in the face of European Union economic crisis

TFL (transport, forwarding, logistics) domestic services market which is part of the European Union economic system is inevitably susceptible to all the phenomena occurring in the system. One of these phenomena is the global economic crisis, which seems to be present in a different shape, time and place. The support of this view in relation to the Polish economy, and in the context of the national market of transport services, freight forwarding and logistics services, is shaped rather on the basis of an economic evaluation carried out on the basis of journalistic reports, rather than the more balanced scientific evidence. Thus, it is reasonable to conduct research aimed at analyzing the development of the TFL market considering the Polish and UE macroeconomic indicators during the economic crisis. The research conducted showed that the domestic services market TSL did not decrease, but was still growing.