<abstract xmlns="http://www.w3.org/1999/xhtml">The spatial structure of the world is unequal, centres and peripheries alternate. There are significant social and development differences between countries in the world, but there is also an unequal development within the countries. The main purpose of the regional policy is to reduce spatial inequalities by catching up the underdeveloped areas. Nowadays, in the era of the Fourth Industrial Revolution, technological progress creates possibilities for developing regions to catch up, because new technologies require new skills that are less dependent on factor endowments of countries. Most economies are unable to create new technologies because they do not have the appropriate resources or their institutional environment does not favour innovation. However, technological progress can also be observed in these countries by adopting and applying new technologies effectively. This research aims to illustrate the regional differences in the conditions of technological progress in Europe, using multivariate statistical methods. Based on the European Regional Competitiveness Index, the research question to be analysed is whether new technologies may be able to decrease spatial differences. We compare the European regions in the field of innovation in order to highlight the critical areas that can promote or prevent the reduction of inequalities.</abstract>

Regional Differences in the Conditions of Technological Progress in Europe

<abstract xmlns="http://www.w3.org/1999/xhtml">Business transfer as a research topic awakened the interest of researchers in the past few decades. Business transfer is defined as a change of ownership of any firm to another person or legal entity assuring the continuous existence and commercial activity of the enterprise, and it encompasses different kinds of transfers both to family and non-family members. Ageing and consequently retirement are often mentioned as the reasons for entrepreneurs’ exits from the companies and intention to initiate the business transfer process. A successful business transfer process is one of the key prerequisites for long-term sustainability of small and medium-sized enterprises. There is a significant number of ageing business owners in Croatia who will exit their companies in the coming years. Considering the number of these entrepreneurs and the influence their exits can have on company stakeholders and national economy in general, it is of great importance to better understand the factors that can influence the choice of their exit strategies. The aim of the paper is to provide an understanding of the dilemmas that the ageing entrepreneurs face when considering different exit modes. The data for the study was collected through in-depth, semi-structured interviews conducted with six ageing business owners. The analysis of the interviews enabled the identification of the challenges that ageing entrepreneurs face in the business transfer process: emotional attachment to the firm, strong preference for family succession and concerns about financial security after retirement. Some of these challenges are a result of the undeveloped business transfer ecosystem, strong tradition and cultural values that imply family succession as the only acceptable exit strategy for retiring company owners in Croatia.</abstract>

Josip Juraj Strossmayer University of Osijek

Ageing Entrepreneurs and Business Transfer Challenges in Croatia

<abstract xmlns="http://www.w3.org/1999/xhtml">Model M means being young and being a role model for others in finding innovative employment or creating one’s own employment, and thus becoming and remaining an active citizen. In years 2012-2018, IRDO – Institute for the Development of Social Responsibility – implemented the project Model M Slovenia. The project started in the Podravje region, in years 2012-2014, with a small amount of money invested by the local community (The City Municipality of Maribor). Later (in years 2016-2018), it became a nation-wide Slovenian project funded by the EU’s Social Fund and the Republic of Slovenia. The purpose of the project was to empower youth with training, networking, counselling and active participation in the society to create their own models of success. In this paper, we present the Model M method (MMm) that we have developed through the Model M Slovenia project and its social impact on the employment of youth in Slovenia. With the Social Return on Investment (SROI), a method for social impact measurement, we present how the funds invested in the local pilot project were later multiplied tenfold on a national level within the project Model M Slovenia. The originality of the MMm, as presented in this paper, is in its requisitely holistic approach to youth training in terms of personal and social responsibility. The MMm is accelerating the (self) employment of youth and other unemployed persons. The MMm was created by a team of business practitioners and social responsibility researchers. Their aim was to practice and develop social responsibility, interdependence and requisitely holistic approach as a systemic behaviour, suggested by the global humankind in the ISO 26000 guidance standard.</abstract>

The Model M Method and Its Contribution to a Socially Responsible Society

<abstract xmlns="http://www.w3.org/1999/xhtml">The paper is intended to provide information on the trade war between China and the USA. It analyses the consequences of the trade dispute, discusses the impact on an Austrian company in the steel sector, gives an overview of possible strategies with which companies can reduce the negative effects of tariffs and discusses strategies that are good options for companies in the steel industry. The methodology applied included theoretical and empirical research based on quantitative analysis as well as quantitative research in the form of expert interviews. The results show that the trade war between China and the USA was in full swing until January 2020. The impacts do not only affect the parties involved, but also other parties such as the EU. Companies can use a variety of strategies to mitigate the negative effects of trade wars. The best strategy for a company depends on the structure of the company, its products and its competitors. The paper adds new insights to the existing literature on the trade war between China and the US and its effects, strategies to mitigate the negative effects of tariffs and discussions on optimal strategies for companies in the steel industry.</abstract>

Trade War between the USA and China: Impact on an Austrian Company in the Steel Sector

<abstract xmlns="http://www.w3.org/1999/xhtml">Government purchases represent an important part of the world economy. Selling to the public sector is a key business activity for certain industries or service providers. The public procurement segment’s attractiveness is also underlined by the security of payment and large extent of supplies. With globalisation as a worldwide phenomenon, businesses do not have to rely only on domestic institutions; they can enter international B2G markets as well. However, the ability of private companies to do business with foreign governments is limited by various national legislations as governments settle the procurement regulation with respect to their national interests. In the following overview article, the authors analyse the two main and typical procurement types – traditional procurement and public-private partnership – with regard to recent development trends, international regulatory framework, opportunities and barriers to entry for European businesses. The main goal of the paper is to define, based on this analysis, the main differences and possible synergies of the traditional procurement and public-private partnership while focusing on cross-border contracts. This paper can be regarded as useful for business, academia as well as the public sector.</abstract>

PhD Student at the University of Economics Prague

Traditional Procurement versus Public-Pivate Partnership: A Comparison and Synergies with Focus on Cross-border Contracts

<abstract xmlns="http://www.w3.org/1999/xhtml">Crises cause attentiveness in our society and awaken, depending on the degree of consternation, our ongoing interest. These events include financial crises, phenomenal incidents that shock the economic world and pose significant challenges for the governments. Two crises which stand out in this context are the Great Depression in 1929 and the financial crisis in 2007/2008. In addition to the comparative approach, the paper focuses directly on the typical repetitive mechanism (“recurrent pattern of banking and sovereign debt crises” (Reinhart &amp; Rogoff, 2011): overheating, the forming of a bubble and the bursting of the bubble, largely started in the USA. Specific aspects included in this research area are crisis management in the decades mentioned above, the role of governments and banks, as well as the observation as to which crisis can be expected next. We can conclude that the current monetary systems led by complex financial instruments and addicted to low interest rates are prone to deliver another serious financial crisis.</abstract>

Financial Crises in Comparative Perspective – Crisis Management and its Phenomenon of Repetition/Return

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Naše gospodarstvo/Our economy

 Naše gospodarstvo/Our economy – Journal of Contemporary Issues in Economics and Business (NGOE) is a quarterly, double-blind peer reviewed international scientific journal, focusing on economics and business sciences. Scientific articles and review papers provide new insights into the research topics of both disciplines. The journal aims to provide a venue for high quality theoretical and empirical articles that significantly contribute to the disciplines of economic and business sciences.   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