The investment policy and regional development of Serbia in the transition period

Our country can compensate the lagging in the economic development in relation to the EU countries as well as to the countries of the region only by increasing the economy's competitiveness, depending to a great extent on the possibilities of the economic entities investment in improving the attributes of the existing and development of new products and services, as well as on introducing modern technology and technological procedures. The transition program conducted by former socialist countries was highly based on foreign direct investments (FDI) enabling these countries the successful inclusion into global flows of international production and overall economy. In this paper the possibilities and sources of our economy investing will be analyzed and the influence on enhancement of the overall and regional competitiveness of the companies as a necessary condition for increasing the export and the overall economic development of the country

Национална економија

Serbian. У овом одељку разматрају се опште карактеристике националне економије. У првом делу приказан је њен историјски развој, који је обухватио привреду у средњовековној српској држави Немањића, преко развоја у оквирима турске феудалне државе, изградње самосталне српске државе након српских устанака и ослобођења од Турске, па до развоја у савременим условима 20. и 21. века. Тај вишевековни развој протицао је у сталним напорима да се превазиђе наслеђена економска заосталост, да се унапреди и модернизује привреда, односно да се претежно аграрна земља претвори у земљу с модерном индустријском привредом, али и уз отпоре изражене у супротној тенденцији да се одржи аграрни, односно сељачки карактер земље. Ипак, био је то процес који се уз мање или више осцилација, али у целини успешно одвијао све до пред крај 20. века. Међутим, почев од последње деценије претходног века земља је током процеса транзиције била деиндустријализована, тако да је сада на нивоу развоја од пре неколико деценија, и стоји пред поновним захтевима за (ре)индустријализацијом. У другом делу разматрају се актуелне карактеристике привреде Србије, подељене у четири сектора. English. In this chapter the main characteristics of the national economy will be considered. In the first part there is explored its historical development. It involves the economy of the middle century Nemanjićs’ Serbian state, through the development in the framework of Turkish feudal state, the building of independent Serbian state after the Serbian uprisings and liberation from Turkey, up to development in modern circumstances of 20th and 21st centuries. This many centuries development characterize constant efforts to overcome the inherited economic backwardness, to move up and modernize the economy, i.e. to transform the predominantly agrarian state to the state with modern manufacturing economy, but also with resistances represented in opposite tendency to keep agrarian, i.e. peasant character of the state. Although, it was the process, that successfully carried out until to last decade of 20th century. But, since this decade the state was deindustrialized through the transition process, so it is now on the level of some decade before, and state is confronted with the repeated need for reindustrialization. In the second part of this chapter the actual characteristics of the Serbian economy are considered, divided in four sectors

KLASTERI KAO MODEL POVEZIVANJA MALIH I SREDNJIH PREDUZEĆA U FUNKCIJI OŽIVLJAVANJA PRIVREDE SRBIJE

Izvesti privredni oporavak zemlje u tranziciji nije nimalo lak zadatak. Promena sistema privređivanja zahteva korenitu promenu u svim aspektima poslovanja. Da bi se oporavila privreda jedne zemlje sigurno je neophodno pored ostalog povesti računa i o organizaciji malih i srednjih preduzeća. Samoinicijativno povezivanje ovih preduzeća u klastere je sigurno jedan od dobrih iskustava zemalja Evropske unije kao i zemalja u okruženju. To je pre svega funkcionalna povezanost koja proizilazi iz same potrebe malih i srednjih preduzeća. Klasteri sami po sebi nisu dovoljni za rešavanje slabosti poslovnog okruženja, ali ukoliko postanu deo strategije povećanja konkurentnosti mogu značajno pridoneti postizanju pozitivnih rezultata koje samostalne politike ne bi mogle postići. Udruživanje u klastere dovodi do povećanja konkurentnosti preduzeća članica zahvaljujući povećanju produktivnosti rada, usvajanju inovacija, razvoju nove tehnologije i usvajanju najnovijih standarda kvaliteta. Imajući u vidu da je razvoj klastera u Srbiji još uvek u ranoj fazi, kao i nivo konkurentnosti preduzeća, neophodno je značajnije uključivanje države u smislu stimulisanja udruživanja, stvaranja institucionalnog okvira i povoljnog poslovnog ambijenta za uspešan razvoj ovih procesa

VERTICAL MANAGEMENT IN THE FUNCTION OF SALES // VERTIKALNI MENADŽMENT U FUNKCIJI PRODAJE

In this paper we have exposed the managerial vertical integration between production and sales companies in the functional marketing channels in order to successfully meet the needs of the end customer and higher profits for all members in the vertical chain. The classic principle of domination of marketing and business logistics represents an acceptable requirements in coordination, in terms of increased integration between production and sales companies. In the exposed situation, one-sided, insulated access strategies of marketing in terms of classical domination of marketing placement company represents an outdated approach. Often have graded covered value concepts of coordination raised the issue, which integrating principle should be taken into account when considering the relationship between the level of channel marketing to marketing procurement, business logistics and marketing investments. Such integration activities, which touch upon all levels of functional systems marketing channels, while procedural observation leads to the integrated process of creating the basic properties of a combination of marketing mix from production to the customer. Forming a connected, but also customer-oriented processes in the implementation of vertically and horizontally integrated concept of “package” offering all organizational units is the task of management in the process of creating usage and traffic levels of its components. In its framework a coordination can be established of organizational units integrated gradually covered by a set of values, which is no longer under control and domination by marketing investments. This set of features to create a combination of marketing mix includes complex, more functional relationships of exchange, which coordinates the “brain” for the definition of desire. Such a center is installed in the management of the key features of the “package” offer of production to customers, so that we can talk about a simple system of management of vertical co-operative marketing. The system of domination under the vertical cooperation increases the number of seats between the company and implemented functions through process-oriented mode in a series of properties to create a combination of marketing mix. Consequently, vertical cooperation follows the motive of restructuring business processes with respect to natural, customer-based process at firsthand. The multistage vertical distribution management system seems like a successfully agreed principle of coordination. It fits the motif of the restructuring of business processes, in order to increase the effective creation of a series of use and traffic combination of marketing mix. Organizational definition of such vertical cooperation can be realized through various concepts such as total quality management and customer proximity. At the same time, it doesn not lead to the integration of present organizational units, but only to their co-operative harmonization. In these circumstances the approach inherent MTK (Total Quality Management) becomes very prominent, in order to place a quality cooperative marketing and business logistics between production and retail companies. As an integrative principle of successful restructuring while supporting the total effectiveness of a functional system of marketing channels, we shall mention the pervasive concept of management oriented customers. The realization of the concept in functional systems of marketing channels indicates the need for the establishment of cooperative forms. In a tiered system of marketing channel tehere is a constant need for the whole company organizational units of production, trade and services (intermediaries in the distribution, service organizations in marketing), so there is the question of institutionalizing their coordination. In cooperation between the large manufacturing and retail companies including the internal business process-oriented organization management marketing mix investments, a powerful team in charge of the process is formed. If you include more organizational units in cooperation on customer-oriented management, a multilateral harmonizationmust follow, a company in the network values are referred to a kind of coordination. Such a network of companies is formed as an organizational form suitable just for medium-sized companies with complementary “package” offer, or a combination of its components which would meet the complex problems of customers. In this case, a coordination occurs of at least two participants in a functional channel marketing, so that in this case we can speak of his network. The management system in such a network takes, as a rule, the key company as a switchboard for defining desire. However, on this occasion the management system can be done through a team process, which consists of associate companies represented in the network to create the basic properties of a combination of marketing mix. A functional network marketing channel represents a successful harmonized form of vertical cooperation in highly complicated reproduction. By its integration, in particular, medium-sized companies can solve the problem by establishing a critical mass of cooperation. Thus opens a real space for an objective consideration of the effective management of relationships with customers and within its framework the role of retail and manufacturing companies. On the other hand, on the basis of exposed indisputable facts it can be stated that there is no rationalization and successful growth and development, if sales and production companies do not use a reliable and modern information technology for the establishment of cooperation in the framework of the management system. That way they can quickly react to the “critical mass”. Therefore, selling the company should be concentrated on the sensor reliable coverage of sales, automatic messaging and continuously promoting the development of products. Manufacturers need to commit to synchronizing the production, reliable unfolding operations and integrated product delivery. The aim of the strategy is the implementation of supply information and logistic instruments and measures to the real range offered to consumers, at the right place at the right time, in the right quantity, the right quality and at the lowest cost. Supply should be demand-oriented in the context of effective relationships with consumers

ULOGA PORESKE POLITIKE U EKONOMSKOM RAZVOJU SRBIJE

Zadatak ekonomske politike Srbije je da obezbedi dugoročno održiv privredni rast zasnovan na investicijama i izvozu, zaustavi i smanji spoljni dug i obezbedi rast zaposlenosti i povećanje životnog standarda stanovništva. Značajno mesto u ostvarenju ovih ciljeva pripada i fiskalnoj politici, koja širokim spektrom svojih mera obezbedjuje ostvarenje stabilizacione, alokativne i redistributivne funkcije na makro i mikro nivou. Poreska politika treba da doprinese da se otklone ključne makroekonomske neravnoteže privrede Srbije – visoka stopa nezaposlenosti i visok spoljno-trgovinski deficit a da se pri tome ne ugrozi medjunarodna konkurentnost preduzeća i povoljan privredni ambijent

RAZVOJNA POLITIKA I OCENA INVESTICIONIH PROJEKATA U MSP SRBIJE / DEVELOPMENT POLICY AND EVALUATION OF INVESTMENT PROJECTS OF SMALL AND MEDIUM ENTERPRISES IN SERBIA

Ensuring a favorable investment environment represents a very complex aspect of the development economic policy which entails a solid legislative framework, efficient and fair justice system, minimal administrative obstacles for investments, solid physical infrastructure, skilled and qualified workforce etc. Investment policy of the enterprise defines specific programs which accomplish the development goals. Basic principles, which represent the foundation for the development policy, are coordination with the major enterprise goals and absolute consistency with the development policy. Consequences of investment failures have impact not only on the enterprise, but also on the wider area or field of operations. Problems of rational investing, or efficient planning and realization of appropriate investment projects are categorized as key issues in the development of every enterprise. Small and medium enterprises in Serbia face low-liquidity levels and lack of their own investment resources for development and investment projects.Regardless of the choice complexity and frequent inability to evaluate and compare investments quickly, investment decisions are often based on intuition and empirical facts, rather than precise calculations. The exact scientific approach is indispensable, particularly in complex situations dominated by numerous conditioning factors, without disregarding the fact that following all estimates and evaluations, the choice and investment decision is made by the human taking into consideration immeasurable factors not included in the estimates, which however, effect the choice and investment decision. Investment decisions in our enterprises are still very often based on intuition and empiricism, while extensive research and investment argumentation is carried out only after decisions are made with the aim to obtain financial resources.Consequences of irrational and failed investments are enormous and immense. Their effect is not only limited to the company and all related organizations, but it also extends wider, frequently to the whole field in which the company operates. The greatest negative consequences of irrational investing are reflected in underdevelopment, and since they are not too clear and visible very little attention is payed to them. Over time, these consequences lead to absence of positive results, stagnation and losses, as well as gradual slowing down of the company, relative to other competitive enterprises, as well as stagnation in technological development and inability to effect its own development within required time frames.This is the reason why investment project are carried out with high interest rates of borrowed funds, mainly high interest loans with short-term returns. This kind of situation requires additional precautions in evaluating feasibility of investment projects, since investment failures carry major negative consequences both for the enterprise, and the area or field of operations

PRELIVANJE KAPITALA IZ REALNOG U BANKARSKI SEKTOR SRBIJE U TRANZICIONOM PERIODU

Realni sektor privrede Srbije poslednjih par godina posluje u uslovima hronične nelikvidnosti i visoke zaduženosti koji dovode do daljeg pada zaposlenosti i konkurentnosti preduzeća. Na drugoj strani, u istom periodu, bankarski sektor ostvaruje konstantan rast neto prihoda od kamata, naknada i provizija. Ova kontradiktorna kretanja otvaraju neka suštinska pitanja ekonomskog sistema, a pre svega da u celom tranzicionom periodu traje proces prelivanja kapitala iz realnog ka bankarskom sektoru. U radu će biti analizirani odnosi realnog i bankarskog sektora, ostvareni rezultati u kriznom periodu, posledice ekonomske politike na razvoj ovih sektora, kao i predlog mera za prevazilaženje trenutnog stanja