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Financial and economic crises repeat themselves at indefinite intervals. As in the Great Recession (also known as Subprime Crisis) of 2007/2008 there was a bundle of events and processes that preceded it and contributed to its emergence, whether it be economic, political, or ideological. Based on observations presented in this paper, explanations are suggested that crises are significantly related to the development of various indicators. Relevant indicators include the impact of economic indicators (e.g., GDP, key interest rates, debt ratios), capital markets and - as the current Corona Crisis shows - supposedly unforeseen factors or shocks. The study deals with a comparative analysis of indicators regarding both crises and the Great Depression, with the aim of identifying possible trends or patterns. It uses a comparative method and reveals some significant similarities. This insight can be seen as a support for the birth of further crises. The work aims to provide a contribution to current crisis research in a comparative context and to advance findings in the field of early warning and crisis education.

Innovation convergence is a deterministic process resulting from the change in micro and macro innovation determinants. It is characterized by firms' search for innovative opportunities in other economic sectors and in their development from mining through heavy industry to material processing sector, discovering new technologies that connect individual products to a more integrated global system, diversifying, ensuring technical scope growth, and start-ups contributing to new managerial leadership. The aim of this study is to contribute to our knowledge of convergence innovation by providing empirical evidence on it. To this purpose, we use a nonlinear time-varying factor model to test for convergence innovation and countries' club clustering. For the sample of 29 countries from 1995 to 2017, we identify two significant convergence clubs and one divergent group (Cyprus, Czech Republic, and The Netherlands). The empirical evidence indicates that innovation singularity could appear as a significant barrier and limiting factors for firms' and countries' growth in the future. Design and new product development trends in these countries follow a different decoupling path from the rest of the sample. Policymakers and practitioners should carefully evaluate innovation determinants and constraints (decoupling drivers) in setting up innovation policies on a micro and macro level.

The aim of the paper is to analyse the model of public-private partnership in Varaždin County for the purpose of developing educational infrastructure and strengthening the pedagogical standard. Design. A public-private partnership stands for a joint activity of the public and private sectors in the production of public goods or the provision of public services, either at the central government level or at the local self-government unit. The need for public-private cooperation is more common at the local level because global trends such as decentralization bind the local self-government to search for effective responses on their responsibilities. Based on the theoretical background of public-private partnership and the analysis of the external environment of the public-private partnership model on the example of the Varaždin County in the field of education, key factors that influence the model of public-private partnerships have been identified. Moreover, the effects of such partnerships between the public and private sector have been identified too, as well as the weaknesses, opportunities, and threats in applying such a model at the local and regional level and in the education sector. Findings. In order to increase the efficiency of the country in the terms of publicprivate partnership, the benefits of a public-private partnership model should be recognized and the limitations should be reduced by providing the set of standards for the co-financing the model of public-private partnership for each sector separately (education sector, public transport, healthcare, environment, public order and safety, energy and etc.).

Market circumstances have led some stakeholders to faster, and some to slower market adjustments. Integration and other forms of cooperation are part of business strategies of various actors in tourism. The result of such cooperation is often innovation, I n economic growth theory, both exogenous and endogenous, innovations are recognized as a key factor for sustainable long - term economic development. Authors have critically analyzed the selected case studies. Therefore, the qualitative research method was applied. The cooperation between various stakeholders in tourism can be the basis for achieving market competitiveness by offering innovative tourist products in accordance with consumer needs. Cooperation with stakeholders is a prerequisite for innovatio ns of tourism products and for designing the more customized experience and should be further explored.

Upon a the end of the vicious war in former Yugoslavia in 1995, international development community widely promoted microfinance as the key development framework to eradicate poverty, create jobs, increase income. Widespread claims were made that microfinance institutions would play vital role in creating a bedrock for sustainable “bottom-up” economic development trajectory, thus, helping newly formed states to find proper way from economic post-war depression. This uplifting neoliberal narrative has no empirical support in the Republic of Croatia. Firstly, the type of enterprises created via microfinance sector are small, unskilled, labor intensive, no technology and with huge debt burden. This results in extremely high failure rates of microenterprises and poor individuals plunging into even deeper poverty, acute indebtedness and social marginalization. Secondly, evidence shows that microcredit is exact reflection of dangerous and destructive sub-prime lending model with “boom-to-bust” scenarios in which benefits are solely extracted by the tiny financial and political elite working around the microfinance sector. We argue that microcredit providers are not proper financial structures through which developing countries should look way out of underdevelopment and poverty. In order to achieve sustainable long-term growth goals, public policy needs to focus on creating, supporting and facilitating the small and mid-size enterprises development. These enterprises should be technically sophisticated, capable of creating new capabilities and innovations, with managerial expertise (skills formation) and inter-connected with other organizations (i.e. clusters, networks, supply chains, etc.). Evidence from South-East Europe suggest that such structures are not created via microfinance model but can be fostered through various forms of social enterprises. Various legal entities may operate as social enterprises: limited liability private company, limited liability public company, cooperative, associations, foundations, institutions, Mutual Insurances and Credit union. Our main hypothesis is that cooperatives are potential agents of social and economic transformation and community development in the region. Financial cooperatives are structures that can foster more efficient allocation of financial resources involving deeper democratic arrangements and more socially just outcomes. In Croatia, pioneers of the first social enterprises were civil society organizations whilst forming a separated legal entity. (i.e. cooperatives, associations, commercial companies working on the principles of returning the investment to the founder). Ever since 1995 cooperatives in Croatia have not grown by pursuing their own internal growth but mostly by relying on external financial support. The greater part of today’s registered cooperatives tend to be agricultural (39%), followed by war veterans cooperatives (38%) and others. There are no financial cooperatives in Croatia. Due to the above mentioned we look at the historical developments and the prevailing social enterprises forms and discuss their advantages and disadvantages as potential agents for social and economic transformation and community development in the region. There is an evident lack of understanding of this business model and of its potential for social and economic development followed by an unfavorable institutional environment. Thus, we discuss the role of governance and management in the formation of social enterprises in Croatia, stressing the challenges for the governance of the country’s social enterprise movement.

Tržišta (ekonomije) nastaju kao proces iz same društvene zajednice a ne izdvojen od nje. Hipoteze o nemogućnosti postojanja tržišta unutar zajednice nego isključivo izvan nje i teza o vođenju tržišta isključivo kroz mehanizam potrošačkih glasova i pozitivističke paradigme pogrešna je i opasna te dovodi do naglašenih kriza i dramatičnih posljedica po ekonomiju i svijet. U radu su predočeni dokazi koji ozbiljno narušavaju temelje neoklasične dogme koja dominira u standardnim uđžbenicima iz ekonomije. Prvi dokaz izveden je u obliku prvog modela ekonomskog rasta definiranog prije 2.500 godina kao rezultat individualnih i kolektivnih fenomena u drevnoj Indiji te dijelom kao rezultat tada dostupne empiričke analize. Drugi dokaz odnosi se na postojanje tržišta ječma kao integralne sfere zajednice u drevnom Babilonu u razdoblju 385 –61 P.K. Ekonomska znanost ne smije promatrati ekonomiju kao predmet izučavanja kroz objektiv u kojem su zemlja, rad i novac tek objekti na tržištu. U takvim se okolnosima prenaglašava utjecaj tržišta a umanjuje važnost i uloga zajednice. Nova ekonomika kao znanost mora nastati kroz formulaciju interpretativne, pozitivističke i omni paradigme u kojoj će dominirati kvalitativni i kvantitativni pristup ekonomskoj znanosti. Tržište i ekonomija kao predmet izučavanja ekonomske znanosti koji nastaju kao rezultat društvenih procesa razmjene i proizvodnje manje su zlo za čovječanstvo od tzv. mainstream moderne ekonomije temeljene na nizu međusobno povezanih pogrešnih kalkulacija i izračuna sa tezom o savršenoj racionalnosti ekonomskih agenata u središtu svega. Bolonjski je proces, na žalost, samo učvrstio pozicije neoklasične mainstream ekonomije u obrazovnom procesu pretvarajući studente u tek puke promatrače “virtualnih igrica, modela” koji se odvijaju u nerealnom svijetu umjesto da studentimapruži priliku promišljati o svijetu i nastojati ga izmjeniti. Mainstream ekonomija pokušava učiti studente kako svijet funkcionira (i to pogrešno) umjesto da im da instrumentarij pomoću koga će onisami moćispoznati svijet i definirati ga kroz vlastito znanje.

Academic analyses and impact evaluation studies produced by the international development community almost all conclude that the microfinance model has made an important net contribution to the economic and social recovery of post-war Bosnia and Herzegovina (hereafter Bosnia). However, as we now are finding is also the case in many other countries, these far-reaching claims are almost entirely based upon often deliberately flawed impact evaluation methodologies and inappropriate success criteria. This article provides an alternative assessment of the available evidence accumulated to date which, in our opinion, actually shows that the microfinance model has made a distinctly negative contribution to Bosnia's reconstruction and development effort. We argue, centrally, that the microfinance model has assisted the Bosnian economy to move to an unsustainable institutional development trajectory marked by the deindustrialisation, informalisation and infantilisation of the enterprise sector. More widely, we argue that the microfinance model in Bosnia has led to a sub-prime-style episode in Bosnia's post-war history, one that has materially benefitted a tiny elite working within and around the microfinance sector whilst simultaneously destroying many of the most important pillars of the Bosnian economy and society. We find that the best possible explanatory framework for what has transpired in postwar Bosnia is contained in the "control fraud" concept developed by William Black.

This paper investigates the controversy and dynamics of corporate social responsibility in the Croatian banking sector. From 1995 onwards Croatia pretty much fully accepted Wall Street-neoliberal global policy experiment which led to loss of local social solidarity. Firstly the banking sectors channeled its domestic savings mostly towards household microloans, while other sectors, those representing the engines of sustainable economic and social development, are therefore denied bank credit. When choosing to channel local savings between very risky and low profit SME projects or high profit and low risk household loans, Croatia’s private commercial banks have chosen the second. Second, the international donor community established a number of microfinance institutions (MFIs) in order to promote very small-scale entrepreneurship among poor individuals and families. Significant numbers of MFI clients ultimately failed and many of these poor individuals ended up in deeper poverty than before they had accepted microloans. As a result, in the period 1999-2008 household loans grew by 584% while enterprise loans grew ‘only’ 278% creating heavily indebted nation with disastrous socioeconomic implications. Therefore, while on one hand banking sector donates funds that generate social and economic benefits to its community, on the other, by enormous household credits expansion, it paves the way toward vicious circle of poverty. Such credit policies produce many negative externalies and represent a burden to sustainable long term social and economic development. This paper also explores and compares how certain practices evolve as a result of various social and economic determinants within the region as well as of global factors such as the international practices of well recognized multinational companies, nongovernmental institutions etc. On the end we stress out some of the experience and expectations evolving from CSR, specifically in the banking sector, and provide some ideas on how to stimulate and apply such cross-border learning. We organize our paper as follows. Section 2 discusses theoretical framework and some facts about CSR practices. Section 3 analyses economic and banking sector development in Croatia. Section 4 stresses out the data on Croatian private banking sector operations and its implication on socio-economic development. Section 5 sets out experiences and expectation evolving from CSR with an emphasis on the banking sector. Section 6 brings concluding remarks.

The economic policy regime that has dominated global economic policy making since the late 1970s is often termed the Wall Street-neoliberal policy regime (also called the ‘ Washington consensus’ ). This policy regime was the preferred choice of the US government, the World Bank and IMF, and Wall Street’ s (now deceased) high-profile investment banks (see Gowan, 1999 ; Stiglitz, 2002 ; Elliot and Atkinson, 2008). One reason for this preference, we are now coming to realize with greater clarity, was that it was a policy regime overwhelmingly meant to primarily benefit the richest developed countries and their key institutions and individuals, especially in the USA, far more than it was meant to benefit the poor countries actually expected to adopt it (see also Oyelaran-Oyeyinka and Rasiah, 2009). Of course, many local economists in these countries, as well as many high-profile international economists with experience of developing countries (see for example, Taylor, 1994 ; Amsden et al, 1994 ; MacEwan, 1999), were not unaware that such a policy regime had effectively destroyed many developing countries in the past. But such realists/sceptics had little effective power to stop the policy juggernaut coming from the powerful western countries. From 1995 onwards Croatia was pretty much a full and willing participant in the Wall Street-neoliberal global policy experiment, notwithstanding some hedging and backtracking on the part of those previously fully enamoured (for example, see Šonje and Vujčić, 2003). The full impact of this policy regime choice has yet to be felt in Croatia. However, there are few optimistic portents that suggest that Croatia will avoid a serious economic downturn. This paper looks at one policy area where the flawed Wall Street-neoliberal policy regime played itself out in Croatia. As elsewhere in South East Europe (Bateman, 2003), after 1995 the Croatian government was strongly recommended to offer its full support for the concept of microfinance

The economic policy regime that has dominated global economic policy making since the late 1970s is often termed the Wall Street-neoliberal policy regime (also called the ‘Washington consensus’). This policy regime was the preferred choice of the US government, the World Bank and IMF, and Wall Street’s (now deceased) high-profile investment banks (see Gowan, 1999 ; Stiglitz, 2002 ; Elliot and Atkinson, 2008). One reason for this preference, we are now coming to realise with greater clarity, was that it was a policy regime overwhelmingly meant to primarily benefit the richest developed countries and their key institutions and individuals, especially in the USA, far more than it was meant to benefit the poor countries actually expected to adopt it (see also Oyelaran-Oyeyinka and Rasiah, 2009). Of course, many local economists in these countries, as well as many high-profile international economists with experience of developing countries (see for example, Taylor, 1994 ; Amsden et al, 1994 ; MacEwan, 1999), were not unaware that such a policy regime had effectively destroyed many developing countries in the past. But such realists/sceptics had little effective power to stop the policy juggernaut coming from the powerful western countries. Typically, by offering high financial rewards, study tours to prime institutions in the west, juicy consultancy work, prestigious contacts and other attractions, a local policy elite was carefully nurtured in each country willing to ‘fight from within’ on behalf of the Wall Street-neoliberal policy regime. However, if serious resistance was encountered in developing or transition countries, then the Wall Street-neoliberal policy regime could still be imposed through conditionality and other pressure techniques. Today, things have changed dramatically. The Wall Street-neoliberal policy regime is now effectively dead (though resuscitation is being attempted by some die-hard market fundamentalist institutions and individuals, especially in the USA). The Wall Street-neoliberal policy regime is universally seen as directly responsible for the most serious worldwide economic crisis since the Great Depression, which was itself, of course, a direct outcome of an almost identical extreme free market policy regime as the Wall Street-neoliberal policy regime (see Polanyi, 1944: Galbraith, 1955). Thanks to the simultaneous popping from late 2007 onwards of a number of bubbles in the US economy (credit, housing, investment, speculation, hedge fund, etc), a ‘perfect storm’ of economic problems was set in motion. The US economy is now effectively bankrupt and currently desperately struggling to rescue huge swathes of the American industrial and financial system through Keynesian-inspired spending plans, bail-outs and state ownership. The US trade deficit and national debt are largely financed by the Chinese government’s purchase of (supposedly safe) US Treasury bonds and other assets. The US government’s closest ideological ally since the Reagan-Thatcher axis of the 1980s, the UK, is the other country that has most dramatically declined since late 2007. Since late 2007 it has had to effectively nationalise its entire banking system (raising public debt to levels last seen just after the Second World War), while also bailing out large areas of the economy in order to stave off potentially massive job losses. Several previously high-performing ‘role model’ economies that, like the UK, also chose to closely follow Wall Street-neoliberal policies have already effectively collapsed (Iceland), are on the verge of collapse (Ireland) or have registered dramatic economic decline (Spain). The other major world economies much less enamoured with the Wall Street-neoliberal policy regime have also been plunged into a vicious economic downturn (Japan, Italy, France, Germany). After some delay, the fast developing and transition countries have now begun to feel the pain, with huge problems registered in Hungary, Ukraine, the Baltic states, Russia, China, South Korea and elsewhere. The least developed countries are also expected to decline substantially moving into 2009. From 1995 onwards Croatia was pretty much a full and willing participant in the Wall Street-neoliberal global policy experiment, notwithstanding some hedging and backtracking on the part of those previously fully enamoured (for example, see Šonje and Vujčić, 2003). The full impact of this policy regime choice has yet to be felt in Croatia. However, there are few optimistic portents that suggest that Croatia will avoid a serious economic downturn. This paper looks at one policy area where the flawed Wall Street-neoliberal policy regime played itself out in Croatia. As elsewhere in South East Europe (Bateman, 2003), after 1995 the Croatian government was strongly recommended to offer its full support for the concept of microfinance. Two subsequent developments are noteworthy. • First, the international donor community arrived to help establish a number of functioning microfinance institutions (MFIs). After some delays due to a lack of support from the then Croatian government, three MFIs were established in Croatia with international donor funding – DEMOS, MikroPlus and NOA. All three MFIs received significant international donor funds in order to promote very small-scale entrepreneurship among the so-called ‘entrepreneurial poor’. • Second, after 1995 the Croatian government immediately began to restructure the banking system. According to the Wall Street-neoliberal policy regime, this called for the full privatisation of the main commercial banks, ideally to powerful foreign banking groups. The pressure on the Croatian government to implement this core aspect of the Wall Street-neoliberal policy regime was significant. The World Bank and IMF, of course, operated on the basis of full privatisation of the banks was absolutely imperative. Other institutions also got in on the act of persuasion. For example, through the UK government’s DFID, advice to the Croatian Ministry of Finance was to move very rapidly towards the full privatisation and sale to foreign-owned commercial banks of Croatia’s main banks, and to avoid any contact whatsoever with seemingly better policy models - especially the very positive experience emerging in neighbouring Slovenia where a state-led/policy-based banking model was highly successful in supporting SMEs (for example, see Chapman et al, 2008). The predictable result was that the newly privatised and largely foreign-owned commercial banks in Croatia massively jumped into the provision of simple household microloans. Rising from almost nothing in 2000, by 2006 the volume of household microloans had begun to approach 35% of GDP, probably the highest level in all of Eastern Europe (Kraft, 2006). Discounting the proportion of household microloans aimed at house purchase (around 30%), a very large amount of financial support has been packaged up into what we might call ‘traditional’ microloans (up to €5, 000) that can be used for virtually whatever use the borrower wishes – consumption spending or simple income-generating projects. So has this very large dual expansion of microfinance in Croatia since 1995 helped to promote sustainable economic and social development? We think not. Instead, we would argue that this microfinance largesse has been a manifestly deleterious factor in Croatia’s post-conflict development economic and social development trajectory. There are two main inter-related problems. First, empirical research by the authors around the three MFIs in Croatia (see Bateman and Sinković, 2007, 2008) shows that, very much as elsewhere in South East Europe (see Bateman, 2003, 2007, 2008), MFIs operating in Croatia have largely played a destructive role in terms of promoting sustainable development and poverty reduction in Croatia, viz: • A local over-supply of the simple goods and services produced by new MFI-supported microenterprises has tended to precipitate a decline in the local prices of these products and services, which then negatively affected the operating margins and incomes of already struggling non-client small-scale microenterprises operating in the same local markets. The ‘fallacy of composition’ dilemma, a staple of year one University economics courses, was clearly not recognised in this context. • Employment displacement effects have been very high, meaning that new microfinance-induced microenterprises simply displaced employment in other non-client microenterprises producing the same basic goods or services. Net employment has thus been very limited. • Significant numbers of MFI clients ultimately failed (probably the majority ) and many of these poor(est) individuals ended up in deeper poverty than before they accessed their microloan. We know that failure of a microenterprise often necessitates having to repay the original microloan by liquidating family assets - family savings, apartments, family land, and so on – as well as going even further into debt. This is, of course, why failure rates appear quite high in Croatia, but repayment rates nevertheless remain impressive. But what this also means is that very many of the poorest individuals who end up failing in their microenterprise venture are therefore plunged into even deeper poverty and asset insecurity than before. Moreover, we found that some methods of repaying a microloan signify very little real impact indeed - in the dairy sector, for example, those that just about survived only did so and repaid their microloan by tapping into Croatian government subsidies for small-scale dairy producers. • The construction of sustainable and efficient (i.e., minimum efficient scale of operations) industrial and agricultural sectors tends to be held back by microfinance. We illustrate this with the example of the dairy sector in the Karlovac region. A well-functioning dairy sector in the region would have been a major boost to this region’s chances of recovering from the war. However, little progress was made thanks to the artificial market chaos brought about by the poverty-push entry of tiny microfinance-supported producers, who absorbed market demand away from potentially sustainable producers, thus raising their unit costs and introducing uncertainty at precisely the wrong time. Moreover, the Croatian government also lost valuable financial resources (and time) thanks to the subsidies made available to ‘3-cow and above’ dairy farms that quite predictably failed to survive. • There was an important loss of local social solidarity. This largely transpired when it became clear that all three MFIs were quietly and carefully converting into financial institutions privately owned by their key employees and close associates. This is taking an institution out of the (potential) control of the community and into the hands of small group of individuals who are gradually coming to see their own personal job security and financial enrichment to be the operative goals of the MFI. In addition, reflecting a disturbingly unethical trend in the microfinance industry worldwide (re: dramatically in the case of BancoCompartamos in Mexico – see Bateman, 2009), significant donor grant funding offered to the three MFIs ‘to support the community’ is in process of being privatised into the personal ownership of the handful of employees and their associates most active in all three MFIs. Second, while the theoretical and empirical finance literature has focused almost exclusively on enterprise credit, Beck et al (2008) found that more than half of the credit extended by banks to the private sector in a sample of 45 developing and developed countries is to households. Given finite financial resources, this raises the obvious issue of opportunity cost. Domestic savings mobilisation channelled towards household microloans will mean, among other things, that other sectors are therefore effectively denied bank credit. Crucially, Beck et al, (2008) find this household microloans trajectory to be sub-optimal. Yet this trajectory is indeed what has been occurring in Croatia since around 2000. Faced with the choice of channelling local savings towards very risky and low profit SME projects, or else towards high profit/low risk household microloans, Croatia’s private commercial banks have widely opted for the latter. However, as predicted (Bateman, 1995) and as transpired everywhere in South Eastern Europe (Bateman 1999, 2008), this effective diversion of domestic savings into simple ‘Grameen Bank-style’ microfinance programmes and away from industry-based and technology-/innovation-driven SME development has been quite deleterious for Croatia’s economy. And as a host of international organizations continue to report (see OECD, 2007), Croatia’s SMEs continue to have major problems accessing affordable finance. In terms of new start-ups, expansions and for routine productivity-raising investments (e.g., equipment, business accommodation, training), the situation is that few financial institutions want to develop a major loan portfolio here. It is therefore no surprise to find that the Croatian SME sector has, in general, failed to develop through incremental reinvestment and industrial upgrading. Moreover, this microfinance-led strategy entirely contradicts the development experience of all developed countries and the richest developing countries of the last forty years. As Ha-Joon Chang (2002, 2006, 2007), Alice Amsden (2001, 2007) and Erik Reinart (2008) all vividly point out, today’s rich developed economies and the more recently wealthy East Asian ‘Tiger’ economies all managed to succeed in sustainably reducing poverty not through microfinance and the resulting volume of simple informal sector microenterprises, but by deliberately steering a very large percentage of national financial resources (i.e., domestic savings) into relatively technology-intensive microenterprises and SMEs and larger business projects located in potentially growth-oriented markets. Finally, and of most immediate concern today, there are growing fears that a microloan repayments crisis is around the corner (see Coricelli, Mucci and Revoltella, 2006). The current reversal in global economic fortunes is for sure undermining those income-generating projects started in Croatia with household microloans. Moreover, the fact that most (around 80%) household microloans are Euro- or Swiss Franc-denominated, and thus subject to inevitable adverse exchange rate movements against the local currency, means that today average monthly repayment rates are actually moving higher. As Kraft (2006) emphasises, this household microloan risk is not confined to Croatia by any means. But even if current repayment rates are nevertheless maintained in Croatia in the face of deteriorating economic conditions, which Kraft (2006) reports so far seems to be the case, we also know that this simply means that many of those individuals in micro-debt are being forced to repay their microloans through other means – such as going into even further indebtedness (multiple microloans are rising), depleting other important financial flows (e.g., remittance income, pensions) or else liquidating important family assets (e.g., savings, land, buildings, apartments, etc). However, all three ‘fall-back’ methods of microloan repayment imply that the poor in Croatia are being stripped of many of their most important family assets and income flows at a time when they will need them in order to survive the coming financial firestorm intact. All told, as even the Croatian National Bank (HNB) is now starting to realise (for example, in terms of stimulating consumer goods imports and undermining the BoP, see Kraft, 2006), we suggest that very much damage has been done to the Croatian economy through toleration of the emphasis upon household microloans. We conclude that microfinance has likely been a seriously deleterious factor in the post-conflict economic and social reconstruction and development of Croatia.

The international development community has increasingly positioned microfinance as one of its most important poverty reduction, local labour market and local economic and social development policies. The enormous appeal of microfinance is based on the widespread assumption that simply providing access to credit will automatically catalyse poor individuals into entrepreneurial activity, thereby establishing a sustainable ‘ bottom-up’ economic and social development trajectory based upon rafts of new and expanding microenterprises. However, it is increasingly coming to be recognised that such claims for the power of microfinance are actually backed up by very little solid empirical evidence. In this paper we report on a survey of the microfinance sector in Croatia. Our results suggest that the microfinance model has actually undermined the chances of sustainable economic and social development in Croatia.

This article explores the dynamics of the discourse and practice of corporate social responsibility (CSR) in Istria County. It shows how the cultural and socioeconomic influence the way ideas are raised, the kinds of questions considered relevant, and the sorts of solutions conceived as desirable and possible. Furthermore, the article traces how expectations and practices evolve as a result of various social and economic factors within the region and, increasingly, as a result of global influences such as, the international practices of multinational companies, nongovernmental organization. The article closes with reflections about what can be learned from the experience with CSR and how to stimulate and apply such cross-border learning

The baseline of the Solow model suggests that sustainable long term economic growth is determined by population growth and exogenous technological progress assigning relatively limited role to capital deepening. There has been much controversy along this theoretical and empirical framework which led to development of new growth models that has challenged Solow conclusions. The basic question remains – does the Solow model accounts for difference in growth rates for all countries? Prior analysis on Croatian economy (M.Skare, 2001) reveals that Solow model does not work out for Croatia during the period 1952-1990 when the results suggested negative impact of technological progress on growth rates. What was the main cause for such findings? The main reason for the technological decay in the centrally-planned economy (before 1990) was largely due to a poor depreciation policy which did not leave much resource for R&D. Part of the most recent literature on economic growth, carried out by De Long and Summers (DLS Model), investigated correlation between equipment investment and economic growth and found that equipment-growth nexus is to be very strong. Our results for Croatian economy during the period 1960-2006 are in line with DLS findings.

U radu je bilo riječi o strateškim partnerstvima u tehnološko – trgovinskim i investicijskim suradnjama. Definiralo se strateško umrežavanje malih i srednjih poduzeća, prednosti i nedostaci strateškog umrežavanja, strateška partnerstva, sadržaj i manifestacije strateških partnerstava u cilju postizanja nužnih revolucionarnih promjena, sporazum o partnerstvu, strateška partnerstva u funkciji prevencije i eleminiranja kriza, odnos strateških partnerstava i konkurentnosti, te uloga strateških partnerstava u penetraciji i transferu tehnologije u poduzeća. Nadalje, u radu su se objašnjavala tehnološko – trgovinska i investicijska strateška partnerstva, te su se prikazivali primjeri istih, sa fokusom na analizi strateških partnerstva EU: strateško partnerstavo EU sa SAD-om, Kinom, Indijom, te Hrvatskom kroz partnerstvo Hrvatske i Europske komisije za korištenje EU strukturnih i investicijskih fondova za rast i radna mjesta. The paper discussed strategic partnerships in technological - trade and investment cooperation. Strategic networking of small and medium-sized enterprises, advantages and disadvantages of strategic networking, strategic partnerships, content and manifestations of strategic partnerships in order to achieve necessary revolutionary changes, partnership agreement, strategic partnerships in the function of crisis prevention and elimination, relationship between strategic partnerships and competitiveness, and the role of strategic partnerships in the penetration and transfer of technology in companies. Furthermore, the paper explained technology-trade and investment strategic partnerships, and presented examples of them, with a focus on the analysis of strategic partnerships of the EU: strategic partnerships of the EU with the USA, China, India, and Croatia through the partnership of Croatia and the European Commission for the use of EU structural and investment funds for growth and jobs.

Svrha ovog rada je definirati svjetski fenomen globalizacije, koji danas predstavlja izazov za suvremeni svijet, a čiji utjecaj ne možemo izbjeći s obzirom da je prisutan u svakom pogledu života. Nakon objašnjenja što je globalizacija, cilj je bio dublje istražiti i sagledati aspekte globalizacije. Mnogi napadaju globalizaciju kao lošu stvar, ali zanemaruju njezine pozitivne učinke. Za zagovornike globalizacije, koji su još više neuravnoteženi, jest napredak zemlje u razvoju koju moraju prihvatiti ako žele rasti i suzbijati siromaštvo. No iz dosadašnjeg iskustva zemljama u razvoju globalizacija nije donijela obećane gospodarske blagodati već je stvorila još veći jaz među zemljama. Tako ljudi u Trećem svijetu žive u krajnjem siromaštvu, s manje od jednog dolara na dan. Unatoč danim obećanjima da će se siromaštvo smanjiti, ono se još dublje ukorijenilo među ljude i povećao se broj siromašnih.

Crises trigger attention in society and arouse our further interest, depending on the degree of the concern raised. In the recent past, this was the case with the financial crisis with the label ‚Great Recession‘ which started in 2007 in the USA. And as history shows, global crises are not isolated phenomena. They repeat themselves at indefinite intervals. Another well-known crisis is the Great Depression of the 1930s, and both represent two special examples that are familiar to economists in particular and sober contemporaries in general. The origin of both crises in the USA is obvious and opens space for some relevant commonalities in both events. The topic of this dissertation is based on a comparative crisis debate induced over a couple of years. In a first step the dissertation aims to evaluate essential parallels and distinctions regarding both crises methodologically via a comparative analysis and to illustrate the phenomenon of repetition that is their characteristic mechanism. In addition, the focus is on the accompanying fiscal policy circumstances of crisis management, which can be assigned to specific economic theories for each era. In the upper context there was always caution and fear that such events, which have jolted the economy as a whole, may be repeated. In fact, this is exactly the kind of situation we are in right now. With the so called ‚Corona Crisis‘ we have been experiencing a new crisis since the first quarter 2020. It will broaden the scope of the study. Based on observations presented in this work, explanations are suggested that crises are significantly related to the development of various indicators. In particular, it's about the impact of economic indicators like GDP, key interest rates or debt ratios and - as the Corona Crisis shows - supposedly unforeseen factors or shocks. The study deals with a comparative analysis of indicators regarding the three mentioned crises, with the aim of identifying trends or patterns to use these insights as a support for the birth of further crises. The work aims to provide a contribution to current crisis research in a comparative context and to advance findings in the field of early warning, crisis education and recommendations for future crisis avoidance. Rad ne sadrži sažetak na drugom jeziku.

Država svoje tekuće i redovite prihode stječe u obliku poreza, carina, taksa, naknada, doprinosa i javnog duga. Porezi su jedni od najvažnijih prihoda s kojima država pokriva rashode. Privlačan porezni sustav se zasniva na četiri važna načela: provedivost i jednostavnost, pravednost, elastičnost i izdašnost, te ekonomska učinkovitost. Država ima svoje troškove, odnosno rashode, tako mora imati i prihode kako bi pokrila troškove. Kada se dogodi da su prihodi manji od rashoda, država se mora zadužiti. Kako bi se dogodile promjene u državi potrebno je mijenjanje gospodarskog, socijalnog i političkog sustava. Za uspješno ostvarenje promjena mora doći do izmjene u poreznom sustavu. U vrijeme kad je Hrvatska bila dijelom Jugoslavije, porezni sustav sastojao se od neposrednih i posrednih poreza. Neposredni porezi odnosili su se na fizičke i pravne osobe, a posredni porez bio je porez na promet. Glavna zamjerka u poreznom sustavu u Republici Hrvatskoj je porezna nestabilnost zbog učestale izmjene poreznih propisa. Prema podatcima je zabilježena da je u periodu od 2012. do 2015. godine došlo do 44 izmjene ili nadopune poreznih propisa. Stalnom izmjenom poreznih propisa dovodi do nedovoljnog poznavanja poreznog sustava i od strane poduzetnika, građana pa i samih djelatnika porezne uprave. The state acquires its current and regular revenues in the form of taxes, customs duties, fees, charges, contributions and public debt. Taxes are one of the most important revenues with which the state covers expenditures. An attractive tax system is based on four important principles: enforceability and simplicity, fairness, resilience and generosity, and economic efficiency. The state has its own costs, ie expenditures, so it must have revenues in order to cover the costs. When it happens that revenues are less than expenditures, the state must borrow. In order for changes to take place in the country, it is necessary to change the economic, social and political system. For the change to be successful, there must be a change in the tax system.At the time when Croatia was part of Yugoslavia, the tax system consisted of direct and indirect taxes. Direct taxes referred to natural and legal persons, and indirect tax was sales tax. The main complaint in the tax system in the Republic of Croatia is tax instability due to frequent changes in tax regulations. According to the data, it was recorded that in the period from 2012 to 2015, there were 44 changes or amendments to tax regulations. The constant change of tax regulations leads to insufficient knowledge of the tax system by entrepreneurs, citizens and even the employees of the tax administration.

Rad ne sadrži sažetak.

Struktura financijskih tržišta neprestano se mijenja, dok su se u posljednje vrijeme posebno istaknuli institucionalni investitori, zahvaljujući politici diverzifikacije ulaganja, koncentraciji znanja i olakšanog pristupa informacijama te visokoj likvidnosti. Ovaj završni rad bavi se tematikom osiguravajućih društava te njihovog položaja na financijskim tržištima u svojstvu institucionalnih investitora. Cilj ovog rada je definiranje osiguranja i osiguravajućih društava, pojašnjavanje njihove uloge na financijskim tržištima u Hrvatskoj i inozemstvu, opisivanje zakonske regulative koja ih ograničuje te prikazivanje načina na koje osiguravajuća društva stječu imovinu i rezerve te njima upravljaju. The structure of financial markets is constantly changing, while institutional investors have recently become particularly prominent, thanks to the policy of investment diversification, concentration of knowledge and easier access to information, as well as high liquidity. This paper deals with the topic of insurance companies and their position in the financial markets as institutional investors. The aim of this paper is to define insurance and insurance companies, explain their role in financial markets in Croatia and abroad, describe the legislation that limits them and show how insurance companies acquire and manage assets and reserves.

Adam Smith, poznatiji kao „Otac ekonomije“, u svojem je djelu „Bogatstvo naroda“ iznio svoja razmatranja i teorije koje su bile u skladu sa engleskom klasičnom političkom ekonomijom. Svojom je metaforom „Nevidljive ruke“ opisao nesvjesne poduhvate pojedinca koji nenamjerno mogu povoljno utjecati na ekonomsko stanje u državi. Joseph Schumpeter, iako je bio učenik neoklasične ekonomske škole, uspio je osmisliti vlastitu teoriju koja je naglašavala važnost inovacija za ostvarivanje prihoda. Što se tiče monetarne teorije Johna Keynesa , on je nastojao shvatiti razlog čuvanja kamatne ili ne kamatne imovine neke ekonomske jedinice ako je prihod istih manji od ostalih formi imovine. Sa druge strane, Milton Friedman zagovarao je ekonomski liberalizam. Svoje neslaganje sa kejnezijancima isticao je u svakoj situaciji jer je njihovo tumačenje uloge novca unutar ekonomske djelatnosti smatrao pogrešnim. Robert Lucas također se nije slagao sa Keynesovim učenjem. Istaknuo je da se fiskalnom politikom može pogoršati već postojeće loše stanje u državi. Svojim doprinosom makroekonomskoj teoriji nadahnuo je brojne druge ekonomiste „nobelovce“ poput F. Kydlanda i E. Prescotta. Monetarna teorija svoju „priliku“ dobila je neposredno sa pojavom COVID-19 pandemije. Ključni elementi MMT mogli bi biti od velike pomoći ako se upotrijebe na odgovarajući način. Adam Smith, better known as the "Father of Economics", in his work "The Wealth of Nations" presented his considerations and theories that were consistent with English classical political economy. With his metaphor "Invisible Hands", he described the unconscious endeavors of an individual that can inadvertently have a positive effect on the economic situation in the country. Joseph Schumpeter, although a student of the neoclassical school of economics, managed to devise his own theory that emphasized the importance of innovation for revenue generation. As for the monetary theory of John Keynes, he sought to understand the reason for keeping the interest or non-interest assets of an economic unit if the income of the same is less than other forms of assets. Milton Friedman, on the other hand, advocated economic liberalism. He emphasized his disagreement with the Keynesians in every situation because he considered their interpretation of the role of money within economic activity to be wrong. Robert Lucas also disagreed with Keynes' teaching. He pointed out that fiscal policy could worsen the already existing bad situation in the country. His contribution to macroeconomic theory has inspired many other Nobel laureates, such as F. Kydland and E. Prescott. Monetary theory gained its "opportunity" immediately with the appearance of the COVID-19 pandemic. The key elements of MMT could be very helpful if used appropriately.

Ovaj rad se bavi usporedbom monetarnih politika HNB-a i ESB-a u susret investicijskim ciklusima i kretanjima na monetarnim tržištima. Detaljno se objašnjavaju monetarne politike i instrumenti obiju središnjih banaka kao i objašnjenje njihovih ciljeva i djelovanja. Nadalje, objašnjavaju se investicijski ciklusi kao svojevrstan produžetak poslovnih ciklusa i prikazuju se najznačajniji dokazani ciklusi. Vrhunac rada je komparativna analiza monetarnih politika obiju banki i analiza njihove prikladnosti za tadašnju ekonomsku situaciju. This paper deals with a comparative analysis of the usage of monetary policy instrument between the Croatian National Bank and the European Central Bank while dealing with the investment cycles and monetary markets on which they operate. Explained in detail is the monetary policy and instruments of both banks as well as an explanation of their goals and modes of operation. Afterwards, the bulk of this paper deals with investment cycles as extensions of business cycles with an explanation of the most significant cycles. The pinnacle of this pape ris the comparative analysis of the monetary policy of both banks and the analysis of the suitability depending on the underlying economic situation.

Naftna industrija je pokretač suvremene civilizacije i pokriva većinu svjetske potrebe za energijom. Predstavlja važan segment pojedinca u svakodnevnom životu, ali i nacionalnih gospodarstava koji ovise o njoj. Osim što gospodarstva ovise o naftnoj industriji, naftna industrija i njezino poslovanje ovisi o politici nacionalnih gospodarstava. Većina svjetske potrebe za energijom se podmiruje naftom i naftnim derivatima. Različiti autori kroz povijest naftu nazivaju još i crnim zlatom jer je jedan od bitnijih pokretača suvremene civilizacije. Tržišna struktura u naftnoj industriji nije se previše mijenjala kroz povijest, ovisno o razdoblju, ali je uglavnom vođena tržišnim mehanizmom ponude i potražnje ili kombinacijom navedenog i nacionalne vlade. S obzirom da je riječ o industriji čiji proizvodi nastaju korištenjem prirodnih resursa, podložna je ,uz ekonomske šokove i krize, političkim šokovima i krizama. The oil industry is the driver of modern civilization and covers most of the world's energy needs. It represents an important segment of the individual in everyday life, but also of national economies that depend on it. In addition to economies being dependent on the oil industry, the oil industry and its operations depend on the policies of national economies. Most of the world's energy needs are met by oil and petroleum products. Various authors throughout history also call oil black gold because it is one of the most important drivers of modern civilization. The market structure in the oil industry has not changed much throughout history, depending on the period, but has been largely driven by the market mechanism of supply and demand or a combination of the above and national government. Since it is an industry whose products are created using natural resources, it is subject, in addition to economic shocks and crises, to political shocks and crises.

Mogućnosti milijardi ljudi povezanih mobilnim ureĎajima, s neviĎenom procesorskom snagom, kapacitetom za pohranu i pristupom znanju, neograničene su. A te će se mogućnosti umnoţiti nadolazećim tehnološkim probojima na poljima kao što su umjetna inteligencija, robotika, Internet, autonomna vozila, trodimenzionalni tisak, nanotehnologija i druge. Predmet istraţivanja završnog rada je utjecaj četvrte industrijske revolucije na trţište rada i produktivnost te kakve će promjene ista donijeti. Cilj je rada prikazati koncepciju četvrte industrijske revolucije i njezin utjecaj na trţište rada i produktivnost, dok je svrha rada ukazati na vaţnost implementacije industrije 4.0 u gospodarstvu zemlje te koliko su vaţni njezini utjecaji za napredak produktivnosti i pozitivnih promjena na trţištu rada. Na temelju dostupnih informacija, realno je očekivati da će promjene usmjerene prilagodbi industriji 4.0 prvenstveno zaţivjeti u domeni privatnog sektora te usporedno u segmentu znanosti i obrazovanja, uz nisku reakciju prilagodbe na trţište rada, koje bi moglo snositi značajne posljedice u smislu njegove ne konkurentnosti i potrebite promijene u odnosu na suvremene trendove u različitim sferama trţišta rada. The possibilities of billions of people connected to mobile devices, with unprecedented processing power, storage capacity and access to knowledge, are limitless. These opportunities will be multiplied by upcoming technological breakthroughs in fields such as artificial intelligence, robotics, the Internet, autonomous vehicles, three-dimensional printing, nanotechnology and others. The subject of the final paper is the impact of the fourth industrial revolution on the labor market and the productivity in the field what changes it will bring. The aim of the paper is to present the concept of the fourth industrial revolution and its impact on the labor market and productivity, while the purpose of the paper is to point out the importance of implementing Industry 4.0 in the economy and how important its impacts are for productivity progress and positive changes in the labor market. Based on the available information, it is realistically expected that changes in targeted adaptation to Industry 4.0 will be implemented primarily in the domestic private sector and in parallel in the science and education segment, with low labor market adjustment, which could reduce significant consequences in terms of its non-competitiveness and needs changed in relation to contemporary trends in various spheres of the labor market.

Sindikati su udruženje svih onih radnika koji traže bolje uvjete na svom radnom mjestu i koji su se spremni boriti da ostvare svoje ciljeve. Sindikat je neovisan u financijskom smislu. Prikazana je razlika između različitih sustava radnih odnosa svih zemalja. Kolektivno pregovaranje možemo opisati kao proces koji podrazumijeva sastanak sindikata i poslodavca u svrhu dogovaranja ugovora o radu. Na tom sastanku oni pregovaraju o plaćama, uvjetima zaposlenja, radnim satima itd. Predstavnici sindikata i poslodavca moraju se dobro pripremiti za pregovaranje. Predstavnici poslodavca će se pobrinuti da imaju spremne sve potrebne podatke kao što su podaci o plaćama, naknadama, trošak prekovremenih radnih sati te podatke o podjeli radne snage prema spolu, dobi itd. U rješavanju zastoja između poslodavca i sindikata dolazimo do mirenja, arbitraže te štrajkovima koji su objašnjeni u radu. Na kraju je naveden zaključak te literatura koja je korištena. Trade unions are an association of all those workers who are looking for better conditions in their workplace and who are willing to fight to achieve their goals. The union is financially independent. Membership paid by workers is used to pay those who work in unions and provide legal assistance as well as assistance to union members. The unions fight for the rights of their members every day, and they managed to fight for excellent results such as: working hours, paid sick leave, health insurance, paid overtime hours, transportation costs, holiday pay, vacation and other rights for their members. The paper presents a SWOT analysis of trade unions and which types of trade unions exist. The difference between the different systems of labor relations of all countries is shown. Collective bargaining can be described as a process that involves a meeting of a union and an employer for the purpose of negotiating an employment contract. At that meeting, they negotiate wages, employment conditions, working hours, etc. Trade union representatives and employers must be well prepared to negotiate. Employers' representatives will make sure that they have all the necessary information ready, such as information on wages, benefits, overtime costs and information on the division of labor by gender, employment, etc. In resolving the stalemate between the employer and the union, we come to conciliation, arbitration and strikes, which are explained in the paper. At the end, there is a written conclusion and literature that has been used.

Pandemija COVID-19 imala je zapanjujuće negativan utjecaj na živote i egzistenciju, nerazmjerno pogađajući siromašne i ugrožene u odnosu na ljude koji žive u blagostanju. Kriza javnog zdravstva nastala uslijed pandemije COVID-19 generirala je ekonomsku krizu, koja se manifestirala velikim brojem nezaposlenih u kratkom roku kao i negativnim učincima na ostale aspekte života. Do kraja 2020. godine virusom COVID-19 zarazilo se više od 82 milijuna ljudi te je od njega umrlo više od 1,8 milijuna ljudi u cijelom svijetu. Preliminarne procjene pokazuju da je u 2020. godini COVID-19 izravno ili neizravno uzrokovao povećanu smrtnost od najmanje 3 milijuna ljudi. Različitost odgovora institucija, poput vlada država, obrazovnih institucija i gospodarskog sektora na izazove pandemije COVID-19, uzrok je neravnomjernom širenju virusa i njegovim posljedicama ovisno o zemljopisnom podrijetlu, rasi, etničkoj pripadnosti, spolu i društvenoj klasi. Epidemiološke mjere koje se poduzimaju radi obuzdavanja i sprečavanja širenja virusa, negativno se odražavaju na gospodarska kretanja i imaju nesagledive makroekonomske posljedice. U međuvremenu pronađeno je cjepivo i započelo je cijepljenje stanovništva, međutim kraj pandemije se još uvijek ne nazire zbog pojave novih sojeva i novih žarišta. Globalna zdravstvena kriza također je utjecala na Republiku Hrvatsku i njezino gospodarstvo. Hrvatska je uvela rigidne mjere radi sprečavanja širenja zaraze ali je bila i osobito ekonomski pogođena. The COVID-19 pandemic has had an extremely negative impact on lives and livelihoods, affecting the poor and the vulnerable significantly more than those living in prosperity. The public health crisis caused by the COVID-19 pandemic has generated an economic crisis, resulting in the sharp increase in unemployment within several months as well as negative effects on all other aspects of life. By the end of 2020, more than 82 million people were infected with the COVID-19 virus and more than 1.8 million people died worldwide. Preliminary estimates suggest that the total number of global “excess deaths” in 2020, which cna directly and indirectly be linked to COVID-19 amount to at least 3 million, The diversity of responses generated by institutions, such as governments, educational institutions and businesses, have contributed to the uneven spread of the virus and its consequences depending on the geographic origin, race, ethnicity, gender, and social class. The epidemiological measures taken in order to restrain and prevent the spread of the infection have a negative effect on economic trends with unforeseeable macroeconomic consequences. In the meantime, vaccines have been developed and the process of vaccination has begun. However, the end of the pandemic is not yet in sight due to the emergence of new strains and new outbreaks. The global health crisis has also affected the Republic of Croatia and its economy. Croatia has introduced rigid protective measures in order to prevent the spread of the infection, but it has also been particularly economically affected.

U ovom radu analizirana je inflacija i stopa inflacije u Republici Hrvatskoj. Inflacija je povećanje opće razine cijena, dok je stopa inflacije stopa po kojoj cijene rastu. Postavlja se pitanje koja je optimalna stopa inflacije? Većina ekonomista smatra da je to inflacija koja je niska i stabilna i koja iznosi od 0 do 3%. Problem nezaposlenosti je egzistencijalni problem svakog pojedinca, njihovih obitelji te općenito stanovništva jedne države. Nezaposlenost trajno dovodi do različitih psiholoških, socijalnih posljedica, te posljedica u društvenom kontekstu. Kada aktualna stopa nezaposlenosti prekorači prirodnu stopu nezaposlenosti, inflacija se smanjiva. U suprotnom, kada je aktualna stopa nezaposlenosti manja od prirodne, inflacija raste. This paper analyzes inflation and the inflation rate in the Republic of Croatia. Inflation is an increase in the general price level, while the inflation rate is the rate at which prices rise. The question is what is the optimal inflation rate? Most economists believe that it is inflation that is low and stable and amounts to 0 to 3%. The problem of unemployment is an existential problem of every individual, their families and the population of a country in general. Unemployment permanently leads to various psychological, social consequences, and consequences in the social context. When the current unemployment rate exceeds the natural unemployment rate, inflation decreases. Otherwise, when the current unemployment rate is lower than the natural one, inflation rises.

Pandemija COVID-19 zahvatila je svijet 2020. godine te je snažno utjecala na gospodarski sektor. Kako bi spriječili širenje bolesti, ljudi su se morali izolirati kod kuće i smanjiti fizički kontakt. Uloga interneta povećala se više nego ikad. Takva situacija potaknula je tvrtke da više pažnje posvete brzom razvoju i jačanju svog internetskog poslovanja. Ljudi su potrošačke navike prebacili na internetske kanale i upravo se zbog toga maloprodajna industrija pokušava prilagoditi novim navikama. Cilj ovog rada je analizirati utjecaj pandemije COVID-19 na ponašanje potrošača u sektoru maloprodaje. In 2020 the COVID-19 pandemic has overtaken the world and immensely impacted the economic sector. In order to stop the spread of the disease, people had to self-isolate in their homes and abstain from physical contact. Role of the internet has become greater than ever. Impacted by the situation, companies have given more effort to faster development and strengthening of online businesses. Customers’ practices were transferred to online services, which pressured retailing industry to adapt to new practices. The goal of this paper is the analysis of COVID-19 pandemic’s effect on customers’ behavior in retail sector.

Corporate Social Responsibility (CSR) implies the responsibility of companies for sustainable management in economic, ecological and social terms. The majority of CSR works in science and research were written primarily with the focus on ethics (moral vs. market economy), bearer of responsibility (state vs. companies) and management (e.g. best practice, manuals). This article comes from the perspective of a stakeholder group that is constantly mentioned but receive insufficient attention: unions. Research indicated early on that unions leaned back in the European CSR-debate since its beginning 2001. Based on the case of German unions, the author will analyse their motivation by studying their statements. The systematic literature review provides the basis for his qualitative content analysis of reasonable motives. The results show the unions encountering a complex environment with diverse interests, in which it is difficult to position themselves. Furthermore CSR requirements placed on companies were considered, by economy, to be set very high. Although CSR is not driven by legal regulations, it unfolds quasi-binding rules. For those reasons, it is not surprising that unions were sceptical and restrictive. With its analysis of a defensive CSR strategy, the study contributes to progress in the field of engagement in international debates. The author deals in a theoretical-conceptual way with the existing research results in this field, invalidates them and presents his own attempt with explanation. His explanatory approach extends the existing explanatory patterns by a new perspective for the problem described. Rad ne sadrži sažetak na drugom jeziku.

U ovom radu objasnili smo kako demografija utječe na gospodarstvo u zemlji, točnije približno smo izdvojili bitne elemente i vrste demografije. Demografija je društvena znanost koja obuhvaća proučavanje broja stanovništva, kretanje stanovništva i promjene u demografskim socioekonomskim i ostalim stuktukturama stanovništva. Također smo opisali gibanja populacije kroz godine i njihov utjecaj na gospodarstvo, te smo definirali osnovne demografske kategorije i analizirali osnovne odrednice kretanja stanovništva. Objasnili smo pojam tržišta rada i funkcioniranje institucija i politika na hrvatskom tržištu rada. Promotrili smo utjecaj na potrošnju te mirovinski sustav. Također smo utvrdili mjere koje se donose na snagu za poboljšanje demografskog statusa zemlje. Uvidjeli smo da se Hrvatska suočava sa sve većim postotkom nezaposlenošću mladih te njihovim odlaskom iz zemlje. Prikazali smo i glavni problem naše države, a to je utjecaj starenja stanovništva na ekonomski rast Hrvatske. Uočili smo da je dosta prisutna i emigracija stanovništva.

Cilj rada je usporediti ostvarene investicije između Požeško – slavonske i Istarske županije. U radu se definira sam pojam investicija te su navedene vrste investicija. Prikazani su opći statistički podaci o navedenim županijama, njihovo investicijsko okružje te najvažnije gospodarske grane. Provedena je analiza i usporedba na temelju podataka o strukturi investicija prema Nacionalnoj klasifikaciji djelatnosti 2007. u razdoblju od 2011. do 2013. godine. Osim toga, županije su uspoređene i na temelju ostvarenih investicija prema lokaciji investicijskih objekata i sjedištu investitora u razdoblju od 2014. do 2018. godine. Zatim slijedi usporedba iskorištenosti Europskih strukturnih i investicijskih projekata koje su Požeško – slavonska i Istarska županija ugovorile s Europskom unijom u razdoblju od 2017. do 2019. godine. U radu se spominju najznačajniji investicijski projekti na području Požeško – slavonske i Istarske županije koji su financirani iz fondova Europske unije. U predzadnjem poglavlju govori se o povezanosti županija na temelju već zaživjelih primjera suradnje te nekoliko mogućih primjera u budućnosti na prijedlog autorice. I na kraju, u posljednjem poglavlju, iznosi se zaključak na temelju usporedbe analiziranih podataka o investicijama i potencijalima između Požeško – slavonske i Istarske županije te se iznosi vlastito mišljenje autorice. The aim of this paper is to compare the realized investments between Požega - Slavonia and Istria county. The paper defines the concept of investment and lists the types of investment. General statistical data on the mentioned counties, their investment environment and the most important economic branches are presented. An analysis and comparison was performed based on data on the structure of investments according to the National Classification of Activities 2007 in the period from 2011 to 2013. In addition, the counties were compared on the basis of realized investments according to the location of investment facilities and the seat of investors in the period from 2014 to 2018. This is followed by a comparison of the utilization of European structural and investment projects that the Požega-Slavonia and Istria county have contracted with the European Union in the period from 2017 to 2019. The paper mentions the most significant investment projects in the Požega - Slavonia and Istria county that are financed from European Union funds. The penultimate chapter discusses the connection of counties on the basis of already established examples of cooperation and several possible examples in the future at the suggestion of the author. Finally, in the last chapter, a conclusion is presented based on a comparison of the analyzed data on investments and potentials between Požega - Slavonia and Istria counties, and the author 's own opinion is presented.

Rad ne sadrži sažetak.

Društveno odgovorno poslovanje (DOP) u sektoru turizma javlja se kao zahtjev društva za održivim razvojem i dugoročnim koristima njegove primjene. Svjedoci smo da u današnjem svijetu samo borba za profitom ne donosi dugoročno blagostanje poduzeća niti društva. Ključ uspjeha leži u primjeni koncepta društveno odgovornog poslovanja koji je usmjeren na poboljšanje uvjeta rada lokalnog stanovništva, smanjenje negativnih utjecaja na gospodarstvo, odnosno ostvarenje profita na društveno odgovoran način. Sam koncept možemo promatrati kroz internu dimenziju koja se odnosi na uspješno upravljanje ljudskim resursima i okolišem, dok je eksterna dimenzija usmjerena na doprinos zajednici, potrošačima/kupcima. Postavlja se pitanje hoće li poduzeća u sektoru turizma biti konkurentnija ako primjenjuju koncept DOP-a? Hoće li biti konkurentnija ako surađuju s lokalnom zajednicom te vode brigu o zaposlenicima i kupcima? Corporate social responsibility in the tourism sector appears as a demand for the society for sustainable development and the long-term benefits of its application. We are witnesses that in today's world solely struggle for profit does not bring the long-term prosperity into the company or society. The key to success lies in the application of the concept of socially responsible business, which is aimed at improving the life conditions of the local population, reducing the negative impacts on the economy, or achieving profit in a socially responsible manner. The concept itself can be seen through the internal dimension of successful management of human resources and the environment, while the external dimension is aimed at contributing to the community, consumers / customers. The question that is being asked is whether the companies in the tourism sector will be more competitive if they apply the CSR concept? Will they be more competitive if they collaborate with the local community and take care of employees and customers?

Rad ne sadrži sažetak. The Federal Reserve is the central bank of the United States and consists of a board of governors, a board of directors, and 12 Federal banks. The Federal Reserve's measures in conducting monetary policy are Open Market Operations, the Discount Window and the interest rate on minimum and required reserves. Open market operations are divided into permanent and temporary. The discount rate is divided into primary, secondary and seasonal. Reserve interest rates consist of Interest on Required Reserve and Excess Reserves. By reducing interest rates on reserves and on discount loans, liquidity increases and vice versa. The Fed sets the Federal Funds Rate as the target rate. During the financial crisis, the Federal Reserve lowered interest rates and began programs to buy government securities and Mortgage backed securities from banks. The normalization process was announced in 2014, and in 2015 the overnight rate was raised. During 2019, the process of normalization ends, and in 2020 there is a pandemic crisis during which endless QE is announced. The European Central Bank consists of a governing board with members of the executive board and central bank governors of the 19 euro area members. The ECB uses open market operations, standing facilities and minimum reserve requirements for credit institutions in the implementation of monetary policy. The Main refinancing operation for banks lends money from the ECB with collateral, Deposit facility allows for deposit on the account of national central bank, and the Marginal lending facility option allows banks to take out overnight loans with the central bank. The ECB introduces a negative interest rate in 2014 and government securities soon receive a negative yield. The ECB, together with the Fed, is implementing quantitative easing in response to low economic growth and low inflation.

Istra se nalazi na sjeveroistočnom dijelu Jadranskog mora te je najveći poluotok Jadrana. Ima povoljan geografski položaj. Sa Slovenijom graniči na sjeveru, na istoku i jugu sa Primorsko – goranskom županijom, a sa Italijom ima morsku granicu na zapadu. Prema popisu Državnog zavoda za statistiku Republike Hrvatske iz 2011. na prostoru Istarske županije živi ukupno 208.055 stanovnika, najzastupljeniji starosni razred je 50-54 godina. Županija je podijeljena na 41 teritorijalnu jedinicu lokalne samouprave, na 10 gradova i 31 općinu. Istarska županija spada u pet gospodarski najjačih županija. Prema posljednjim raspoloživim podacima DZS-a za 2016. godinu BDB per capita Županije bio je za 26,25 % viši od prosječnog BDP po stanovniku na području RH. Najzastupljenije djelatnosti Istarske županije po BDV-u su smještaj, priprema i usluživanje hrane i prerađivačka industrija. Dugotrajna nezaposlenost nije problem Županije. Županija kroz razne programe potiče poduzetnike i njihovo poslovanje, kroz klastere, poduzetničke i tehnološke inkubatore, razvojem poslovnih zona i slično. Investicije značajno utječu na gospodarstvo i njegov rast. Predstavljaju ulaganje u određena područja od kojih se u konačnici očekuje profit. U širem smislu riječi investicija je prikupljanje kapitala u sadašnjosti s nadom ostvarenja dobitka u budućnosti. Ciljevi investiranja su povoljni poslovni rezultati, povećanje obujma poslovanja, produktivnosti rada, smanjenja troškova te povećanje kvalitete učinka. Razlikuju se tri vrste investicija: bruto, neto i nove investicije. Motivi investiranja ovise o motivu poslovanja. FDI su investicijske aktivnosti tvrtke izvan granica zemlje u kojoj imaju sjedište i u kojoj se donose glavne odluke. Mogu se podijeliti u nekoliko skupina ovisno o svrsi, cilju i motivu ulaganja. Dijele se na portfolio, direktne i ostale investicije. Investicijski potencijal Županije čini lokacija, klima, razvijeno gospodarstvo te gastronomija. Indeks gospodarske snage županija objavljen od strane Hrvatske gospodarske komore pokazuje da se Istarska županija nalazi među najrazvijenijim regijama. Zemlje najveći ulagači u Županiju u razdoblju od 1993. – 2018. su Velika Britanija, Njemačka i Italija. Istarska županija se ističe među ostalim županijama Jadranske Hrvatske. Najviša ulaganja s obzirom na broj stanovnika po županijama u razdoblju od 1993. – 2017. godine nakon grada Zagreba ostvarena su u Istarskoj županiji koja jedina uz Grad Zagreb bilježi natprosječni FDI per capita. Budućnost investiranja Županije usmjerena je na brendiranje Istre kao ICT regije. Primjeri dobre prakse i pozitivnog utjecaja na razvoj gospodarstva su Infobip, Rockwool te projekt Coworking Pula. Na kraju samog rada naveden je i Master Plan turizma Županije za razdoblje od 2015. – 2025. godine koji ima važnost za budući razvoj turizma. Njime su obuhvaćeni glavni zadaci, ciljevi razvoja turizma te operativne strategije za poboljšanje turizma. Istria is located in the northeastern part of the Adriatic Sea, the largest peninsula in the Adriatic. It has a favorable geographical position. It borders with Slovenia, with the County of Primorje - Gorski kotar and with Italy. According to the 2011 data, there are 208,055 inhabitants in the County of Istria, with the most represented age group 50-54. The County is divided into 41 territorial units of local self-government, 10 cities and 31 municipalities. The County of Istria is one of the five economically strongest counties in Croatia. According to the latest available data for 2016, the County's GDP per capita was 26.25% higher than the average GDP per capita in the Republic of Croatia. The most represented activities of the County of Istria by GVA are the accommodation, preparation and service of the food and the manufacturing industry. Long-term unemployment is not a problem for the County. Through various programs Istria encourages entrepreneurs and their businesses, through entrepreneurial and technological incubators, by developing business zones and so on. Investment has a significant impact on the economy and its growth. They represent an investment in certain areas where profits are expected. In the broad sense of the word, investment is raising capital in the present with the hope of making a profit in the future. The objectives of the investment are favorable business results, increase of business, productivity of labor, reduction of costs and increase of quality of performance. There are three types of investments: gross, net and new investments. The investment motives depend on the business motive. Foreign direct investment is an investment activity of a company outside the country. They can be divided into several groups depending on the purpose and motive of the investment. FDI types are portfolio, direct and other investments. The County's investment potential is location, climate, developed economy and gastronomy. The index of economic strength of counties shows that Istria County is among the most developed regions in Croatia. Countries, largest investors in the County from 1993 to 2018 are United Kingdom, Germany and Italy. The highest investments by population in the period from 1993 to 2017 after the City of Zagreb were made in the County of Istria and as so, Istria County stands out among other counties in Adriatic Croatia. The future investment of the County is focused on branding Istria as an ICT region. Examples of a positive impact on economic development are Infobip (IT company which is known worldwide), Rockwool (Also the large and famous company) and the Coworking Pula project which aims to strengthen the entrepreneurial infrastructure in the Region. At the end is the County Master Plan for tourism for the period from 2015 to 2025, which is important for the future development of tourism.

Turizam u Republici Hrvatskoj jedna je od najvažnijih gospodarskih grana. U razdoblju trajanja turističke sezone, sektor turizma zapošljava najveći dio radno sposobnog stanovništva, što u konačnici utječe na životni standard stanovništva. Privlačenjem izravnih inozemnih investicija turizam dugoročno doprinosi gospodarskom rastu, a kratkoročno kroz uravnoteženje platne bilance i poticanje dodatnog zapošljavanja u usko povezanim turističkim djelatnostima. Uloga turizma u gospodarskom sustavu proizlazi iz njegovih ekonomskih funkcija. Mogućnost jačanja hrvatskog turizma moguće je ostvariti korištenjem potpora i fondova Europske unije, što je prikazano u radu. Shodno navedenom, svrha ovog rada je analizom turističkih pokazatelja utvrditi utjecaj ulaska Republike Hrvatske u Europsku uniju na rezultate u turizmu. Ulazak u EU pozitivno je utjecao na turističke pokazatelje naše zemlje. To je dokazano povećanjem broja dolazaka i noćenja turista, ali i preko ostvarenih prihoda od turizma. Pozitivni rezultati i njihov rast utjecali su i na platnu bilancu Hrvatske. Također, napravljena je usporedba Republike Hrvatske s njenim konkurentskim zemljama. Tourism in the Republic of Croatia is one of the most important economic branches. During the season of tourism, tourism sector employs most of the working-age population, which affects the living standard of the population. Tourism of the Republic of Croatia in the longterm contributes to economic growth by attracting foreign investment and short-term by balancing the balance of payments and encouraging additional employment in closely related tourism activities. The role of tourism in the economy system is derived from it is economic functions. We investigated and presented the possibilities of strengthening the competitiveness of Croatian tourism, by using grants and EU fonds. According to the aforementioned, the purpose of this pape ris to determine the effect of the admittance of Croatia into the EU and its tourism results by analysis of tourist indicators. The accession of the Republic of Croatia into the EU had positive effects on tourist indicators. This was evident in the increase of number of tourist arrivals and overnights, as well as in the tourism-generated revenue. The positive results and their growth, significantly contributed to the coverage of Croatian balance of payments. Also, we made a comparison of the Republic of Croatia with competing countries.

Cilj ovog rada bio je prikazati važnost ulaganja u znanje i intelektualni kapital. Ljudi su snaga svake organizacije te ulaganje u ljude je ulaganje u budućnost. Pokušala sam redoslijedom prikazati načine ulaganja i upravljanje ljudskim potencijalima. Od formalnog obrazovanja do usavršavanja na svim sferama profesionalnog razvoja važno je kontinuirano ulaganje u ljudski kapital. Upravljanje ljudskim potencijalima uz poticanje na osobni razvoj svakog zaposlenika jako je važno. Sektor osiguranja je specifična djelatnost u kojoj su ljudski kadrovi izuzetno bitan kapital. Posebno u odjelu prodaje koji čini 90 % ukupnog ljudskog kapitala tvrtke. Prodaja osiguranja ponajviše ovisi o ljudskom faktoru, o znanju i poznavanju materije o kojoj se govori. Osiguranje je povjerenje sa klijentima te se ne smije dogoditi da su znanja površna ili nedovoljna. Upravljanje ljudskim kapitalom u osiguranju je također od velike važnosti jer svakodnevno voditi i upravljati ljudima u poslu kao što je osiguranje je izuzetno teško, motivacija, poticanje na stalni angažman mora biti na dnevnoj razini. Euroherc osiguranje d.d. je jedan dobar primjer modernog društva koje izuzetno drži do razvoja ljudskih potencijala unutar društva te kontinuirano ulaže u ljudski kapital i stvara najbolje uvjete za razvoj istih. This thesis aimed to present the importance of investment in knowledge and intellectual capital. People are the force of every organisation and investing in people is investing in the future. I have tried to demonstrate different methods of investments and human resources management by a certain order. Beginning from formal education to personal development in any sphere of personal professional development, it is important to continuously invest in human capital. Human resources management and its encouragement to the personal development of each employee is very important. The insurance sector is one specific activity in which a workforce is an exceptionally important capital. Especially in the sales department that makes 90 % of the total human capital. Insurance sales mostly depend on a human factor, on the knowledge and understanding of the sales subject matter. Insurance is the trust with the clients and it is not acceptable to have superficial or insufficient knowledge. Human capital management in the insurance also has got an important role because it is extremely hard in the type of work such as insurance to daily lead and manage a workforce. Motivation, encouragement to ongoing employee engagement has to be performed on a daily basis. Euroherc Insurance Plc. is one good example of the modern society that exceptionally appreciates the development of human resources within the society and continuously invests in human capital and creates the best conditions for their development.