REGIONAL DEVELOPMENT OF THE REPUBLIC OF SERBIA IN THE LIGHT OF KEY MESSAGES OF ENDOGENOUS THEORY OF GROWTH IMPERATIVES FOR IMPROVING COMPETITIVENESS

Slobodan Cvetanović, Vojislav Ilić, Dragan Turanjanin

DOI Number
https://doi.org/10.22190/TEME200712069C
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Abstract


In the years from the end of the previous millennium, a qualitatively new concept of regional development policies appeared and was affirmed in many world economies. In short,at its center,there is the imperative to improve the region's competitiveness. The focus of new regional development policies is on initiatives that favor networking, the development of cooperative relationships, and the growth of confidence in regional economic actors. In these circumstances, people's readiness for new business ideas and organizational solutions have become far more important drivers of regional development than the number of businesses located in the region. The new concept of regional development policy is predominantly based on the postulates of endogenous growth theory. The imperative to improve the region's competitiveness is at its epicenter. Starting from such prominent theoretical explanations, our own composite index was constructed by analyzing the achieved level of development of individual regions of the Republic of Serbia in 2008 and 2018. The analysis showed that all regions in Serbia have development potentials, but that they manage to increase their level of development to a different extent, both in relation to the previous period and in relation to other regions in the country.


Keywords

economic growth, regional development policy, endogenous development, regional competitiveness, the Republic of Serbia

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DOI: https://doi.org/10.22190/TEME200712069C

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