Call for Papers

Globalization and the wide acceptance of the free market paradigm followed by the expansion of the global value chains and foreign investments have supported capital-embedded technological change and knowledge transfer across the world, affecting small open economies more than large countries. Especially among transition and recently advanced economies deregulation and promotion of competition have increased productivity tremendously. However, rising trade barriers and the resurgence of nationalist thoughts represent significant obstacles for future growth. Moreover, while the expansion of global production networks initially helped these countries to grow and prosper, some of these economies now find themselves locked in the downstream part of the value chain, without the most creative activities such as R&D. This may hamper the efficient labour allocation within the host economy and prevent a proper reaction to new challenges at both micro and macro levels. Also, competition among countries that have recently achieved an advanced economy status is fierce and few have any permanent competitive advantage.