SUSTAINABLE ECONOMIC GROWTH THROUGH THE CLUSTER-NETWORK APPROACH TO ECONOMIC DEVELOPMENT
SUSTAINABLE ECONOMIC GROWTH THROUGH THE CLUSTER-NETWORK APPROACH TO ECONOMIC DEVELOPMENT

Summary/Abstract: Global Recession 2007-2009 not only showed the financial-economic crisis in its traditional understanding, but became a kind of announcement of the establishment of a fundamentally different world order, starting with the adaptation of economic systems through a completely new paradigm. The authors show that in the 21st century the world is transitioning to a new, networked way of doing business and living, based on dynamic horizontal interconnections, and the world economy and its subsystems are stratified into cluster network structures – more flexible than hierarchical structures and better integrated than market model. Through the ICT revolution and globalization, economies have been forced to develop on the basis of continuous renewal, ie. to have innovative economic growth that will be sustainable. The paper presents the evolution of the industrial policy model, its models, as well as the cluster-network approach according to Porter’s diamond model. The authors also presented the EU smart specialization project through its implementation in the European Union.

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