Institucionalna komponenta održivog razvoja Srbije
INSTITUTIONAL COMPONENT OF SUSTAINABLE DEVELOPMENT OF SERBIA

Author(s): Ivana M. Ostojić
Subject(s): Economy, National Economy, Socio-Economic Research
Published by: Институт друштвених наука
Keywords: sustainable development; institutions; rule of law; economic growth
Summary/Abstract: The concept of sustainable development holds a central place today in considering the long term perspective of the survival and progress of humanity. Sustainable development involves resource exploitation, investment management, technological development and institutional changes that must be consistent with future needs, not just the current ones. Such development implies meeting current needs without compromising the ability of future generations to meet their own needs. This paper will analyze the economic aspects of sustainable development, as well as the advantages and disadvantages of sustainable development in the Republic of Serbia. The emphasis is on the analysis of the institutional component of sustainable development. The importance of institutions and their key role in connecting and supporting the achievement of other goals of sustainable development will be highlighted. The representation of inclusive institutions in a society that promotes the rule of law enables the security of private property and an impartial legal system, and such institutions create inclusive markets. The presence of effective, reliable, efficient, accountable, transparent institutions is the starting point for the implementation of all other goals of sustainable development.

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