Montenegrin Journal of Economics

Volume 5 № 9

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Tomislav Bandin

FROM THE GLOBALIZATION MAELSTROM TO THE GLOBALIZATION CONGRUENCE AS A LEGAL CIVILIZATION RESULT

Article title	FROM THE GLOBALIZATION MAELSTROM TO THE GLOBALIZATION CONGRUENCE AS A LEGAL CIVILIZATION RESULT
Authors	Tomislav Bandin
Category	Economics
Article type	Science Article	JEL Classification	B59; E19; F02
Abstract	The neoliberal economic theorv as the resuh of neoliberalism in praxis is the key factor of actual globalization. Neoliberalism, even with the well-measured state regulation, is the introduction into an increasing possibilislie slowdown of the capitalislic way of production in the historical route of civilization in the future. Socialism, as the way of deep social changes in the economy and civilization on the whole, is the answer to ihe testament of the nature at the same time - survival from the destruction of Earth and the humankind.
Key words	Neoliberalism, Chimera of Current Globalization.
Literature	no available
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Evgeny Popov, Maxim Vlasov

KNOWLEDGE DIFFERENTIATION

Article title	KNOWLEDGE DIFFERENTIATION
Authors	Evgeny Popov, Maxim Vlasov
Category	Economics
Article type	Science Article	JEL Classification	D83; O32
Abstract	The purpose of the present research is ordering of institutes of manufacture of knowledge on a minimum level of managing and development of strategy of their generation, allowing to make changes to technological processes. As a result of the spent researches by authors the differentiation of new knowledge on depth of brought changes in technological processes that allows to consider processes of generation of new knowledge from the various parties of economic activities is carried out. Authors had been revealed structure of external and internal risks of generation of new knowledge. The graphic model of structure of manufacture of the new knowledge is constructed, giving the chance on the basis of their differentiation optimum to divide processes of scientific and design activity. On the basis of the methodological device the institutional economic theory classification of economic institutes of manufacture of new knowledge with reference to a managing minimum level is carried out. Authors reveal effects of decrease in costs of generation of new knowledge as a result of realization of collective activity. The received results allow the enterprises to carry out an estimation, forecasting and planning of generation of new knowledge.
Key words	Knowledge, Knowledge Diferentiation
Literature	1. Buchanan J. The political economy of the welfare state, Stockholm: 1988 2. DATA OF GIT, High Tech Indicators, 2007. 3. Gluhov V.V., Korobko S.B., Marinina T.V. Economy of knowledge - SPb.: Piter, 2003. (Russ) 4. Izmalkov S., Sonin K., Yudkevich M. "Theory of Mechanism Design (2007 Nobel Prize in Economics)", Voprosy Economiki, 1, 2008 (Russ) 5. Kachalov R.M. Management of Economic Risk. – M.: Nauka, 2002 (Russ) 6. Kotler P. Marketing bases. М: Progress, 1990. (Russ) 7. Lusevich I.J. "Methods of the analysis of risks of investment projects", The Finance, 9, 1998 (Russ) 8. Oldcorn R. Management bases. М: The Financial press, 1999. (Russ) 9. Popov E. V. Market Potential of the Firm //International Advances in Economic Research. 2004. vol. 10. No 4. p.337-338. 10. Schumpeter J. A. The Theory of Economics Development. London: George Alien & Unwin, 1952. 11. Valenta F. Management of innovations. - М: Progress, 1985. (Russ) 12. Williamson O. E. The Economic Institution of Capitalism: Firms, Markets, Relational Contracting, - London: Macmillan, 1985.
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Slobodan Lakić

FINANCIAL CRISIS - IMBALANCE OF RISK PROFILES

Article title	FINANCIAL CRISIS - IMBALANCE OF RISK PROFILES
Authors	Slobodan Lakić
Category	Economics
Article type	Science Article	JEL Classification	F39; F49; G15
Abstract	Crises are typically preceded by many weak and worsened economic fundamentalities. The problems of subprime mortgage market appeared in the context of a considerable deceleration of real economic growth (real GDP). The current financial crisis has experienced further propulsion through an interaction of incentive for minimizing equity and the one for gambling, with the aim to use the growing risk. Blocking of limited liability meant transferring of losses to bank creditors or the state, whereby tax payers are certainly the primary losers. Financial liberalization weakened the barriers of financial conservatism which, according to Minsky, should prevent the speculative behaviour. The consequence is a perfectly understandable link among liberalization, financial instability and financial crises. An increase of financial integration and innovations has contributed to redirecting the attention from market illiquidity and funding to the issue insolvency. Innovations on the credit market throughout the previous two decades significantly changed the traditional model of bank lending. Apart from selling off loans and securitization, credit derivatives emerged on the credit market, as the last in a series of innovations preceding (and contributing to) the current financial crisis. Structured products in some deregulated derivatives markets represented a link in the - fully - unexplained transmission crisis mechanism, as the last stage of financialization. The final effects, potentially destructive, will reveal the essence of the "shadow" system and likely sophisticated scheme.
Key words	financial crisis, financialization, shadow banking, securitization, derivatives, credit default swap, special purpose vehicles (entities)
Literature	Arestis, Philip and Malcolm Sawyer (2006), A Handbook of Alternative Monetary Economics, Cheltenham: Edward Elgar. Bhattacharya, Sudipto, Arnoud W. A. Boot and Anjan V. Thakor (2004), Credit, Intermediation, and the Macroeconomy, Oxford: Oxford University Press. Brunnermeier, Markus K. (2009), "Dechipering the Liquidity and Credit Crunch 2007-08", Journal of Economic Perspectives 23(1) (forthcoming). Fabozzi, Frank J., Franco Modigliani and Michael G. Ferri. (1998), Foundations of Financial Markets and Institutions, New Jersey: Prentice-Hall International. Fry, Maxwell J. (1995), Money, Interest, and Banking in Economic Development, Baltimore, London: The Johns Hopkins University Press. Glantz, Morton (2003), Managing Bank Risk, San Diego: Academic Press. Heffernan, Shelagh (2005), Modern Banking, Chichester: John Wiley & Sons. Hirtle, Beverly (2007), "Credit Derivatives and Bank Credit Supply", New York: Federal Reserve Bank of New York Staff Report (February). Howells, Peter and Keith Bain (2005), Money, Banking and Finance, London: Prentice Hall - Pearson. Hubbard, R. Glenn (2008), Money, the Financial System, and the Economy, Boston: Pearson/Addison Wesley. International Monetary Fund (2008), "Financial Stress and Deleveraging – Macrofinancial Implications and Policy", Washington, DC: IMF, Global Financial Stability Report (October). Kimber, Andrew (2004), Credit Risk – From Transaction to Portfolio Management, Amsterdam, Boston: Elsevier. Kroszner, Randall S. (2000), "The Economics and Politics of Financial Modernization", New York: Federal Reserve Bank of New York, Economic Policy Revew (October), 25 -33. Lakić, Slobodan (2006), "Bankarske krize u ekonomijama u razvoju i tranziciji" Preduzetnička ekonomija Vol. 12, 46-67. Lakić, Slobodan (2008), "Magnituda i implikacije finansijske i bankarske krize", Bankar br. 4, 20- 42. Liaw, Thomas K. (1999), The Business of Investment Banking, New York: John Wiley & Sons. Mengle, David (2007), "Credit Derivatives: An Overview", Atlanta: Federal Reserve Bank of Atlanta. Economic Review 4th Quarter. Remolona, Eli M., William Basett, and In Sun Geoum (1996), "Risk Management by Structured Derivative Product Companies", New York: Federal Reserve Bank of New York, Policy Review (April). Schuermann, Til and Kevin J. Stiroh (2006), "Visible and Hidden Risk Factors for Banks", New York: Federal Reserve Bank of New York, Staff Reports (May). Walter, Ingo and Roy C. Smith (1999), Global Capital Markets and Banking, London: McGraw-Hill.
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Sofija Adžić

LOCAL POLICY FOR NEUTRALIZATION OF CONFLICTSIN THE PROJECT OF DEVELOPMENT OF PUBLIC-PRIVATE PARTNERSHIP

Article title	LOCAL POLICY FOR NEUTRALIZATION OF CONFLICTSIN THE PROJECT OF DEVELOPMENT OF PUBLIC-PRIVATE PARTNERSHIP
Authors	Sofija Adžić
Category	Economics
Article type	Science Article	JEL Classification	D74, D81, O18, R39, H79
Abstract	In this paper to work out a problem of neutralization of conflicts in the project of development publicprivate partnership in the domain of establishment, development and management of modern industrial infrastructure. The starting thesis is that of this conflicts to be necessary to treat a primarily as an internal (local) phenomenon while socio economic rigidity of outside (regional, national and international) surroundings are dealt with as exogenous variables. In keeping with this, an the basis of analysis the experiences in the realization of a neo-liberal concept of a local strategy for overcoming consequences of transition depression in the community of Inđija are presented on the grounds of creating favourable infrastructural conditions for (external) private investments in the new industries, to give the authors view for solution of this problem. Discussed materials are divided into four parts. In the first part is, an generalization the events in the community of Inđija, to work the basic challenges and obstacles with which investment of private capital in the new industries in the conditions of high degree of institutional disorder in national socioeconomic surroundings and vague and no transparent policy for protection of public interests. In the second part is, an analysis the experiences in the community of Inđija, to prepare the model for functioning of urban governance and production of public goods in the regime of public service, as the only realistic decision for to exceed the consequence of high degree of institutional disorder and vague and no transparent policy for protection of public interests. In the third part a accent is an the analysis of causes, consequences and the manner for removing conflicts in the process of preparation and implementation of the local project for public-private partnership in the domain of establishment, development and management of modern industrial infrastructure. In the fourth part is to give the author's vision of the problem associated with the constitution and work of local regulatory institutions to be responsible for protection of the public interest in implemented projects of public-private partnership.
Key words	Local development policy, Public-private partnership, Industrial infrastructure, Public interest, Policy for neutralization of conflicts
Literature	Adžić, S. and Sedlak, O. (1995), Economic Modelling and Theory of Fuzzy Sets Application in Macroeconomic Planning within the Process of Transition, Collection of paper: "3rd Balcan Conference on Operational Research", Thessaloniki. Adzic, S. and Sedlak, O. (1997), System Approach to The Developing Policies as Ill Structured Problem, Collection of paper: "PC 120 PAMM", Balatonalmady. Adzic, S. and Sedlak, O. (1997), The Model of Multicriteria decision making within National Sector Policies, Collection of paper: "4th Balkan Conference on Operational Research", Thessaloniki. Adžić, S. (1998), Razvoj privredne sistemske regulativne infrastrukture kao slabo strukruirani problem, "Ekonomski anali", April-jun broj 137, ss. 99-117. Adžić, S. and Sedlak, O. (1998), Economic Modelling and Theory of Fuzzy Sets Application in Macroeconomic Planning within the Process of Transition, "Yugoslav Journal of Operations Research", pp 331-341. Adžić, S. (1998), Privredni sistem i ekonomska politika - ogledi, Ekonomski fakultet, Subotica. Adžić, S. (1999): Regionalne i lokalne razvojne inicijative kao agensi oporavka i razvoja, Zbornik radova sa Savetovanja Jugoslovenskih ekonomista: "Akutni problemi Jugoslovenske privrede: Moguće alternative oporavka i razvoja", ss. 127- 133, Naučno društvo ekonomista Jugoslavije, Beograd. Adžić, S. (2002), Ekonomska politika lokalne samouprave i njene institucije, Zbornik radova sa Međunarodne naučne konferencije "Institucionalna rešenja i tranzicioni procesi u Srbiji", ss. 288–307, Ekonomski fakultet, Kragujevac. Adžić, S. (2002), Regionalna razvojna politika u uslovima institucionalne neodređenosti, "Ekonomski Anali", pp. 163-170. Adžić, S. (2002), Strategija i politika lokalnog razvoja – najveći izazov državne regulacije privrede u XXI veku, "Zbornik društveno-humanističkih nauka", (Godina II, br. 2), ss. 17- 36. Adžić, S. (2003), Cohesion Policy for Regional cooperation as Ill-structured Problem – The case of South East Europe, Collection of paper: "Regionalna sorabotka i ekonomskiot razvoj", pp. 143 – 160, Ekonomski fakultet, Prilep. Adžić, S., Rosić, I., Devetaković, S. (2006), Regional Trade policy as Ill-structured Problem – The Case of West Balkan Countries, Collection of paper: "3rd International conference of the Association of South Eastern Europe Economic Universities (ASECU): Regional Economic Cooperation in South Eastern Europe", pp. 90-101, Academy of Economics Svishtov, Svištov. Adžić, S. (2007), Privredni sistem i ekonomska politika, Ekonomski fakultet, Subotica. Adžić, S. (2007), Methodology for Modeling the Rural Development: A Case study from the Western Balkans Countries, "South East European Journal of Economics and Business", pp. 89-105. Adžić, S. (2007), Should Re-industralisation Represent the Final Stage of Transition – The Case Study of Serbia, "Montenegrin Journal of Economics", Vol. 3 No 6 December 2007, pp. 131-145. Adžić, S. (2008), Dobar poslovni ambijent – Uslov evropske integracije Srbije, "Poslovna politika", Januar (2008) godina, ss. 26-30. Adžić, S. (2008), Reindustrijalizacija i konkurentnost: Kako iz postojećeg stanja?, Zbornik radova: "Kuda ide Srbija: Ostvarenja i dometi reformi", ss. 221 – 240, Naučno društvo ekonomista sa Akademijom ekonomskih nauka i Ekonomski fakultet Univerziteta u Beogradu, Beograd. Adžić, S. (2008), Regionalne politike i evropska integracija Vojvodine, Novi Sad: Prometej. Adžić, S. (2008), Šta uraditi na poboljšanju uslova za privatno investiranje u Srbiji?, "Poslovna politika", Jun- Juli (2008), ss. 16-22. Adžić, S. and Adžić, J. (2008) Reindustralization and the Regional Industry Policy – The Study of the Case of Vojvodina, Collection of paper: "National and Regional Economics VII", Faculty of Economics, Tehnical University of Košice. Checkland, P. B. (1980), Science and The System Movement, Collection of paper: "Systems Behavior", Edited by Open Systems Group, Harper and Row Publishers, London. Checkland, P. B. (1990), Soft System Methodology in Action, Wiley, Chichester. Collection of paper (1992), Local Government Economics in Theory and Practice, King, D. (ed.), Routledge, London. Herkert, J. R. (1994), Ethical risk assessment: Valuing Public Perceptions, "IEEE Technology and Society Magazine". Mesarović, M. D., Macko, D. and Takahara, Y. (1970), Theory of Hierarchical, Multilevel Systems, Academic Press, New York. Moskowitz, H. and Bunn, D. (1987), Decision and risk analysis, "European Journal of Operational Research", Vol. 28. Sage, A. P. (1995), Risk Management Systems Engineering, Collection of paper: "IEEE International Conference on Systems, Man and Cybernetics, Intelligent Systems for the 21st century", Vancouver, Canada, October 22-25. Sarin, R. K. and Weber, M. (1993), Risk-value models, "European Journal of Operational Research", Vol. 70. Leach, S., Stewart, J. And Walsh, K. (1993), The Changing Organization and Management of Local Government, Macmillan Press Ltd, London. Prikaz (2000), Partnerstvo javnog i privatnog sektora, "Ekonomski pregled", Vol. VII, No 4, ss. 43-54, Beograd. Trothman–Dickenson, D. I. (1996), Economics of the Public Sector, Macmillan Press Ltd, London.
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Drago Pupavac

SOARING TRANSPORT COSTS – FACTOR OF REVERSIBLE GLOBALIZATION PROCESS

Article title	SOARING TRANSPORT COSTS – FACTOR OF REVERSIBLE GLOBALIZATION PROCESS
Authors	Drago Pupavac
Category	Economics
Article type	Science Article	JEL Classification	F02; L91; N70
Abstract	The aim of this scientific paper is to explore what impact transport costs have on global trade today and to establish the hypothesis that soaring transport costs are a serious threat to global model development. Scientific approach to this issue has been based on all the three levels of economic analysis – theoretical, empirical and normative.
Key words	transport costs, reversible globalization process.
Literature	[1] Babić, A., Babić, M.: Međunarodna ekonomija, peto izdanje, Mate, 2000. [2] Equity and Development, 2006 [3] How much will rising shipping costs hurt Chinese manufacturing?, The Economist print edition, Aug 7th 2008. [4] Jean-Paul Rodrigue: The Geography of Transport Systems, Hofstra University, Hempstead, NY, 11549 USA, dostupno na http://people.hofstra.edu/geotrans [5] Pupavac, D.: Načela ekonomike prometa, Veleučilište u Rijeci, Rijeka, 2009. [6] Strahinja, D.: Međunarodna ekonomija, Futura, Rijeka, 2007. [7] Strahinja, D.: Ekonomija – gdje je tu čovjek?, Digital point tiskara, Rijeka, 2006. [8] Rubin, J., Tal, B.: Will Soaring Transport Costs Reverse Globalization?, StrategEcon, May 27, 2008
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Julia Pinkovetskaya

STATUS AND DEVELOPMENT OF SMALL BUSINESS IN THE RUSSIAN FEDERATION

Article title	STATUS AND DEVELOPMENT OF SMALL BUSINESS IN THE RUSSIAN FEDERATION
Authors	Julia Pinkovetskaya
Category	Economics
Article type	Science Article	JEL Classification	A12; C02; L25; O14
Abstract	The article presents the results of studies on quantity of small business workers in the Russian Federation. A proportion of small enterprises of various quantity, as well as the distribution of workers between various quantities of small enterprises workers, are considered. Specific economic indicators that characterize the average output of enterprises by kinds of economic activities are presented. On the base of the analysis of the gotten results the proposals are made, relating to the perfection of small business strategic development and ensuring its activity at various levels of management.
Key words	Small enterprises, Economics, Modeling, The Russian Federation, Quantity of workers, Parameters of small business, Regression analysis.
Literature	Hollander M. and Wolfe D.A. (1973), Nonparametric statistical methods, New York.: John Wiley & Sons Inc. Simon, H.A. (1957), Models of Man, New York: John Wiley & Sons Inc.. Смирнов, С.А. (1999), Малое предприниматель- ство: общественная поддержка и содействие развитию, Мос- ква: ТОО «Контур»,. Федеральная служба государственной статисти- ки (2008a), Малое предпринимательство в России. Статис- тический сборник, Москва: Росстат. Федеральная служба государственной статисти- ки (2008b), Российский статистический ежегодник. Стати- стический сборник, Москва: Росстат. http://www.nisse.ru/
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Mimo Drašković

IMPORTANCE OF GLOBAL LOGISTIC NETWORKS FOR MARITIME TRANSPORT

Article title	IMPORTANCE OF GLOBAL LOGISTIC NETWORKS FOR MARITIME TRANSPORT
Authors	Mimo Drašković
Category	Economics
Article type	Science Article	JEL Classification	L92; M55; R40
Abstract	Contemporary logistic networks are characterized by the small number of members and domination of logistic operators, offering not only transportation but also storage service, informational assistance and very often a global approach as well. The use of informational technologies and applications is required for optimization of logistic networks. This paper deals with importance of logistic networksin maritime transport and their informational components, as well as with application of outsortcing strategy in maritime logistic.
Key words	logistics, logistics system, logistic networks, maritime transport, sea port.
Literature	Bajec, P. (2008), "Logistics Outsourcing in View of Globalization Processes", www.fpp.edu/ ~mdavid/TVP/Seminarske/ICTS2008CD/papers.Bajec. pdf (preuzeto 20.03.2009) Bichou, K., Bell, M. (2007), "Internationalisation and Consolidation of the Container Port Industry: Asessment of Chanell Structure and Relationships", Maritime Economics and Logistics N0 9, 35-51. Drašković, M. (2004), "Osnovni elementi i značaj logističke strategije razvoja lučkog sistema", Tehnika br. 3, 53–7. ___________ (2004a), "Pojam i značaj transportne logistike", Poslovna politika, 51–53. ___________ (2006), "Integraciona uloga informacija u marketing logistici transportnih sistema", Montenegrin Journal of Economics N0 3, Vol. 2, 210-211. ___________ (2007), "Mogućnosti primjene integrisane marketing logistike kod lučko-transportnih usluga", Montenegrin Journal of Economics N0 5, Vol. 3, 121- 134. ___________ (2008), Integrisana marketing logistika u sistemu menadžmenta Luke Bar, Kotor: Fakultet za pomorstvo. Gattorna, J., Selen, W., Ogulin, R. (2004), Characteristics, strategies and trends for 3PL/4PL in Australia, Sydney, Australia, March, 11-16. Kurganov, V. (2006), Logistika. Transport i sklad v cepi postavok tovarov, Moskva: Knižnij mir. Mentzer, J. T. et al. (2001), "Defining Supply Chain Management", Journal of Business Logistics N0 2, Vol. 22, 3–12. Meersman, H., Van de Voorde, E., Vanelslander, T. (2008), Future Challenges for the Port and Shipping Sector, London: Informa. Mirotin, L. B. , red. (2003), Transportnaja logistika, Moskva: Ekzamen. Neruš, J. M. (2006), Logistika, Moskva: Prospekt. Parashkevova, L. (2007), "Logistics Outsourcing - A Means Of Assuring The Competitive Advantage For An Organization", Vadyba / Management N0 2 (15), 9-19. Pupavac, D. (2006), Logistički operator– čimbenik dinamičke optimalizacije globalnih logističkih lanaca, doktorska disertacija, Rijeka: Ekonomski fakultet. Pupavac D. et al. (2003), "Marketing logističkoga sustava", Naše more br. 50 (1–2), 61–67. Pupavac, D., Drašković, M. (2007), "Spreadsheets on Function of Optimisation of Logistics network", Montenegrin Journal of Economics N0 6, 101-107. Roca, B. (2004), Marketing logistika, Bački Petrovac: Kultura. Sergeev, V. I. (2005), Korporativna logistika – 300 otvetov na voprosi profesionalov, Moskva: Infra–M. Stock J. R., Lambert M. D. (2001), Strategic Logistics Management, New York: McGraw–Hill. Terminology in Logistics (1994), ANNEX Dictionary, European Logistics Assotiation. Van de Voorde, E., Vanelsander, T. (2008), "Market Power and Vertical and Horizontal Integration in the Maritime Shipping and Port Industry", Discu-ssion Paper N0 2009-2, OECD/ International Transport Forum, 1/28.
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Vassiliki Delitheou

THE CONTRIBUTION OF INCENTIVES POLICIES IN ATTRACTING FDI AND FOSTERING REGIONAL DEVELOPMENT IN GREECE

Article title	THE CONTRIBUTION OF INCENTIVES POLICIES IN ATTRACTING FDI AND FOSTERING REGIONAL DEVELOPMENT IN GREECE
Authors	Vassiliki Delitheou
Category	Economics
Article type	Science Article	JEL Classification	E22; E62; F21; 011
Abstract	The essay is structured in two parts. The first part includes delimitations and reflections for subjects of economic and regional development, private productive investments and developmental incentives. In the second part are mentioned, as conclusions, ascertainments, deductions and proposals. The writer's opinion is that the Greek Science has not dealt systematically with the subject of developmental/investment incentives, while the Greek Legislation approached at periods the incentives according to short time horizons and not always with particular «boldness». Furthermore, the writer claims that the incentives are proved beneficial for an economy, when their cost for the State of reception is not bigger than the profits that derives the investor. Finally, the writer proposes row of measures on Political, Legislation and Modernization of Administrative Structures of Country level, in order to, through (also) the developmental/investment incentives, be assisted the regional development of the Country.
Key words	Development. Sustainable Development. Regional Development. Private Productive Development. Developmental/Investment incentives. Effectiveness of incentives.
Literature	Athanassopoulos C. G. (1990), Institutional frame of Public Enterprises and Organisms. Third Edition, Athens. Athanassopoulos, C.G. (1993), The institution of Teacher in the Private Enterprises, its role and its scientific and technical training, Athens: Ministry of Occupation, O.A.E.D., Panteion University of Political and Social Sciences, Institute of Regional Development, Scientist Responsible. Athanassopoulos, Const, G. (2005), Institutional frame of regional development. Volume A΄. Seventh Edition. Athens, 2007. Volume B΄. Seventh Edition. Athens, 2004. Volume C΄. Seventh Edition, Athens. Athanassopoulos, C. G. (2005a), Regional and Local Government. Volume A΄. Seventh Edition. Athens. Athanassopoulos C. G., Deliheou, V. (2005) The Greek private investments in countries of Balkans Albania, Bosnia-Herzegovina, Bulgaria, Croatia, F.Y.R.O.M, Serbia- Montenegro, Romania and the Greek Plan of Reconstruction of Balkans. Athens. Vliamos, S. (1984), The character of Greek Regional Problem: Presentation and Analysis. Athens. Vliamos, S., Georgoulis, D., Kourliouros, H. (1991), ETBA: Industrial Parks. Institutions, Theory and Methodology of Planning, Athens. Delitheou, V. (1996), The legal regime of protection of foreigner capital and investments of developmental character in Greece. Athens. Delitheou, V. (2008), Institutional frame of regional development and organization of State's administration. Part A΄. Athens, 2007. Part B΄, Athens. Review of Decentralisation, Local Government and Regional Development. Three-month edition. Scientist Responsible Professor Athanossopoulos Con. GE. Athens, Copies of years 1995 – 2008. Konsolas, N. (1997), Modern regional economic policy, Athens. Kafousis, G. (1989), Analysis of balance-sheets. Second edition, Athens. Malindretou, V. (1998), Investments, Athens. Marmatakis, N. (1969), Theory and policy of economic development's motives, Athens. Petrakos, G., Psycharis, J. (2004), Regional development in Greece, Athens. Pintos, J. D. (1974), Economy of space, Athens. Noe, R., Hollenbeck, J., Gerhart, B., Wright, P., Athanassopoulos, C. G., Delitheou, V. (2008), Management of Human Resources, Volume A΄ and B΄. Charlton, A. (2003), Investment bidding for mobile investments: Economic consequences and potential responses, Paris: OCDE. Chrissos, J., Gillet, R. (2003), Décision d'investissement, Paris. Courtheoux, J. P., Athanassopoulos, C. G. (1987), « Les incitations financiers au developpement regional en Grece », Revue d' Economies Regionale et Urbaine, Paris. Delitheou, V., Athanassopoulos, C. G. (2006), « Globalization and profits in the Balkans", International Herald Iribune/The Bridge, 12/08/. Forget, J. (2005), Financement et rentabilité des investissements, Paris. Helbroner, R. (1984), Economics: Our Best Guide to the Future, N.Y. I.I.A.P. (2000), Revue Française d'Administration Publique. L'institution préfectorale, Paris, Oct.- Dec. Kindlebercer, C., Bruce, M. (1980), Economic Development, London. Lautier, M. (2003), Les rendements décroissants des Politiquas d'Incitations aux investissements, Ed. Université de Rouen. Mikee, D., Dean, R., Leady, W. (1974), Regional Economics, N.Y. OECD (1996), Réseaux D'Entreprises et Développement Local, Paris. OECD (2001), Construire aujourd'hui l'administration de demain, Paris. OECD (2001), New horizons for foreign direct investment. Paris. OECD (2002), Etudes Economiques: Grèce. Vol. 13, Paris. OECD (2002), Governance for Sustainable Development, Paris. OECD (2002), Development is back, Paris. OECD (2003), Checklist for F.D.I. incentive policies. Paris. OECD (2003), Entrepreneurship and Local Economic Development, Paris.
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Vasilije Kostić

ENTREPRENEURIAL MANAGEMENT OF SMALL BUSINESS –PROBLEMS IN THEORETICAL AND PRACTICAL FIELD

Article title	ENTREPRENEURIAL MANAGEMENT OF SMALL BUSINESS –PROBLEMS IN THEORETICAL AND PRACTICAL FIELD
Authors	Vasilije Kostić
Category	Economics
Article type	Science Article	JEL Classification	L10; M10; M20
Abstract	In accordance with the great importance of entrepreneurial management for business success, especially small business, the goal of the article is defined in such way that shows how entrepreneurial management is not fully able of achieving it's role unless it provides quality answers on some questions in theoretical and practical field. In that sense, some problems have been examined, such as: consolidating strategical profile of entrepreneurial business; theory formulating problems, also the strategy defining problems of small entrepreneurial business, which we consider to be of both theoretical, and practical nature, and at the same time sufficiently common so we can draw worthy conclusions.
Key words	entrepreneurial management, small entrepreneurial business, strategy, strategical profile
Literature	Chaganti, R. & Chaganti, R., Malone, S. (1991), Hight Performance Management Strategies for Entrepreneurial Companies/Research findings from Over 500 Firms/, New York: Quorum Books. Dess, G. G., Lumpkin, T. G. Eisner, B.A. (2007), Strategijski menadžment, Beograd: Data Status. Jovović, M. (2004), Značaj partnerskih aranžmana za mala i srednja preduzeća u Crnoj Gori. Preduzetnička ekonomija, Vol. 4, Podgorica: Ekonomski fakultet. Lojpur, A. (2004), Korporacijsko upravljanje u teoriji i praksi privatizacije, Podgorica: Ekonomski fakultet Megginson, C. L., Byrd, J. M., Megginson, L. W. (2006), Small Business Management, New York: McGraw- Hill. Ogava, E. (2001), Upravljanje malim preduzećima danas, Beograd: Evropski centar za mir. Omae, K. (1995),. Kako razmišlja strateg, Beograd: Grmeč Schaper, M., Volery, T. (2004), Entrepreneurship and Small Business, Milton: John Wiley & Sons Thompson, A. A. Jr., Strickland J. A., Gamble, E. J. (2008), Strateški menadžmentu u potrazi za konkurentnošću, Zagreb: Mate
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Silvana Đurašević

CLUSTERS AS THE BASE FOR THE REGIONAL DEVELOPMENT IN TOURISM

Article title	CLUSTERS AS THE BASE FOR THE REGIONAL DEVELOPMENT IN TOURISM
Authors	Silvana Đurašević
Category	Economics
Article type	Science Article	JEL Classification	L83
Abstract	The tourism as an exceptionally dynamic branch is naturally more receptive from other areas for the introduction of flexible politics of the regional development. The economic form that allows the regional development through the achievement of innovation, higher productivity, the competition and the exporting market orientation, presents clusters. For the achievement of those results, it is the responsibility of the complementary groups of market and non-market subjects and institutions which are connected by the common interests. Therefore, the model of clustering in tourism is accepted throughout the world, as the powerful frame for the destination sustainable development from the economic, social and ecological viewpoint. The ability of providing the higher value through the cluster model is allowing the region to be competitive and to expect better business results, through numerous activities in the 'tourist value chain'. The initiation, organization and implementation of tourist clusters in the developed European countries and in those in developing are significantly different due to the different economic development and the different level of social capital. Minding that this is a very new form that in the region of Balkan countries is at the administrative initiation stage, a need for the organization of clusters in Montenegrin tourism is analyzed. The main reason why Montenegro should decide to apply the cluster model is the low competition of today's economy.
Key words	clusters, connectivity, innovation, productivity, competition, regional development.
Literature	Blanke, J., Chiesa, T., (2007), World Economic Forum, The Travel & Tourism Competitiveness Report, Geneva, http://www.weforum.org Horvat, Đ., Kovačević, V., (2004), Clusteri, put do konkurentnosti, Zagreb: Cera Prom. ITC (International Trade Centre), Executive Forum, (2005), ''Innovations in Export Strategy'', Geneve, UNCTAD/WTO, http://www.intracen.org Izvještaj CBCG za zadnji kvartal 2006, (2006), Podgorica: Centralna banka Crne Gore. Ketels, Ch., (2004), ''European Clusters'', in Innovative City and Business Regions, Vol. 3, Structural Change in Europe, p. 1-5, Harward Business School, Boston, Hagbarth Publication, http://www.scribd.com Ketels, Ch. & Solvell, O., (2006), ''Clusters in the EU-10 New Member Countries, Europe Innova, Report, European Commission, Brussels. http://www.isc.hbs.edu Master plan Crne Gore do 2020. godine, Rezime, (2001), Podgorica: DEG i Ministarstvo turizma Crne Gore. OECD studija,(2003),''National system for Innovation in Tourism,(2002-2003)'', Paris, www.oecd.org Porter, M. E., (1990), The Competitive Advantage of Nations, New York: The Free Press. Program razvoja planinskog turizma u Crnoj Gori, (2005), Podgorica: Ekonomski fakultet Ljubljana i Ministarstvo turizma Crne Gore. Strategija razvoja turizma Crne Gore do 2010. godine, (1996), Institut ekonomskih nauka, Beograd i Ministarstvo turizma Crne Gore. Stvaranje 6 klastera za izvoz po principu ''top down'',(2006), Zagreb: Nacionalni centar za klastere. www.hup.hr UNDP, (2004), Strateški okvir za razvoj održivog turizma u centralnoj i sjevernoj Crnoj Gori, UNDP kancelarija Podgorica. UNWTO studija, (2006), ''Partnerstvo u funkciji jačanja konkurentnosti u turizmu'', Turistički pregled, br. 5, s. 36, Beograd: Ministarstvo trgovine, turizma i usluga Srbije. UNWTO studija, (2006), ''Razvoj komparativnih prednosti turističke destinacije'', Turistički pregled, br. 5, s. 37, Beograd: Ministarstvo trgovine, turizma i usluga Srbije. World Economic Forum, (2008), The Global Competitiveness Report 2008-2009, www.weforum.org World Travel & Tourism Report, (2008), ''Crna Gora'', London: WTTC. Web Sites www.minttu.sr.gov.yu, www.hup.hr, 22.02.2007.
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Milan Gašović

THE THEORETICAL ASSUMPTIONS OF MARKETING APPLICATIONIN NON PROFIT ORGANIZATIONS

Article title	THE THEORETICAL ASSUMPTIONS OF MARKETING APPLICATIONIN NON PROFIT ORGANIZATIONS
Authors	Milan Gašović
Category	Economics
Article type	Science Article	JEL Classification	L31; M31
Abstract	Non profit sector is composed of individuals and organization that help the society to become the community of responsible members oriented both to proper progress, and local social community welfare. The core of marketing concept is assessment of necessities in order to fulfill buyers' desires and needs (consumers; service users). Although some actors from non profit sector do not contest using, consciously or unconsciously, some marketing activities (advertising; consumers need investigation, PR), the market orientation and profit do present to them some obstacles, being one of main business concept marketing goals. That is, non profit organizations are not directed to profit creating, but to social community benefit. Similarly, some marketing postulates have to be considerably modified to non profit specific properties. Owing to the fact that marketing could be observed as an exchange process that relates the ones who has specific needs (beneficiary of NPO services) to the ones who fulfill that needs (NPO together with donors/financial sources providers), which means that the business concept could be applied in non profit organizations, as well as. The appropriate marketing strategies facilitate the non profit organizations to fulfill their mission and to realize program goals.
Key words	non profit organizations (NPO), marketing, marketing strategies, beneficiaries
Literature	Espy, S. (1993), Marketing Strategies for Nonprofit Organizations, Chikago: Lyceum Books. Kotler, Ph. (1982), Marketing for Nonprofit Organizations, Englewood Cliffs: Prentice Hall, Inc. Sowter, C. V. (1995), Marketing for the Non- Marketing Manager, Berkshire: McGraw-Hill. Stern, G. J. (1994), Marketing Workbook for Nonprofit Organizations, St. Paul: Amherst H. Wilder Foundation. Wolf, T. (1990), Managing a Nonprofit Organization, NewYork: Simon and Schuster.
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Lidia Kocurova

THE GLOBAL FINANCIAL ... CRISIS???

Article title	THE GLOBAL FINANCIAL ... CRISIS???
Authors	Lidia Kocurova
Category	Economics
Article type	Science Article	JEL Classification	F00; F30
Abstract	The main reason of crisis in the mechanism of abnormal use of credit money and the stock market at the international level in interests of separate groups. The commercialization of bank activity and an exit of banks on the stock market - the second precondition of global financial crisis. Bretton Woods in 1944 made dollar world currency - the third precondition of crisis. Interpenetration of business of the various countries, offshore business and offshore havens made global economy absolutely opaque and accelerated financial crisis. How to lead economy to developing countries? Not to copy the western technologies, to leave recession through domestic markets of the state formations. The currency of each country will represent the economic potential. Through state formation the society will come to the developed market.
Key words	the crisis reasons, credit money, the share market, сommercialization banks, invest-business
Literature	Kreps T. Presserving Free Competive Enterprise. New York, 1950. P.521. Цит. по Козлова К.Б. Монополии и их буржуазные критики (об экономиче- ских взглядах идеологов немонополистической бур- жуазии США. М. Мысль, 1996. – C.39. Глазьев, С. (2001) «Место России в меняю- щихся взаимоотношениях центра и периферии миро- вой экономики»//Глобализация и Россия: материалы круглого стола. М., С. 49 Осипов, Ю. Пора, пора! (2007) // Экономи- ческая теория в XXI веке – 6(13): Деньги / Под ред. Ю.М.Осипова, Е.С.Зотовой. – М.: ТЕИС, С. 5 Осипов, Ю. (2004) «Фиктивная сущность пос- тмодерна. Экономическая теория в XXI веке – 1(8): Экономика Постмодерна» / Под ред. Ю.М. Осипова, О.В. Иншакова, Е.С. Зотовой. – М.: Экономстъ, С.8-9. Флекснер, К. (1994) «Просвещенное обще- ство. Экономика с человеческим лицом», М.: Между- народные отношения, C.80.
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Neško Ušćumlić

INNOVATION MODEL IN ISURANCE COMPANY

Article title	INNOVATION MODEL IN ISURANCE COMPANY
Authors	Neško Ušćumlić
Category	Economics
Article type	Science Article	JEL Classification	G22
Abstract	On the basis of identification of insurance company's core, innovation, knowledge management, leadership and organisational culture, this paper provides analysis of working results of one of the leading comapnies in Serbia - "DDOR Novi Sad", which in certain period of its business, on the basis of stated ways of behaviour has become a leader in life and non-life insurance. With synthesized illustration of business indicators, the conclusion is implied, which confirms hypothesis about need for creation of innovation model in insurance companies.
Key words	insurance company, innovation, knowledge management, leadership, organizational culture
Literature	Balaban, N., Ristić, Ž. (1998), Sistemi podrške odlučivanja, Subotica: Ekonomski fakultet. Balaban, N. i dr. (2001), Informacioni sistemi u menadžmentu, Subotica: Ekonomski fakultet. Cano, C.R.; Carrillat, F.A.; Jaramillo, F. (2004), "A meta-analysis of the relationship betweenmarket orientation and business performance: Evidence from five continents", International Journal of Research and Marketing, 21 june, 179-200. Devedžić, V. i dr. (2005), Inteligentni informacioni sistemi, Beograd: Fakultet organizacionih nauka. Drucker, P. (1998), "The discipline of innovation", Harvard Business Review on point edition, Product N0. 3480, 3-12. Govindarajan, V., Trimble C. (2005), "Ten rules for strategic innovators – from idea to execution", Harvard Business School Press. Holodkov, V. (2008), Razvijanje opšteg modela ekspertnog sistema e-biznisa, doktorska disertacija 14.12.2008, Novi Sad: Fakultet za menadžment. Leiponen, A. (2000), "Competencies, innovation and profitability of firms", Economics of Innovation and New Technology 9(1), 1-24. Mohnen, P.; Roeller, L.-H. (2005) "The effect of a market orientation on business profitability", Journal of marketing 54(4), 20-35. Narodna banka Srbije: Web sajt www.nbs.rs (preuzeto 22. 02. 2008) Narver, J, C., Slater, S, F. (1990), "The Effect of a Market Orientation on Business Profitability", Journal of Marketing N0 54 (October), 20-35. Slavković, M. (2006) Upravljanje znanjem i menadžerske kompetencije, Kragujevac: Ekonomski fakultet. Sladić, B., Lazić, D., Sotirov, S. (2007), "Liderstvo i menadžment kvaliteta", Menadžment totalnim kvalitetom & izvrsnostbr. 1-2, Vol. 35, 287-290. Schein, E.H. (1985), Organizational culture and leadership: A dynamic view, San Francisco, CA: Jossey-Bass Publishers. Shipley, D., G. Hooley, T. Cox. and K. Fonfara (1998), "The Effects of Privatisation on Marketing Capability and Activity in Poland", International Journal of Research in Marketing N015, 367-381. Shipley et al. (1998a), "Does competitive environment moderate the market orientation – performance relationship", Journal of marketing N0 57 (january), 46-55 Slater, S.F., Narver, J.C. (2000), "Intelligence generation and superior customer value", Journal of the Academy of Marketing Science, N0.1, Vol. 28,120-127. Spany, A. (2004), Towards Process Competence, BMPG. Teece, D.J. (1986), "Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy", Research Policy N0 15, 285-305 Tidd, J., Bessant, J., Pavitt, K. (2005), Managing Innovation: Integrating ttechnological market and organizational change, New York: John Wiley and Sons Inc. Tomala, F.; Senechal, O. (2004), "Innovation management: a synthesis of academic and industrial points of view", International journal of project management 22(4), 281- 287. Tumbas, P., Balaban, N., Trninic, J. (2002), "Mesto workflow tehnologije u ERP informacionim sistemima", XII Naučna konferencija Industrijski sistemi (IS 2002), Vrnjačka Banja, 423-428. Urban, G.; Hauser, J.R. (1993) Design and Marketing of new products (2nd edition), Prentice Hall http://www.amc.rs/content/"Liderstvo za XXI vek" (preuzeto 23. 12. 2008)
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Jelena Aleksić

PROJECT METHODOLOGICAL FRAMEWORK OF RISK MANAGEMENT

Article title	PROJECT METHODOLOGICAL FRAMEWORK OF RISK MANAGEMENT
Authors	Jelena Aleksić
Category	Economics
Article type	Science Article	JEL Classification	D81
Abstract	The paper discusses the most important elements of project-methodological framework of risk management.In terms of the global business environment, changeability, as well as uncertainty and business risks (of failure, non determined losses, piracy, fraud, etc.) being connected with changeability, are predominated. In this paper, the common economic science methodology, started with the conclusion abstraction (through analysis, synthesis, induction and deduction), through the specification (via economic modeling), up-to the methods of the generalization, descriptive, empirical, historical and comparative methods, as well as the observation method, have been applied. The graphic, schematic and table data representations for further explanations of modeling and understandding of subject areas are given.
Key words	risk, project, risk management
Literature	Alberts, C. (2006), Common Elements of Risk, Pittsburgh: Carnegie Mellon Universiti (http://www.sei.cmu.edu/publications/pubweb.html - preuzeto 16.03.2009). Bobera, D. (2003), Projektni menadžment, Subotica: Ekonomski fakultet. Cooper, D. F., Grey, S., Raymond, G., Walker, P. (2005), Project Risk Management – Guide-lines Managing Risk in Large Projects and Complex Procurements, New York : John Wiley & Sons Ltd. Dorofee, A. J., et al. (1996), Continuous Risk Management Guidebook, Pittsburgh: Software Engineering Institute, Carnegie Mellon University, http://www.sei.cmu.edu/publications/books/ other-books/crm.guidebk.html - preuzeto 12.02.2009). Drašković, V. i dr. (2006), Osnovi projekt menadžmenta sa primjerima, Kotor: Fakultet za pomorstvo. Holton, G. A. (2004), "Defining Risk", Financial Analyst Journal N0 6, Vol 60, 19-25. Marrison, C. (2002), The Fundamentals of Risk Measurement, New York: McGraw Hill. Mužinić, F., Škrlec, D. (2007), "Modeliranje projektnih rizika u razvoju pro-jekta vjetroelektrane", Energija br. 4, god. 56, 490-517. Risk Management Strategy (2004), Department for Environment, Food and Rural Affairs (DEFRA). Young, P. C. & Tippins, S. C. (2001), Managing Business Risk: An Organization-Wide Approach to Risk Management, New York: American Management Association.
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Dragan Radović

THE RISK AS A ECONOMICS AND PROJECT MANAGEMENT PHENOMENON

Article title	THE RISK AS A ECONOMICS AND PROJECT MANAGEMENT PHENOMENON
Authors	Dragan Radović
Category	Economics
Article type	Science Article	JEL Classification	D81
Abstract	The paper considers the economics risk which is compound, permanent and unavoidable phenomenon of economic and project management. The main task of management in general, and of project management, is translating uncertainty into the risk. In aim to fulfill this task, it is necessary to evaluate risk properly. Thus, we started in the paper from the following hypothesis: There are methods that on the premises of structural information give valid risk evaluation within the projects, on that the politics of risk management is based, as a phase of project management. Without the risk assessment, its quantification, identification, control, and managing, there is no possibility of contemporary successful maritime companies operating, which is based, among others, on the project management. The purpose of the research is presenting the relevant theoretical attitudes in the subject area, facing the newest theoretical approaches in resolving the subject theme and pointing out the increasing importance of risk analysis by common methods of economic science.
Key words	Risk, Uncertainty, Economic Risk, Project Management
Literature	Chapman, C. B., Ward, S.C. (2002), Managing Project Risk and Uncertainty, London: John Wiley & Sons, Ltd. Drašković, V. et al. (2006), Uvod u projekt menadžment sa primjerima, Kotor: Fakultet za pomorstvo. Kačalov, R. M. (2002), Upravlenie hozjajstvennim riskom, Moskva: Nauka. Kačalov, R. M. (2006) "Operacionalnij podhod v isledovanii ekonomičeskogo riska", Montenegrin Journal of Economics N0 1, Vol. 1,. 151-157. Lazić, Lj., Projekt menadžment u 10 koraka, http:// www. tensteps.risk (preuzeto: 11.02.2009) Malešević, E., Soldat, D. (2002), "Analiza rizika investicionih projekata sa ocenom tehničkih faktora profitabilnosti", Privredna izgradnja br. 1-2. Mishkin, F. S. (2006), Monetarna ekonomija, bankarstvo i finansijska tržišta, Beograd: Data status. Najt, F. (1994), "Ponjatije riska i neopredelennosti", THESIS, Vip. 5, 12-28. Radović, D. (2008), "Rizik u projekt menadžmentu", Montenegrin Journal of Economics N0 7, Vol IV, 135- 139. Sedlak, 0. Ćirić, Z., (2001): "Analiza osetljivosti u uslovima rizika pri projektovanju", Anali Ekonomskog fakulteta Subotica, br. 6, 193-188. Sedlak, O., Ćirić, Z. (2008), "Uloga projektnog menadžmenta u upravljanju rizicima", Anali Ekonomskog fakulteta u Subotici br. 20, 107-111. Vujasinović, R. (2007), Procjena i upravljanje rizicima investicionih projekata – magistarski rad, Zagreb: Sveučilište u Zagrebu. http://www/poslovni.hr
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Vesna Kočić-Vugdelija

THE IMPACT OF COSTS AND WAYS OF ORGANIZING THE DISTRIBUTION OF THE MARGIN OF FARMERS

Article title	THE IMPACT OF COSTS AND WAYS OF ORGANIZING THE DISTRIBUTION OF THE MARGIN OF FARMERS
Authors	Vesna Kočić-Vugdelija
Category	Economics
Article type	Science Article	JEL Classification	Q13; Q18
Abstract	This paper studies the impact of costs and ways of organizing the distribution on the margin of farmers in Switzerland. However, research results can be used in many other countries. Liberalization of the Swiss market, the abolition of very protectionist federal subsidies, arrival of new hypermarkets such as Aldi and LIDL, are just some of the challenges that Swiss farmers will have to face in the forthcoming period. One thing is certain: the control of the channels of distribution and distribution costs will be the most important factors of development of the competitive Swiss agriculture. This paper is made as a consequence of the fact that, even today, only few researchers are interested in the subject of the difficulties that Swiss farmers face, especially in the field of innovation, marketing and collaboration. Also, Swiss agriculture, compared to the European market, is competitive neither in prices, nor in the extent production. Collaboration between farmers and distributors is a rare and usually involve only a few tasks that those actors performed together from time to time. For these reasons, this paper points out factors that will play a crucial role in the strategies of farmers, as the orientation of their way of thinking from familiar to economical will be inevitable.
Key words	Distribution, agriculture, innovation, marketing, collaboration
Literature	is no available
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