Harnessing Tangible and Intangible Assets in the context of European Integration and Globalization: Challenges ahead

Proceedings of ESPERA 2019

by Jean-Vasile Andrei (Author) Luminita Chivu (Author) George Georgescu (Author) Valeriu Ioan-Franc (Author)
Conference proceedings 1450 Pages


The volumes are dedicated to the 30th anniversary of "Costin C. Kiritescu" National Institutefor Economic Research and its research network of the return under the aegis of the Romanian Academy.
The NIER’s network of incorporated research institutes and centers under its scientific coordination include the Institute of National Economy, the Institute of Economic Forecasting, the Institute of Agricultural Economics, the Research Institute for Quality of Life, the Institute of World Economy, the Centre of Industry and Services Economics, the Centre for Financial and Monetary Research, the Centre for Studies and Research on Agricultural and Forest Biodiversity and the Centre for Economic Information and Documentation. Also, under NIER’s umbrella six unincorporated research entities are set up: the Centre for Complex Research, the Romanian Centre for Comparative Economics and Consensus, the Centre for Macroeconomic Modelling, the Centre for Demographic Research, the Centre for Renewable Energy and Energy Efficiency and the Centre for Mountain Economics.

Table Of Contents

  • Cover
  • Title
  • Copyright
  • About the editors
  • About the book
  • This eBook can be cited
  • Contents
  • List of contributors
  • Plenary papers
  • Harnessing tangible and intangible assets in the context of European integration and globalization: challenges ahead: (Luminița Chivu)
  • Reconfiguration of globalization: relevant issues to Romania: (Valeriu Ioan-Franc, Napoleon Pop)
  • Personal contributions for a new theory: the theory of self-induced incidences: (Jaime Gil Aluja)
  • Europe and culture, our promise for the future: (Erna Hennicot-Schoepges)
  • Homo economicus: the economic system of the brain: (Jean-Jacques Askenasy)
  • Articles
  • What will be after globalization?: (Dan Popescu)
  • Towards a new international trading order: who is going to settle the bill?: (Gabriela Drăgan)
  • Early warning gaps regarding difficulties of Romania’s sustainable development: (Gheorghe Zaman)
  • The tangible problems of an intangible objective: culturally sustainable development: (Octavian-Dragomir Jora, Matei-Alexandru Apăvăloaei, Mihaela Iacob)
  • How did regional specialization influence the post-crisis economic growth in Romania?: (Zizi Goschin)
  • Development gaps between NUTS2 regions in Romania: the convergence of their development with that of some Euro area regions: (corneliu Russu, Daniel Ciuiu)
  • Robotization – trends and impact in the framework of 4IR: (Gheorghe Zaman, Ivona Stoica)
  • The impact of artificial intelligence on the labor market: (Cristina Boboc, Simona Ghita, Valentina Vasile, Anda Ghizdavu)
  • Information – an asset still insufficiently capitalized in the Romanian economy: (Andrei-Marius Diamescu)
  • Treating business ethics as an intangible asset: (Valeriu Ioan-Franc, Beatrice Leuștean)
  • Collaborative systems and platforms in the framework of new technologies: (Firicel Mone, Maria Vișan, Ivona Stoica)
  • Saving and stressful decisions: an analysis of saving behavior by using the conflict theory of decision making: (Roxana Adam, Viorel Cornescu, Andra Mărculescu)
  • Economic information and documentation, basis for building a national program to increase competitiveness of Romanian enterprises: (Valeriu Ioan-Franc, Andrei Marius Diamescu)
  • Main sources of big data for the companies: (Georgeta-Mădălina Meghișan-Toma, Gheorghe Meghișan)
  • Knowledge and innovation – engines of intelligent, sustainable and inclusive development: (Marta-Christina Suciu, Laura Istudor, Adrian Simion, Mircea Mitiucă, Gheorghe-Alexandru Stativa)
  • About scientific method: (Emil Dinga)
  • The doxastic management system in the new economy: (Ioan I. Gâf-Deac)
  • IT&C sector evolution in Romania; its contribution at national level: (Alexandru Isaic-Maniu, Stelian Stancu, Constanţa-Nicoleta Bodea, Mihai Sabin Muscalu)
  • The human resources from science and technology sector, determinant factor of economic growth: (Alexandra-Ioana Lazăr)
  • The development and the usefulness of new technologies as part of the internet of things phenomenon: (Bogdana Glovațchi)
  • Household income polarization across Europe: (Irina Băncescu)
  • Fighting with depopulation of rural areas: can tourism be a way out?: (Biljana Petrevska, Aleksandra Terzić, Marija Drobnjaković)
  • Statistical models for assessing the socioeconomic factors impacting on infant mortality in Romania: (Iuliana Țoropoc)
  • Mortality forecasting models within the context of an aging population: (Iuliana Țoropoc)
  • Dynamics of regional employment structures: compositional data analysis: (Nicolae-Marius Jula, Dorin Jula)
  • Romanian housing market between the socialist constraints and contemporary tendencies: (Frantz Daniel Fistung, Laurențiu David)
  • Social marketing and physical activity of student population for increasing quality of life: (Aleksandar Grubor, Nikola Milicevic, Nenad Djokic)
  • A longitudinal analysis of the Romanians’ opinions regarding the quality of their education from 1990 to 2010: (Maria Livia Ștefănescu, Ștefan Ștefănescu)
  • Effects of regional policy on healthcare infrastructure in Romania: case study west region: (Daniela Antonescu)
  • Issues of efficiency in the development of water supply and sanitation infrastructure in Romania: (Simona Frone)
  • Urban mobility: conceptual and operational challenge in Bucharest, Romania: (Ioan I. Gâf-Deac, Gheorghe Horia Chivu, Cristian Bîrdac, Anna Maria Vasile)
  • A decade of social and economic development for Romania in European Union: (Mariana Stanciu)
  • The national internal control frameworks for public entities: (Alina Bratiloveanu)
  • Steps towards a Romanian model of decoupling of resources: (Vasile Dogaru)
  • U.S.-China trade tensions and their possible effects on stability of global food markets: (Vasilii Erokhin)
  • The competitiveness of the Romanian companies in the context of the current challenges of globalization, as well as of the current integration in the Euro area: (Elena Otilia Manta)
  • Foreign trade and economic growth of Bulgaria and Romania in the years of EU membership: (Rossitsa Rangelova, Valentin Bilyanski)
  • Linear governance: the new economy versus old production: (Sorin Mihai Radu, Ioan Petru Scutelnicu, Otilia Teodora Rachieru, Alina Roșca Țurcanu, Viorel StrezaIoan I. Gâf-Deac)
  • Comparison of American vs. European SMEs public policies: (Adriana Grigorescu, Amalia-Elena Ion)
  • Contributors
  • The economic planning and prognosis1 (Elena Pelinescu, Leonard Cazan, Marioara Iordan)
  • Challenges of foreign direct investment (Mirela Panait, Irina Rădulescu, Cătălin Voica)
  • About scientificity (Emil Dinga)
  • What are the key drivers of European bank competition? (Bogdan Căpraru, Iulian Ihnatov, Nicoleta-Livia Pintilie)
  • A retrospective analysis of the relationship between financial development and economic growth (Adina Criste, Iulia Lupu)
  • Changes and trends in the business milieu of Romania during the post-crisis period (Marioara Iordan, Mihaela-Nona Chilian, Dana Ioana Ţapu)
  • Investors protection on the Romanian capital market (Corina Ene, Marian Cătălin Voica)
  • European funds – mechanism for financing the priority objectives of the member states of the European Union – the case of Romania (Ionela Gavrilă-Paven)
  • Bitcoin cash: statistical analysis of prices and returns dynamics (Muhammad Sheraz, Vasile Preda, Silvia Dedu)
  • The bitcoin quotations, the quotations of the main international trading indexes and the main exchange rates – possible links and lags’ analysis (Alina Georgeta Ailincă, Cătălin Drăgoi)
  • Economic cycles and political regimes in Romania during 1862–1914 period (Florin-Marius Pavelescu)
  • Technological intensity and firms’ export performance from the capital ownership perspective (Valentina Vasile, Elena Bănică, Elena Bunduchi, Călin-Adrian Come, Daniel Ștefan)
  • Modern methods for estimating the levels of world production for the alternative fuels (Stelian Stancu, Constanţa Nicoleta Bodea, Alexandru Isaic-Maniu, Mihai Sabin Muscalu)
  • Models of coal production in Romania: evolution and scenarios (Victor Platon, Andreea Constantinescu, Sorina Jurist)
  • Strategic options for primary valorization of mineral resources in Romania (Marius Bulearcă, Cornelia Neagu, Cristian Sima, Daniel Mărguș)
  • Decision support system for the efficient use of natural resources and waste recycling (Mihaela Mateescu, Mihai Sabin Muscalu, Daniela Băleanu, Raluca Bozga)
  • Valuation of coal resources of Romania – experiences of the past and challenges of the future (Cornelia Neagu)
  • Economy and management of critical cases at the stations of distribution of petroleum products in Damasc, Syria (Jamal Khamis)
  • The current status of oil refining industry in Romania (Marius Bulearcă)
  • Evolutions of the Romanian manufacturing sector structural weights (Andrei Silviu Dospinescu)
  • Trends of the Romanian processing industry in the world context (Rodica Miroiu)
  • Professional ethics, maximizing profit and corporative social responsibility in the oil industry (Roxana Florina Glăvan)
  • An economic and financial analysis of municipal waste management in Romania (Marina Bădileanu, Luminiţa-Izabell Georgescu)
  • Energy union progress revealed by key indicators and a SWOT strategic analysis (Alina Ligia Dumitrescu, Petre Prisecaru)
  • Energy and economic growth: econometric analysis (Diana Mihaela Jula, Nicoleta Jula)
  • Farm incomes and their resilience in the context of CAP simplification and modernization (Cecilia Alexandri, Lucian Luca)
  • Importance of agriculture and food industry in the economy of the Republic of Serbia1 (Biljana Grujić, Zoran Simonović, Nikola Ćurčić)
  • The resilience of Romanian pig farms to African swine fever with effects on trade and budget expenditure (Iuliana Ionel, Diana-Maria Drigă)
  • Food self-sufficiency and security in the conditions of trade restrictions: evidence from Russia (Anna Ivolga, Vasilii Erokhin)
  • Some structural characteristics of Romanian farms at regional level (Lucian Luca)
  • Young Romanian farmers’ attitude towards education and continuous learning (Claudiu-Cătălin Munteanu, Narcis Bozgă, Victor Tițăr Daniel Nijloveanu)
  • Economic size and structural characteristics of the agricultural holdings in the EU and Serbia (Vesna Paraušić, Jonel Subić, Svetlana Roljević Nikolić)
  • Smart agriculture development and bioenergy production: case study Covasna (Carmen Beatrice Păuna, Raluca-Ioana Iorgulescu, Mihaela Simionescu, Tiberiu Diaconescu)
  • Energy analysis of the farm and assessment of greenhouse gas emissions (Camelia Toma)
  • The structure of the forestry land in Romania and the economic advantages that can be generated in international trade with greenhouse gas emission certificates (Laurențiu Ciornei, Paula Munteanu)
  • Horticultural sector competitiveness in terms of production efficiency (Cornelia Alboiu)
  • Regeneration of European and Romanian biodiversity sustained by bioharmonist policies (Romulus Gruia, Alexandru T. Bogdan, Liviu Gaceu, George Florea Tobă)
  • Transition pathways and opportunities for Romanian bioeconomy (Steliana Rodino)
  • Biodiversity in lignocellulolytic fungi as a source of ecoinnovation in “white biotechnology” for a circular bioeconomy (Simona Ivana, Nicolae Starciuc, Cristea Costache, Delia Costache)
  • Method of calculating circularity of materials in circular economy (Gabriela-Cornelia Piciu)
  • Identification, monitoring and conservation of the biodiversity of the national heritage of the Romanian buffalo breed, using breeding biotechnologies (George Florea Tobă, Ștefan Gregore Ciornei, Marcel Th. Paraschivescu, George Leonard Tobă, Liliana Ciornei , Florin Bănățeanu)
  • Possibilities of increasing the income of small and medium family farms by the high capitalization of “mountain products”, in the associative-cooperative and private systems. examples of “good practices” and optimized results in the Romanian mountains: A vision of perspective (Radu Rey)
  • Regional development and cultural heritage in Romania (Daniela Antonescu, Raluca-Mirela Iordache)
  • Elements of impact and resilience of sustainable regeneration in housing mountain (Vasile Avădanei, Ioan Surdu, Lidia Avădanei)
  • Aspects on the use in food industry of vegetal resources with antioxidant and antimicrobian properties from the mountain area (Liviu Gaceu, Romulus Gruia, Oana Bianca Oprea)
  • Mountain products – conclusions from evaluation and certification process (Ioana Toma, Cristina Gârlea, Daniela Popa)
  • Appreciation of the agro-tourist potential in the mountain area of Romania state of fact and new challenges (Dănuț Ungureanu, Dănuț Gîțan)
  • Technology application in tourism and augmented reality: insights from Italy (Donatella Privitera)
  • An overview on rural tourism and consumer behavior: particularities in Transylvania (Mihaela Andreea Stroe, Oana Andreea Enache)
  • Rooftop PV Plants – Fashion or Future Trends in Hotel Industry (Vlatko Cingoski, Biljana Petrevska)
  • Renovation of Lemeška Spa and tourism development: survey of attitudes of the local population (Drago Cvijanović, Tamara Gajić, Master Snežana Đorđević)
  • Spatial aspects of managing tourist destinations at the regional and municipal levels (Valentina Varivoda, Alexander Trukhachev)

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List of contributors

Roxana Adam

National Institute of Statistics, email: roxana_adam2004@yahoo.com

Matei-Alexandru Apăvăloaei

The Bucharest University of Economic Studies, email: matei.apavaloaei@rei.ase.ro

Daniela Antonescu

Institute of National Economy, Romanian Academy, email: daniela.antonescu25@gmail.com

Jean-Jacques Askenasy

University of Tel Aviv, Israel; Romanian Academy, email: ajean@post.tau.ac.il

Irina Băncescu

“Costin C. Kirițescu” National Institute for Economic Research; The School of Advanced Studies of the Romanian Academy (SCOSAAR), Bucharest, Romania, email: irina_adrianna@yahoo.com

Valentin Bilyanski

University of National and World Economy, Bulgaria, email: v.bilyanski@unwe.bg

Cristian Bîrdac

Department of Urban Mobility, City Hall Sector 4, email: cristian.birdac@mobilitateurbana4.ro

Cristina Boboc

Department of Statistics and Econometrics, Bucharest University of Economic Studies and Institute of National Economy, Romanian Academy, email: cristina.boboc@csie.ase.ro

Constanţa-Nicoleta Bodea

Informatics and Economic Cybernetics Department, Bucharest University of Economic Studies; Centre for Industry and Services Economics, Romanian Academy, email: bodea@ase.ro

Alina Bratiloveanu

“Valahia” University of Târgoviște, Doctoral School of Economic and Humanistic Sciences, email: alina.bratiloveanu@yahoo.com

Gheorghe Horia Chivu

Department of Urban Mobility, City Hall Sector 4, email: gheorghe.chivu@mobilitateurbana4.ro

Luminița Chivu

“Costin C. Kirițescu” National Institute for Economic Research, Romanian Academy, Bucharest, Romania, email: chivu@ince.ro

Daniel Ciuiu

Technical University of Civil Engineering Bucharest, Center for Macroeconomic Modelling, Romanian Academy, email: dciuiu@yahoo.com

Viorel Cornescu

“Nicolae Titulescu” University, email: cornescuviorel@yahoo.com

Laurențiu David

Centennial College of Applied Arts and Technology, Toronto, Canada, email: laurentiu.r.david@gmail.com

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Andrei-Marius Diamescu

“Costin C. Kiriţescu” National Institute of Economic Research, Romanian Academy, email: dandreimarius@yahoo.com

Emil Dinga

Center for Financial and Monetary Studies, Romanian Academy, email: emildinga2004@email.com

Nenad Djokic

University of Novi Sad, Faculty of Economics in Subotica, Serbia, email: djokicn@ef.uns.ac.rs

Vasile Dogaru

West University of Timişoara, email: vasile.dogaru@e-uvt.ro

Gabriela Drăgan

Department of International Economic Relations, The Bucharest University of Economic Studies, email: gabriela.dragan@rei.ase.ro

Marija Drobnjaković

Geographical Institute “Jovan Cvijić”, Serbian Academy of Sciences and Arts, Serbia, email: m.drobnjakovic@gi.sanu.ac.rs

Vasilii Erokhin

Harbin Engineering University, China, email: basilic@list.ru

Frantz Daniel Fistung

Centre for Industry and Services Economics, Romanian Academy, email: dfistung@yahoo.com

Simona Frone

Institute of National Economy, Romanian Academy, email: frone.simona@gmail.com

Ioan I. Gâf-Deac

“Costin C. Kiritescu” National Institute for Economic Research, Romanian Academy, email: gafdeac@ince.ro

Simona Ghiță

Department of Statistics and Econometrics, Bucharest University of Economic Studies and Institute of National Economy, Romanian Academy, email: simona.ghita@csie.ase.ro

Anda Ghizdavu

Department of Statistics and Econometrics, Bucharest University of Economic Studies, email: anda.ghizdavu12@gmail.com

Jaime Gil Aluja

President, Royal Academy of Economic and Financial Sciences, Barcelona, Spain, email: secretaria@racef.es

Bogdana Glovațchi

PhD student, Marketing specialization, email: bogdana.glovatchi68@e-uvt.ro

Zizi Goschin

The Bucharest University of Economic Studies, Institute of National Economy, Bucharest, email: zizi.goschin@csie.ase.ro

Adriana Grigorescu

National University of Political Studies and Public Administration, Bucharest, Romania; Correspondent Member Academy of Romanian Scientists; email: adriana.grigorescu@snspa.ro

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Aleksandar Grubor

University of Novi Sad, Faculty of Economics in Subotica, Serbia, email: agrubor@ef.uns.ac.rs

Erna Hennicot-Schoepges

Institute for Cultural Diplomacy, email: hennicotschoepges@gmail.com

Mihaela Iacob

The Bucharest University of Economic Studies, email: mihaela.iacob@fabbv.ase.ro

Valeriu Ioan-Franc

Corresponding member of Romanian Academy, “Costin C. Kiriţescu” National Institute for Economic Research, Romanian Academy, Bucharest, Romania, email: cide90@gmail.com

Amalia-Elena Ion

Doctoral School of Management, Valahia University from Targoviste, Romania, email: amalia.ion@live.com

Alexandru Isaic-Maniu

Centre for Industry and Services Economics, Romanian Academy, e-mail: alex.maniu@gmail.com

Laura Istudor

The Bucharest University of Economic Studies, Faculty of Theoretical and Applied Economics, email: laura.istudor@gmail.com

Octavian-Dragomir Jora

The Bucharest University of Economic Studies, email: octavian.jora@rei.ase.ro

Dorin Jula

Institute for Economic Forecasting, NIER, Romanian Academy, Ecological University of Bucharest, Faculty of Financial Management, email: dorinjula@yahoo.fr

Nicolae-Marius Jula

University of Bucharest, Faculty of Business Administration, email: mariusjula@yahoo.com

Alexandra-Ioana Lazăr

Ph.D. Student, School of Advanced Studies of the Romanian Academy, “Costin C. Kirițescu” National Institute for Economic Research, email: alexandra.lazar@ince.ro

Beatrice Leuștean

Politehnica University of Bucharest, email: leusteanbeatrice@yahoo.com

Elena Otilia Manta

“Victor Slăvescu” Center of Financial and Monetary Research, Romanian Academy, email: otilia.manta@icfm.ro

Andra Mărculescu

Romanian Academy, email: andra@acad.ro

Stanciu Mariana

Research Institute for Quality of Life, Bucharest, Romania, email: mariana3stanciu@gmail.com

Gheorghe Meghișan

University of Pitesti, Faculty of Economic Science and Law, Romania, email: gheorghemeghisan@yahoo.fr

Georgeta-Mădălina Meghișan-Toma

The Bucharest University of Economic Studies, Faculty of Business Administration in foreign languages; Romanian Academy, National Institute of Economic Research “Costin C. Kiritescu”, Bucharest, email: madalina_meghisan@yahoo.com,

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Nikola Milicevic

University of Novi Sad, Faculty of Economics in Subotica, Serbia, email: milicevic.nikola@ef.uns.ac.rs

Mircea Mitiucă

The Bucharest University of Economic Studies, Faculty of Theoretical and Applied Economics, email: mircea.mituca@gmail.com

Firicel Mone

Department of Engineering, Mechanics, Computer, School of Advanced Studies of the Romanian Academy (SCOSAAR), Research Institute for Artificial Intelligence “Mihai Drăgănescu”, Romanian Academy, Bucharest, email: mone@acad.ro

Mihai Sabin Muscalu

Centre for Industry and Services Economics, Romanian Academy, email: msmuscalu@yahoo.com

Biljana Petrevska

Faculty of Tourism and Business Logistics, University “Goce Delcev” Stip, North Macedonia, email: biljana.petrevska@ugd.edu.mk

Napoleon Pop

“Costin C. Kiriţescu” National Institute for Economic Research, Romanian Academy, Bucharest, email: iemnapoleon@gmail.com

Dan Popescu

“Lucian Blaga” University of Sibiu, email: dan.popescu@ulbsibiu.ro

Sorin Mihai Radu

University of Petrosani, Romania, email: upet@yahoo.ro

Otilia Teodora Rachieru

RNP Romsilva, Bucharest, Romania, email: otilia.ciutacu@yahoo.com

Rossitsa Rangelova

Economic Research Institute – BAS, Bulgaria, email: r.rangelova@iki.bas.bg

corneliu Russu

Centre for Industry and Services Economics, Romanian Academy, email: corneliu_russu2007@yahoo.com

Ioan Petru Scutelnicu

University of Petroșani, IGR, Bucharest, Romania, email: pinklloyd73@yahoo.com

Adrian Simion

The Bucharest University of Economic Studies, Faculty of Theoretical and Applied Economics, email: adriansimiont@yahoo.com

Stelian Stancu

Informatics and Economic Cybernetics Department, Bucharest University of Economic Studies; Centre for Industry and Services Economics, Romanian Academy, email: stelian_stancu@yahoo.com

Gheorghe-Alexandru Stativa

The Bucharest University of Economic Studies, Faculty of Theoretical and Applied Economics, email: alexstativa95@gmail.com

Maria Livia Ștefănescu

Research Institute for Quality of Life, Romanian Academy, livia.stefanescu@gmail.com

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Ștefan Ștefănescu

Research Institute for Quality of Life, Romanian Academy, stefanst@fmi.unibuc.ro

Ivona Stoica

Institute of National Economy, Romanian Academy, Bucharest, email: stradivonas@gmail.com

Viorel Streza

University of Petroșani, Romania, email: upet@yahoo.ro

Marta-Christina Suciu

The Bucharest University of Economic Studies, Faculty of Theoretical and Applied Economics, Economics and Economic Policies Department, Romania, email: christina.suciu@economie.ase.ro

Aleksandra Terzić

Geographical Institute “Jovan Cvijić”, Serbian Academy of Sciences and Arts, Serbia, email: a.terzic@gi.sanu.ac.rs

Iuliana Țoropoc

Bucharest University of Economic Studies, Actuarial Techniques Master’s Program, Romania, email: iulia_toropoc@yahoo.co.uk

Alina Roșca Țurcanu

University of Petroșani, Romania, EM Chisinau, Republic of Moldova, email: upet@yahoo.ro

Anna Maria Vasile

Ph.D. Student, School of Advanced Studies of the Romanian Academy, “Costin C. Kirițescu” National Institute for Economic Research, email: anna.vasile@mail.com

Valentina Vasile

Institute of National Economy, Romanian Academy, email: valentinavasile2009@gmail.com

Maria Vișan

Department of Engineering, Mechanics, Computer, School of Advanced Studies of the Romanian Academy (SCOSAAR), Research Institute for Artificial Intelligence “Mihai Drăgănescu”, Romanian Academy, Bucharest, email: mone@acad.ro, maria.visan@ingr.ro

Gheorghe Zaman

Corresponding member of Romanian Academy, Institute of National Economy, Romanian Academy, Bucharest, gheorghezaman@ien.ro

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Luminița Chivu

Harnessing tangible and intangible assets in the context of European integration and globalization: challenges ahead

Abstract The presentation, from the beginning of the 2019 edition of the ESPERA international scientific conference, with the theme “Harnessing Tangible and Intangible Assets in the context of European Integration and Globalization. Challenges ahead” makes in the first part a review of the main activities carried out between the two editions of ESPERA, by the “Costin C. Kiritescu” National Institute for Economic Research and the institutes and centers in its network. In the second part, arguments are brought for the choice of the theme for ESPERA 2019 and landmarks are presented regarding Romania’s positioning in terms of tangible and intangible assets among the member states of the European Union through an approach from the perspective of national wealth. The presentation ends with thanks to all those involved in the organization of the conference, national and international partners at the event and best wishes for the success of the conference.

Keywords: Romanian Academy, economic research, ESPERA 2019

Most Distinguished Audience,

We are now in the Aula Magna of the Romanian Academy, and the first words of my presentation today are to express our gratitude that, in keeping with tradition, you have joined us here for this important event in the life of the “Costin C. Kirițescu” National Institute for Economic Research (INCE) – The International Scientific Conference ESPERA 2019.

Thanks to the resonant effect at home and abroad of the publication by Elsevier (first two editions) and Peter Lang Academic Publishing Group (starting with 2015 until present), and of the entry to ISI – Clarivate, of the works put out on the occasion of its previous editions, ESPERA, now featuring its 6th edition, has prompted a quality leap forward of the results of the Romanian academic economic research, rendering it more visible and making it broadly known.

Allow me to congratulate you for this success!

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ESPERA is also an opportunity to test the relevance and topicality of the subjects approached, and we invite our Romanian and foreign partners to join our debate and develop new joint projects.

The Scientific Committee, the scientific coordinators and reviewers working in the 14 workshops have made substantive effort to have this annual test happen, and I cannot thank them enough for this.

This event is drawing its roots from the academic propensity of our research institutes and centers, and we must express our gratitude for the scientific fervor and freedom inspired to us by the Romanian Academy, the highest national forum of sciences, under the wing of which we have conducted our activities for more than 30 years now.

Most Esteemed Audience,

ESPERA is also an opportunity for us to cast a retrospective glance at the fruits yielded by the economic research work in the institutes and centers of our Academy in the time between the past two editions.

At the previous edition of ESPERA, at the plenary session held on 24 May 2018, Professor Aurel Iancu, Member of the Romanian Academy (MRA), in his capacity as main coordinator, introduced to us the structure of the two volumes of “Romania’s Economy after the Great Union of 1918” (Vol. I – Macroeconomy, and Vol. II – Sectoral Economy), which forms part of the “Romanian Civilization,” a collection of works among which some of the books were, at that date, still being written by a large number of contributors: academy members, science researchers, professors, and authors that have gained an undeniable prestige in their fields of research.

At the end of 2018, as a result of the remarkable perseverance and joint effort of both authors and coordinators, the two volumes saw print (Slide I).

Volume I, “Macroeconomy,” coordinated by Professor Aurel Iancu, Member of Romanian Academy, and Professor Nicolae Păun, is comprised of 26 chapters spanning over 500 pages that treat the macroeconomic evolution of this country in the hundred years since the Great Union of 1918. The century’s economy has been studied in its three specific time segments: 1918–1947 (the economy in the inter-war period, the economic policy during WW II, the post-war recovery period, and the Soviet occupation period); 1948–1989 (the socialist experiment); 1990–2018 (the transition to a functional market economy by way of institutional and structural transformations, and the accession to the European Union).

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Slide 1: INCE research programs of national coverage

Volume II, Sectoral Economy, has been put together by Professor Aurel Iancu, MRA (head coordinator), George Georgescu, INCE, Victor Axenciuc, HMRA, Florin Marius Pavelescu, IEN, and the late Professor Constantin Ciutacu, INCE, as coordinators. The volume consists of 34 chapters, spanning over more than 1,000 pages, authored by over 64 contributors, most of them being researchers in the Romanian Academy’s institutes of economic, social, and juridical sciences (Slide 2).

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This volume contains retrospective studies based on the diachronic approach of specific areas (demographics, natural resources, urbanization, progress of production factors, scientific research and development), inter-stage sectoral studies (agriculture, manufacturing, energy, etc.), as well as other aspects of the administrative and land management policies, industrial architecture, environmental protection, and the role of the Romanian Academy in strengthening the people’s awareness of their national unity.

Slide 2: Covers of the volumes “Romania`s economy after the Great Union”

As part of the same collection, in addition to the books devoted to the country’s economy, other two volumes, authored with the major contribution of INCE researchers, have been published. Both of them being of tremendous value through the sensitive issues of the past 100 years they address: Romania’s Demography, coordinated by Professor Vasile Ghețău, of the Centre for Demographic Research, and Romania’s Social History, coordinated by Professor Cătălin Zamfir, MRA, of the Research Institute for the Quality of Life (Slide 3).

Slide 3: Covers of the books “Romania`s Demography” and “Romania’s Social History”

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In sign of homage to the same Centennial of the Great Union, the proceedings of the 2018 edition of the ESPERA International Conference were published. Their main topic was Romania’s Economy. A Century of Evolution (1918–2018), and they were posted on the site of Peter Lang Academic Publisher Group, on 30 September 2019 (Slide 4). And we want to present our thanks to the professional team of Peter Lang, with special thanks to Ute Winkelkoetter, Senior Commissioning Editor, that made it possible.

Slide 4: Covers of “Romania’s Economy. A Century of Evolution (1918–2018)” and Peter Lang website

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Starting from 2018, INCE researchers have brought a substantive contribution to the Romanian Academy’s priority project: “Romania’s Economic and Monetary Convergence with the European Union. A Necessary Step.” The study is being coordinated by Professor Ioan Aurel Pop, MRA and president of the Romanian Academy (Slide 5).

Slide 5: Research program – convergence to euro

INCE, through its Institute for World Economy (Institutul de Economie Mondială – IEM), acted as a coordinator of the convergence studies. The first stage of these studies had as a purpose the evaluation of the Romanian economy’s preparedness to convert to the euro currency. A large number of INCE researchers have contributed to it, through INCE’s Institute for World Economy, Economic Forecast Institute, National Economy Institute, Research Institute for the Quality of Life (ICCV), Institute of Agrarian Economy (IEA), Centre for Research in the Economics of Industry and Services (CEIS), the Centre of Financial and Monetary Research “Victor Slăvescu” (CCFM), and the Centre of Demographic Research (CCD).

The results of these studies, as they emerged from the debates held all along the year 2018, were published, with the aid of the Patrimoniu (National Heritage) Foundation, in two printed volumes (abstracts, and in extenso), under the aegis of the Centre for Economic Information and Documentation (Centrul de Informare și Documentare Economică), and under the editorial supervision of Professor Valeriu Ioan Franc, Corresponding Member of the Romanian Academy (CMRA) (Slide 6)

Slide 6: Cover of the book “Romania’s Economic and Monetary Convergence with the European Union. A Necessary Step”

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INCE researchers have had significant contributions to the drafting of national strategies.

Among these were their participation in:

Slide 7: Contributions to and consultancy on national strategies

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As a complement to these, comes our researchers’ contribution as coordinators or members of the Council for Economic Planning, the National Statistic Council, The Labor Committee of the Romanian Parliament, the Working Group for the Business Environment, Competitiveness, and Research-Development-Innovation set up by the Ministry of Foreign Affairs to carry out the Plan of Action of the 2018 National Reform Program (NRP), and the 2018 Specific Country Recommendations (SCR), and in the Committee for Environment, Climatic Change, and Energy of the European Committee of the Regions, Brussels.

Prompted by the willingness to meet the real needs of the Romanian society, our scientific researchers have offered consultancy services, either through an institutional framework or as independent experts, in matters involving the development of the administrative capacity of the Ministry of Labor and Social Justice, Ministry of Environment, Ministry of Regional Development and Public Administration, Ministry for the Business Environment, Trade and Entrepreneurship, Ministry of National Education, Ministry of Health (Slide 8).

Slide 8: Project for the development of administrative capacity

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It was also 2019 that saw the launch of the series of scientific debates under the umbrella of the Academy’s Section for Economic, Juridical, and Sociological Sciences, in cooperation with INCE’s network of research institutes and centers.

Scientific debates bring to the fore topics of utmost interest for the Romanian economy: the impact of foreign direct investments (FDI) on Romania’s foreign trade (IEN), the quality of life in Romania from a European perspective, and the related social policies (ICCV), the future Common Agricultural Policy (CAP) and its effects on Romanian Agriculture (IEA), the assessment of Romanian economy’s sustainability (CCFM), Romania’s Industry: Present and Future (CEIS), the consequences of the 4th industrial revolution on the economic model and economic modelling (Institute of Economic Forecasting– IPE), and the mountain regions of Romania (CEMONT), the status of the economic convergence of the EU member states (IEM), the demographic crisis of the EU countries, and Romania’s place in the context (CCD), the energy strategy for 2019–2030, with projections until 2050 (CPEREE), new prospects for the food production (CSCBAS), the financial and monetary economy (CCFM) (Slide 9 and Slide 10).

Slide 9: Calendar of debates under the aegis of Romanian Academy`s Department for Economic, Juridical and Sociological Sciences – 2019 (I)

Slide 10: Calendar of debates under the aegis of Romanian Academy`s Department for Economic, Juridical and Sociological Sciences – 2019 (II)

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In 2019, the INCE researchers brought substantive contributions to the series of debates held under the care of the Academy’s Section for Economic, Juridical and Sociological Studies, on the subject: The Romanian Economic Model in the European Union – Romania 2040, at the initiative of the Association for Economic and Social Studies and Forecasting (ASPES) in partnership with AGER, AFER, ASE, INCE – AR, ASAS, ROMÂNIA DURABILĂ, SAMRO, ACPR, ANOSR (Slide 11).

Slide 11: Romanian economic model in the European Union – Romania 2040

The final document resulting from these debates will be presented in the Romanian Academy’s Aula Magna, next year.

Another remarkable achievement of INCE and CIDE in 2019 was the publication of an outstanding book: Principles of Economics for a Post-Meltdown World, by John Komlos, Emeritus Professor of the Ludwig-Maximilian University in Munich. The Romanian version is a special edition for Romania, which includes segments from books published by the same author in 2016 at Springer’s, and in 2018 at Routledge’s. As the author of a new concept about economy, Professor Komlos reveals the weaknesses of the standard economic theory, and supports, with arguments, the need to change the paradigm, and to understand the real-life post-crisis economy with the aid of an alternative approach of traditional models (Slide 12).

Slide 12: Cover of “Principles of Economics for a Post-Meltdown World”

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The book, which I strongly recommend, was written for academics and students of economic schools, but also for Academy researchers and business people, for decision makers in any society, for all researchers that choose to follow the difficult road towards rethinking the fundamentals of economic science.

The publication in Romania of this book is a remarkable event that has been coordinated, with his well-known punctiliousness and scientific rigor, by Professor George Georgescu, and thanks to the contribution and keenness of Professor Valeriu Ioan Franc, who, in cooperation with Mr. Mircea Fâță, the translator, and Ms. Paula Neacșu, the editor, have produced an exemplary version of Professor John Komlos’ book in the Romanian language.

In response to the imperatives of the Romanian economy, since 2019, INCE, in its capacity as coordinator of a consortium formed of 7 Romanian and foreign ←32 | 33→partners, has been conducting 3 projects financed by the World Bank, for the benefit of the Ministry of Waters and Forests.

The term of the 3 projects is three years, during which, in an integrated system bringing together champion farmers and facilitators, a number of 6,000 farmers, 980 representatives of the Agency for Finance to Rural Investment (AFIR) and the Agency for Disbursements and Intervention in Agriculture (APIA), as well as representatives of local administrative bodies, will be trained in the regulations of the Code of Good Agricultural Practice (COGAP), to prevent and reduce the risk of soil pollution with nitrogen fertilizers.

Among other benefits, the three projects will create a network for the transfer and exchange of agricultural knowledge in the entire country, will enable the collection of data on the farmers’ feedback, thereby providing decision makers an instrument to identify the problems encountered by farmers, and prepare Romanian agriculture for the new CAP.

Until 30 September 2019, approximately 3,000 farmers and representatives of the public entities involved had been trained.

INCE’s international visibility, as measured in August 2019, brought our Institute to the echelon of the top 3 % in the world classification of the RePEc international data base, which is the most prestigious central index of papers in economic sciences. INCE was assigned position No. 240, in a total of 7,900 institutes/universities/departments dealing with economics in the whole world (Slide 13)

Slide 13: INCE in the world RePEc hierarchy of the institutions of economic research

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While in January 2015 INCE held the 380th position in the same classification, by mid-2019 INCE had leaped up 140 notches in only four years, which is a remarkable achievement of the entire research network, in the face of the sharp international competition in the field. First in this hierarchy are the Department of Economics, Harvard University; National Bureau of Economic Research; World Bank Group; Economics Department, MIT; London School of Economics.

In the classification of economic research entities in Europe, INCE placed 96, in a total of 2,890 institutes/universities/departments pursuing economic research (Slide 14).

Slide 14: INCE in the Europe RePEc hierarchy of the institutions of economic research

In the national RePEc classification, INCE (with 141 registered authors) comes second after The Bucharest-based Academy of Economic Studies (291 registered authors ). A number of 21 INCE researchers are among the top 5 % of the 1,097 Romanian authors with citations in RePEc (Slide 15).

Slide 15: INCE in the national RePEc hierarchy of the institutions of economic research

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Dear Audience,

In the time between its editions, the ESPERA Conference has increasingly acted as a platform of scientific dialogue and exchange of opinions, and we plan to further establish connections between researchers, academics, experts with hands-on experience in the real economy, and members of the civil society, all of whom can contribute to identify the sensitive issues that claim intensive research work for the benefit of the Romanian economy and the society at large.

Since the May 2018 ESPERA edition to date, the exchange of ideas and the debates between scientists have led to the conclusion that this year’s edition should focus on the topic of How to make the best of [Romania’s] tangible and intangible assets in the context of its European membership, with an eye to globalization, all while preparing for future challenges (Slide 16).

Slide 16: ESPERA 2019 program cover

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While, at the beginnings of economic science, the economic perspective of intangible assets was that they “had no price,” and therefore they were not duly quantified as production factors capable to generate richness, now they seem to have become “priceless” in the balance of a country’s national wealth, and are quoted in economic writings as the fourth production factor.

Although there are numerous analyses of this concept in the dedicated literature, the incomplete statistic information, and the delay with which such information becomes available are an impairment precluding us to issue opinions regarding the current value of Romania’s tangible and intangible assets, and the contribution of each such asset to the creation of national wealth in Romania.

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In the Romanian dedicated literature, a prominent place is held by the book written by Professor Victor Axenciuc, OMRA: “The National Wealth of Romania, 1860–1939: A Comparative Historical Research,” that saw print at the Expert Publishing House, in 2000.

The most recent information about Romania is featured in a World Bank Report published in 2018, based on data valid for the year 2014, which placed Romania 16th among the 26 EU member states, with a national wealth estimated at 2,131 bn. US dollars. The 16th place came as an average between place 15 for tangible assets, and place 16 for intangible assets (Slide 17).

Slide 17: The national wealth of Romania and its main components in 2014

In the same Report, Romania came 7th for its natural capital, but held positions nos. 16 and 18 in respect of produced capital, human capital, and net foreign assets.

The average national wealth per capita of 107 thou’ US dollars placed Romania 25th among the 26 EU member states (Slide 18).

Slide 18: The national wealth of Romania and its main components, per capita, in 2014

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Even though the price of farm land is still among the lowest in the EU, Romania positioned 5th in respect of its average natural capital per capita, 10th in respect of the net foreign assets, but 24th for the produced capital, and 25th for the average human capital per capita.

The produced capital has undergone deep changes in point of structure and incorporated technology, bearing the strong mark of the industrial revolutions, deindustrialization, digitalization, and robotisation of the past three decades.

Romania has lost, in the past 20 years, numerous industrial structures, manufacturing shops, facilities, equipment, that were pulled down and turned into scrap iron, after they had previously served for scale production processes. Other industrial facilities were created, in line with the new technologies.

An example that aptly illustrates the magnitude and speed of these changes is the comparison between the production of crude steel and the export of scrap iron (Slide 19).

Slide 19: The crude steel production and scrap iron export in Romania, 1998–2017 (mil. tones)

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Over the double decade 1998–2017, Romania manufactured 91.2 mil. tones of plain steel, and exported 33.8 mil. tones of scrap iron. In the year when the world economic and financial crisis made its debut, the two indicators were very close.

With regard to its human capital, Romania has reached the 30th year of demographic decline.

Professor Vasile Ghețău’s estimation is that, in the time frame 1990–2018, the natural loss of population exceeded 1 mil. inhabitants. The net migration balance during the same period is estimated by official statistics to stand at 2.6 mil. persons.

The labor market, therefore, suffers from imbalances caused by labor deficits, both in quantity and quality. INCE and KPMG researchers, commissioned by the Concordia Employers Confederation, conducted a study, published in March 2019, on the quantitative side of the shortage of labor. Their estimations indicated that the labor deficit stood at over 550 thou’ persons, and was likely to grow to approximately 950 thou’ persons in the next 4 years. All while there is a significant segment of unused labor.

Based on Eurostat data regarding the average annual spending per student, and the number of NEETs and their last graduated school, we estimated that, in Romania, for the training of the approximately 1 million NEETs, the government invested some 11.1 bn. euro, and their families spent around 13.6 bn. euro, which, summed up, gives a total of 24.7 bn. euro wasted on unused human capital (Slide 20).

Slide 20: Expenditures with wasted human capital in Romania – NEETs, 2016

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The above estimations did not take into account the contribution to the growth of the added value that the NEETs could bring if they were in employment.

One possible explanation of the low share held by intangible assets in Romania’s national wealth may derive from the fact that one of the World Bank’s methods of evaluation of human capital is based on the current value of the revenues estimated to be earned during an individual’s active life (45 years, on the average) (Slide 21).

Slide 21: Estimation of the present value of earnings over active life in some EU member states, in 2016

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We have chosen only a few criteria to illustrate the important role the tangible and intangible assets of a country can play in the creation of national wealth, if they are wisely harnessed to do so.

Distinguished Audience,

We are glad to see that this sixth edition of the ESPERA Conference is attended by many more scientific researchers and academics, and this is an encouragement for us to broaden our cooperation with the universities.

Present at this edition, for the second consecutive year, is the Association of Economic Faculties of Romania (Asociația Facultăților Economice din România – AFER), and we wish to express our gratitude to Rector Nicolae Istudor, who is honoring us with his presence today, and who has been supportive in our endeavor to forge closer ties and open new windows of cooperation with the researchers in universities.

This is an opportunity for me to thank our guests from Romania and abroad for the interest shown in our Conference. I must confess that we are impressed by the scholarly and complex level of the papers contributed to the Conference.

We also wish to welcome the presence here of the Chairman of the Romanian Academy’s Department of Economic, Juridical, and Sociological Sciences, Mr. Mugur Constantin Isărescu, MRA, to whom we take this opportunity to thank for the poise and tactfulness with which he has always guided and coordinated the scientific activity of the Romanian Academy’s Institutes and Centers involved in economic and social studies.

This is the second edition in which the European Academy for Business Management and Economics (Academia Europea de Direccion y Economia de Empresa – AEDEM), Spain, has joined us as our partner. We wish to express our special thanks to the Honorable Gil Jaime Aluja, Member and President of the Spanish Royal Academy of Economic and Financial Sciences (Real Academia de Ciencias Economicas e Financieras – RACEF), and the Spanish Institute. Professor Gil Jaime Aluja will kindly share with us today his personal contribution to the new theory of self-induced incidence.

We greatly thank the distinguished Ms. Erna Hennicot Schoepges for her participation, a champion of cultural diplomacy, a warm friend of our Institute, of the Romanian Academy, and of Romania.

We also owe our gratitude to the eminent neurologist Honorable Jean Jacques Askenasy, of the University of Tel Aviv, Israel, for his presence here today, and I am looking forward with tremendous expectation to hear his presentation on the economic triangle of the brain.

Side by side with our traditional partners, the National Bank of Romania, the Centre for Economic Information and Documentation, and our brotherly Moldovan Academy of Economic Studies (and our thanks go to Professor Cornel Guțu, its Pro-rector, who is honoring us in person, bringing us a beautiful message from Chișinău), we also have the pleasure to welcome to this year’s edition of ESPERA the Romanian National Committee –the World Energy Council and The West University, Timișoara (represented by Professor Dogaru)

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Our international partners are still with us at this 6th edition: Research Network on Resources Economics and Bioeconomy Association, Gestion y Planificacion Research Group (GESPLAN, Spain), Institute of Agricultural Economics (Belgrade, Serbia), Institute of Economic Sciences (Belgrade, Serbia), Faculty of Social and Cultural Service and Tourism, Stavropol State Agrarian University (Russia), Faculty of Economics and Business Administration, “St. Kliment Ohridski” University (Sofia, Bulgaria) and Faculty of Hotel Management and Tourism, University of Kragujevac (Serbia). Special thanks for their support and our fruitful collaboration.

All the papers to be presented here will be as many contributions to the growth of the value of Romania’s intangible assets.

Our special thanks go to the two deputy directors general of INCE, Professor Valeriu Ioan Franc, and Professor George Georgescu.

I wish to thank to a small but enthusiastic team of people who made this event possible: Carmen Gheorghe, Laura Anghel, Alina Rădoi, Nicolae and Luminița Login, Ovidiu Sârbu, and Mircea Fâță.

Allow me to express our gratitude to all the today’s participants in the ESPERA session, and to all those who contributed scientific papers to the Conference, because, without you all, our effort would be pointless and our enterprise would not reach its purpose.

The number of papers proposed for presentation at the Conference has grown every year. For this edition, we have received over 250 papers, authored by more than 500 contributors, 50 of them being colleagues from abroad.

We are glad that ESPERA, and the publication by Peter Lang Academic Publishing Group, give prominence to our ideas, help us make them known and acknowledged in the international arena for debates, and enhance the visibility of the Romanian scientific research under the aegis of the Romanian Academy. All the contributions become pages in the Thesaurus Book of INCE, of which Professor Valeriu Ioan Franc speaks so proudly, and of which he has been taking care of, unabatedly, since the foundation of INCE.

And, in this context, I would like to congratulate Professor Valeriu Ioan Franc for his admission this year as Corresponding Member of the Romanian Academy, and to wish him, as well as Professor Cătălin Zamfir, a full Member of the Romanian Academy, and Professor Radu Rey, an Honorary Member of the Romanian Academy, the success and accomplishment they deserve – because they are among the most prominent intangible assets of our Institute.

Last, but not least, heartfelt thanks to the other persons invited to our Conference, who could not participate, but who have sent messages of encouragement and support, and demonstrated, once more, that a scientific event of this amplitude was necessary and worth having.

My opening speech ends with our best wishes of success to our Conference.

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Valeriu Ioan-Franc, Napoleon Pop

Reconfiguration of globalization: relevant issues to Romania

Abstract The answer can be a handy one – globalization can’t be stopped, but it can’t continue with the faults that brought its negation, either. The relationship between the winners and the losers of globalization to be found globally both inside nation-states as well as smaller communities, can’t be changed but through a dynamic mechanism and not one that is interrupted or going in the opposite direction.

Unfortunately, we are only left with questions regarding the good or less good effects of globalization, which, in order to be answered to, necessitate lots of cycles of in-depth studies. The management of these effects remains the crucial problem to all actors of the world that, it is our opinion, should take a global responsibility – to use an appropriate term. The transition to a new order, in which globalization with new rules is considered, means to reconstruct it all over again from bottom to top, the historical societal revolutions did.

The remaining question is whether the restart of globalization can be made from top to bottom as the results were felt from bottom to top. The lessons of popular revolutions in world history showed us that there isn’t enough to get revenge on any status quo and overthrow a ruling elite, without knowing where to head to afterwards. And this is something that can’t be planned from top to bottom, but starting with the choice, behaviors and decisions of million people who believe that the future should secure a dignified existence before everything else.


ISBN (Hardcover)
Publication date
2021 (December)

Biographical notes

Jean-Vasile Andrei (Author) Luminita Chivu (Author) George Georgescu (Author) Valeriu Ioan-Franc (Author)

Luminita Chivu is General Director, National Institute for Economic Research, Romanian Academy; member of Editorial Board (Adviser), Romanian Journal of Economic Forecasting; 18 books in foreign and national publishing houses and more than 200 articles in economics. Valeriu Ioan-Franc is Corresponding Member of Romanian Academy, Deputy General Director, National Institute for Economic Research; head of the Centre for Economic Information and Documentation; Editor-in-chief of the NIER publications; more than 30 books and 150 articles, editorials and publications in economics. George Georgescu is Deputy General Director, National Institute for Economic Research, Romanian Academy; member of the National Statistical Council; 22 books in foreign and national publishing houses and more than 80 articles indexed in international databases. Jean-Vasile Andrei is Professor at Petroleum-Gas University of Ploiesti, Department of Business Administration. Editor-in-Chief of International Journal of Sustainable Economies Management, Associate Editor of Economics of Agriculture: over 40 articles, 5 books on economics.


Title: Harnessing Tangible and Intangible Assets in the context of European Integration and Globalization: Challenges ahead
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