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During the 1990s Croatia went
through the process of transition to market economy mostly following the
Washington Consensus policy guidelines. Since the period before the last global
financial crisis, Croatia has shown almost no convergence to developed European
Union member states and has been among the least developed ones. This paper examines
the causes of Croatian development lag, while providing an overview of contemporary
development policies and international production fragmentation trends that
affected them. The paper points out to several important factors that shaped
the Croatian development path. Expectations from foreign capital were
overrated, as the foreign direct investment consisted mainly of brownfield
investment in large monopolistic companies and was rarely directed to
export-oriented sectors. Accession to the World Trade Organisation was followed
by stronger growth of imports than exports and joining the European Union did
not bring economic growth as fast as expected. Lack of industrial policy implementation
has led Croatia to deindustrialisation and increasing importance of the tourism
sector as a form of the Dutch disease.

The paper tests for the existence of hysteresis in the net export development patterns of five EU member countries - the Czech Republic, Latvia, Hungary, Slovakia and Slovenia. Based on the quarterly data samples from 1996q1 to 2017q2, country-specific estimates are obtained and tested. Time series estimates point to the fractionally integrated series of net exports for the Czech Republic and Latvia, while the net exports of Hungary, Slovakia and Slovenia are best explained by SETAR (1) model specification. The research results indicate long memory property in the net export series for the Czech Republic and Latvia, thus supporting the existence of hysteresis. The net export dynamics of Hungary, Slovakia and Slovenia are found to be nonlinear and threshold dependent but still slightly different. The paper also found heterogeneity in the dynamics and properties of net exports for the countries examined in this paper. Furthermore, the paper showed an indicative similarity in the change of the contemporary net export development patterns in the sample countries.

During the 1990s Croatia went through the process of transition to market economy mostly following the Washington Consensus policy guidelines. Since the period before the last global financial crisis, Croatia has shown almost no convergence to developed European Union member states and has been among the least developed ones. This paper examines the causes of Croatian development lag, while providing an overview of contemporary development policies and international production fragmentation trends that affected them. The paper points out to several important factors that shaped the Croatian development path. Expectations from foreign capital were overrated, as the foreign direct investment consisted mainly of brownfield investment in large monopolistic companies and was rarely directed to export-oriented sectors. Accession to the World Trade Organisation was followed by stronger growth of imports than exports and joining the European Union did not bring economic growth as fast as expected. Lack of industrial policy implementation has led Croatia to deindustrialisation and increasing importance of the tourism sector as a form of the Dutch disease. ; Hrvatska je potkraj prošlog stoljeća prošla kroz proces tranzicije na tržišno gospodarstvo uglavnom slijedeći smjernice Washingtonskog konsenzusa. U razdoblju prije posljednje globalne financijske krize, Hrvatska nije pokazala gotovo nikakvu konvergenciju s razvijenim članicama Europske unije te je pripadala skupini najmanje razvijenih članica. Ovaj rad istražuje uzroke zaostajanja Hrvatske, pružajući istovremeno pregled suvremenih razvojnih politika i međunarodnih trendova fragmentacije proizvodnje koji su na njih utjecali. Rad ukazuje na nekoliko važnih čimbenika koji su oblikovali hrvatski razvojni put. Očekivanja od priljeva stranog kapitala bila su precijenjena, jer su se izravna inozemna ulaganja uglavnom sastojala od brownfield ulaganja u velika monopolistička poduzeća i rijetko su bila usmjerena na izvozno orijentirane sektore. Pristupanje Svjetskoj trgovinskoj organizaciji popraćen je snažnijim rastom uvoza od izvoza, a pridruživanje Europskoj uniji nije donijelo gospodarski rast onako brzo kako se očekivalo. Nedostatak implementacije industrijske politike doveo je Hrvatsku do deindustrijalizacije i sve veće važnosti turističkog sektora kao oblika nizozemske bolesti.

Spajanja i preuzimanja služe kao odgovor na tehnološki razvoj, konkurenciju i ostale nepredvidljive tržišne podražaje te čine poduzeća konkurentnijima, povećavaju efikasnost, omogućuju brzi rast i stvaraju vrijednost za dioničare. Međutim, većina spajanja i preuzimanja završi neuspjehom, a mnogi odgovori za neuspjeh leže u korporativnoj kulturi. Koju su ključni izazovi integracijskih procesa, s kakvim se problemima susreću poduzeća kod spajanja i preuzimanja zbog razlika u korporativnim kulturama poduzeća te koje su moguće solucije za rješavanje navedenih problema, problematika je kojom se ovaj rad bavi.