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In this article, the author relates the role of money & finances with the basic structuring of social relations. Money is the only universal form of social wealth, its measure & its meaning. Up to the present, however, the economic theory has been underestimating & overlooking money's politico-economic role. This is revealed most radically in periods of major financial & economic crises. Consequently, the author points out that today's economy of depression often depresses the economists themselves & their science. Bidet's theory of modernity, along with Habermas's, is the last large-scale attempt at theoretical explanation of the social totality, but his theoretical reconstruction of society by means of underlying "metastructures" is based on non-financial & non-monetary forms of social mediation. In contrast, the author of this article seeks to prove that precisely money & finances belong to the central metastructure of market society. What is important here is not only the subversive role of money as the monopoly-holding & political good in the exchange, but also its financial form of debt, resulting from the particular social role of debt accumulation. Society is connected with debt accumulation, & the economic sovereignty of money is its political legitimacy as debt. Therein lies its sociality, the foundation of underlying communication & of cooperation as metastructure of market society development. The present-day crisis has propelled the debt accumulation problem to absurd levels. It has brought to light that the greatest contradictions of today's market society are based on the economic & social globalization of finances. Contemporary capitalism is a genuine financial capitalism, which is why there can be no solution without a politico-economic & cultural reconstruction of the monetary regime & of financial economy. Accordingly, the author shows that the solution to the current economic crisis points precisely to the "metastructure" of market society. Adapted from the source document.

Taking up Freud's positions on economy and mourning where they depend on the contact they organize with melancholia, Jukic proposes a critical reading of Jacques Derrida's assemblage of mourning and economy in Specters of Marx: the State of the Debt, the Work of Mourning and the New International. Given the fact that melancholia in Freud calls into question what psychoanalysis wants to define as economy, yet is conspicuously absent from Derrida's otherwise Freudian configuration of the work-and-economy of mourning in his book on Marx, Jukic addresses Freud's approach to work in "Trauer und Melancholie" and proposes that work in Marx be analyzed not against mourning but against Freudian and, more importantly still, pre-Freudian configurations of melancholia. Adapted from the source document.

The author is critical of the introduction of the euro from the point of view of national & political economy. His criticism is based on four assumptions. The first is that the introduction of the euro gives rise to certain legal concerns. Some countries had not met the criteria for the introduction of the euro, yet it was introduced, which means that the European parliament & the national governments & their parliaments no longer respect the due process of law. The second is that the foreign debt, which amounts to 120% of GNP, is impossible to repay in those democracies that are not in the position to impose austerity measures that would include several legislatures. The third criticism is based on the fact that European countries are at different levels of development, which makes the monetary union much too vulnerable. The fourth criticism refers to the fact that common currency means common policy, &, consequently, the end of nation-states in Europe. Croatia may join the EU, but this would pose a challenge to its national sovereignty. 2 Tables. Adapted from the source document.

The author applies a variant of the common pool resources theory to the problem of public spending under the coalition governments elected by proportional representation. The claim is that proportional representation produces cabinets with a large number of parties, and that a large number of parties brings about higher public spending (measured by budget deficit and public debt). The author constructs and deploys the concept of budgetary dilemma to the effect that, absent institutional constraints, public spending results in expansionary fiscal policy. In the second part, the author empirically tests the budgetary dilemma in two postcommunist democracies - Serbia and Croatia, which in 2000-2013 had cabinets with a large number of actors and increasing public spending. The analysis shows a statistically unreliable predictive capacity of the main independent variable - the number of parties in the cabinet. Statistical analysis is followed by several illustrations of the budgetary dilemma. Adapted from the source document.

The debtors' crisis at the end of the 20th century is a hard reality facing transitional countries (and others as well). However, to borrow or not to borrow is a false dilemma. In the situation when in most transitional countries, the local accumulation is insufficient for financing economic development & completing the transitional process, the only alternative is borrowing. This is particularly unavoidable when the influx of foreign capital via direct investments is meager. This is also true for the Republic of Croatia, in which the level of direct investments is, for the time being, very modest. Borrowing, particularly from foreign countries, calls for a high degree of caution, a well-thought out approach to borrowing, & the rational use of the loans. 5 Tables, 14 References. Adapted from the source document.

The US economy is facing the first big financial crisis in the 21st century. The author points out that the current crisis is much different from the previous ones by its characteristics, causes, consequences it produces on the world economy & international financial system in particular. The problems that were noticeable in the US loan market in the second half of 2007, which have escalated into a crisis of the financial system in 2008 creating instability in the world financial markets, were mostly caused by the losses on the American real estate market. For the fact that the highly integrated world economy has enabled rapidly & easily transmission the effects of real & monetary trends, reducing, on the other hand, the countries' prospects to protect their economies & populations from their effects it is evident that the way the US manages its financial system has the exceptional significance beyond USA, too. As the increasing number of countries is facing with direct or indirect effects of the current crisis it is in the interest of all those that undertaking actions to stop further negative repercussions on their national economies & ensure global economy growth. Tables, Graphs, References. Adapted from the source document.

The author explores the evolution, functioning, similarities & differences between the original Bretton Woods international monetary system that operated from 1945 to 1973 & the present modified institution, which is symbolically called Bretton Woods 2 System. The existing international financial architecture keeps on being based on the hegemony of the US dollar, as a dominant reserve currency. However, in spite of the fact that in most cases the present international monetary system implies the regime of flexible foreign exchanges rates, a characteristic of this system is that many countries in different degrees refuse to accept the appreciation of their national currencies to the US dollar. At the same time, the domination of the USA, the most indebted country in the world, is becoming a very serious threat to its sustainability. However, as the author concludes, the creators of the international monetary system, being aware how serious could be the consequences of its cessation, endeavor to extend its operation accepting less expensive consequences of keeping it alive. Tables, References. Adapted from the source document.

The author applies a variant of the common pool resources theory to the problem of public spending under the coalition governments elected by proportional representation. The claim is that proportional representation produces cabinets with a large number of parties, and that a large number of parties brings about higher public spending (measured by budget deficit and public debt). The author constructs and deploys the concept of budgetary dilemma to the effect that, absent institutional constraints, public spending results in expansionary fiscal policy. In the second part, the author empirically tests the budgetary dilemma in two postcommunist democracies - Serbia and Croatia, which in 2000-2013 had cabinets with a large number of actors and increasing public spending. The analysis shows a statistically unreliable predictive capacity of the main independent variable - the number of parties in the cabinet. Statistical analysis is followed by several illustrations of the budgetary dilemma. Adapted from the source document.

The author presents the conditions in which Slovenia achieved independence: the break up of communism in Yugoslavia & the decision of the Slovene people for democracy; the threat of Greater Serbian policy & the strength of communism in the so-called Yugoslavia; & the international community's lack of understanding. In spite of unfavorable conditions, Slovenia became an independent state thanks to the successful defense against the aggression of the JNA (Yugoslav People's Army). After the brief conflict, a high degree of political stability was reached (in spite of the high number of parliamentary political parties), & a successful economic policy was established. Slovenia has a common interest with Croatia in international relations. The author emphasizes that Slovene-Croat relations can be advanced through systematic solving of potential conflicts: the determination of the exact border; obstacles to economic cooperation; protection of property rights; the status of the nuclear plant "Krsko"; & the debt of the Bank of Ljubljana. Adapted from the source document.

In the 1960s, the golden age of development in Europe came to an end, the socialist economies failed to adapt to the new situation and began to reform their economic system. The Yugoslav federal leadership announced economic reforms in 1961 and 1965, considered to be the best programme of economic reform and modernization during the institutional development of the Second socialist Yugoslavia. The self management system was based on the premises that the state control of the economy and planning should be replaced by contractual bargains among socially-owned enterprises, indicative planning and market mechanism. Kraigher's reform (1965) strengthened the developmental principles and the position of industry as the leading economic activity on the one hand and stabilisation programme on the other. However, the stabilisation policy failed to live up to expectations, and its restrictive measures created new imbalances. Kraigher's reform deepened the economic volatility, economic growth declined, while inflation and foreign debt swelled rapidly. The federal government made no particular efforts to remedy the situation and resolve the problems. In the late 1960s, the Yugoslav economic miracle came to an end. The communist authorities were preparing the grounds for constitutional ammendments, and enforced the adoption where federal communist leadership disciplined the proponents of economic reform and liberal market policies. The socialist economies, like modern EU states (Great Recession 2008-2013), failed to respond to the crisis immediately and with resolute action. This was a key reason for the disintegration of the Second Yugoslavia and could be the new form of balkanisation of EU. Adapted from the source document.