Kapital Seminarski

8/12/2019 Kapital Seminarski

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VISOKA ŠKOLA MODERNOG BIZNISABEOGRAD

SEMINARSKI RAD

TEMA: KAPITAL KAO PROIZVODNI FAKTOR

STUDENT:

BEOGRAD, DECEMBAR 2010.



SADRŽAJ

UVOD..................................................................................................................................31. EKONOMSKI SISTEM I NJEGOVI ELEMENTI ..................................................2. TRŽIŠTE FAKTORA PROIZVODNJE.....................................................................!3. KAPITAL KAO FAKTOR PROIZVODNJE I TRŽIŠTE KAPITALA.................."

3.1 KAPITAL I KAMATA..............................................................................................83.2 KAMATNA STOPA................................................................................................8 3.2 TRŽIŠTE ZAJMOVNOG KAPITALA..................................................................9

I#$%&: S'()*+%-, P. '- /. N%&') 1. E%-%(4' Z'5&*6: MATE .%.%..7&23.....................................................................................................................................11. KONKURENTNOST I KAPITAL KAO FAKTOR PROIZVODNJE ................12

4.1 FAKTORI KONKURENTNOSTI I PRIVREDNOG RASTA ..............................124.2 ANALIZE IZVORA PRIVREDNOG RASTA.......................................................13ZAKLJU8AK..................................................................................................................19LITERATURA.................................................................................................................1!

2



UVOD

Re!"# ! $!% &'(e"#)'*+#, # +e&'(e"#)'*+#, -"e+/(# ! )e+/) e$/+/&#)#. O+# &/0! #(#-#*)#-# # +e-#*)#-# &'(e"#)'*+# # +e&'(e"#)'*+# e$/+/&$# # +ee$/+/&$#. N%: *)!# '

-/)#& +'+)e& $'%#('* %"#"/+' /0'((-' (e,+/*/0#)' %"e!e(+#(-/ $-'*#(e(&e+'5&e+(' $-'*#(e( !%"'-*)'+)'.

P/ 6'$(/"#&' e %/"'!&e-' "'%/*/5#-# %/(e+7#)'* $/)# +' #*/ $/)# +'#+ !(#e #*#&/5e !(#7'(# +' %"e!ee +)e0/-e 7#*)e-e # ''($e. O-# 6'$(/"# e*!)! +' %"e!ee %"e$/ !*'+#, # #*'+#, e*e&e+(' '&e /"0'+#'7#)e %"/#-/+/0 %"/7e'.

N#-/ e$/+/&$/0 "'-/)' +'7#/+'*+e e$/+/&#)e # e$/+/&$# %/*/5') %/)e#+#, %"e!e' +#! #$*)!#-/ '-#+# / "'%/*/5#-#, "e!"' %/(e+7#)'*+#, &/0!+/(#"'-/)' -e # / (e%e+' $/"#e+)' "'%/*/5#-/0 %/(e+7#)'*'.

3



1. EKONOMSKI SISTEM I NJEGOVI ELEMENTI

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O%(# e*e&e+(# e$/+/&$/0 #(e&' !:

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2. &$&*- )64*7 3 -"(e %"#-"e+#, !)e$'(' ! %"e&e( e$/+/&#)e:

/&'#+(-/ %"e!ee # "5'-'.3. *%-%(* '7$-%7 > 4 -"(e e$/+/&$#, '$(#-+/(# ! %"e&e( e$/+/&#)e:

%"/#-/+)' "'%/e*' "'&e+' # %/("/+)'.4. -77);4* %"e('-*)')! !(-"?e+e -ee # %"'-#*' %/+''+)e %"#-"e+#, !)e$'('

$/)e /&/0!'-')! ' e e$/+/&$e '$(#-+/(# /'-*)')! +' !('*)e+ # %"e-#*)#-+'#+. N')-'5+#)e e$/+/&$e #+(#(!7#)e ! ("5#(e # -/)#+'.

F'$(/"# %"/#-/+)e ! "!0# +'#- ' e$/+/&$e "e!"e. T! %'')!:

> "'- $'%#('*

> %"#"/+# #-/"# <+')ee e&*)'=> %"e!e(+#(-/> #+6/"&'7#)e

O!(%!( )e %"/#-/+)' "e!*('( '+0'5/-'+#, 6'$(/"' %"/#-/+)e.I+%!( )e "e!" ("/'$$/)# e ! %"/7e! %"/#-/+)e %"e(-'"' ! /!(%!(. Me(/ %"/#-/+)e )e /"e?e+'$/&#+'7#)' #+%!(' $/)/& e %"/#-/# /"e?e+' -"e+/( /!(%!('.

F'$(/"$# /,/7#:

• P*'(' ' !*/5e+# "'

• K'&'(' ' $'%#('*

• Re+(' ' %"#"/+e !*/-e e&*)! %"e -e0'

• D/#( <%"/6#(= ' %"e!e(+#(-/ # #+6/"&'7#)e

4



De6#+#7#)e $'%#('*' !: 1= -' /"' !0/"/+/0 $/"#e+)' $/)' *!5e ' %"/#-/+)!"!0#, -"e+/(#@ 2= #" &'(e"#)'*+#, -"e+/(# $/)e ! ('-*)e+e ! 6!+$7#)! %"/#-/+)e@3= "e!" $/)e0 ! *)!# (-/"#*# ' %"/#-/+)! +/-#, "/' # !*!0'@ 4= $!% e*e&e+'('

!*/5e+#, ! %"/7e %"/#-/+)e "/' #*# !*!0'@ = $!% '$(#-' <"e('-'= 6#"&e $/)' ! !

6!+$7#)#@ B= "e!" !0/"/+e !%/("ee@ C= -"e+/( $/)' -*'+#$! /+/# /"e?e+#/,/'$.

K'7'+ > -"e+/( <0*'-+#7'= $/)' -*'+#$! /+/# -#e -"e+/(# +e0/ (/ )e +)e+'-"e+/(. N/-'7 #*# #*/ $/)' "!0' -"e+/( %/(')e $'%#('* $'' e +)#&e $!%!)e "/' !7#*)! %"/')e ' -e! -"e+/( #*# e +)#&e '+0'5!)! #+#/7# %"/#-/+)e $/)# ! %"/#-/+)#(-'"')! -#e +e0/ (/ )e ! +)#, !*/5e+/. 1

S+' 1. S!(#+' !*'0'+)' $'%#('*' )e #+-e(#"'+)e ' !!+/(.

I#$%&: S(/)'+/-# . 199C. .S'-"e&e+# #'/-# e$/+/&#$e.. Z/"+#$ "'/-': Ekonomska teorija

u tranziciji E$/+/&$# 6'$!*(e( e/0"'. (" B

P&*)#*7-<7$% %"e('-*)' '$(#-+/( $"e'(#-+/0 $/&#+/-'+)' "'%/*/5#-#, 6'$(/"' ! %"e!e! $/)/& e ! %"e!#&'+)e "##$' /(-'"!)! /"e?e+# "e!*('(# %"e!e'.

P"e!e(+#(-/ /)e#+)!)e '$(#-+/(# # %"/7ee %"e-#?'+)' #+/-'(#-+/(# %"#,-'('+)e"##$' # !e+)e.

U %"/#-/+/& %"/7e! %"e!e' %"e(-'"')! #+%!(e ! /!(%!(e. I+%!(e +'#-'&/ %"/#-/+#& 6'$(/"#&' ' (! !"')'&/ -e /+/ (/ %/!e' &/"')! !%/("e#(# ! %"/7e! %"/#-/+)e # #+%!(e &/5e&/ %/e*#(# ! ("# $'(e0/"#)e ' (/ ! "' #"/-#+e # $'%#('* '-'$' e / (#, 0"!%' e e*# +' #('- +# %/0"!%'. O+/ #+(%!(' # /#&' %"/#-/+)e/%#'+ )e %"/#-/+/& 6!+$7#)/&. O+' %/$'!)e +')-e# /#& %"/#-/+)e <= $/)#+e$/ %"e!ee &/5e %"/#-e(# ! #*/ $/)! ''(! $/&#+'7#)! #+%!('.

U$/*#$/ ! )e#+# 6'$(/"# "' # $'%#('* $'%#('* ('' e %"/#-/+' 6!+$7#)' &/5e '%#'(#

$'/ F<KL=. )e+'#+' %/-e!)e/#& %"/#-/+)e $/*##+'&' #+%!(' /+/+/ "''# $'%#('*' +%". &/5e /%##-'(# $/*#$# e "/ &/5e /e$#-'(# !$/*#$/ %/*)/%"#-"e+#$!%/("e# /"e?e+# "/) %/*)/%"#-"e+#, &'#+' # "'+#$'. I+%!(# I /#& %"/#-/+)e !(/$/-# %/ %"'-#*! e %/&'("')! $"/ /"e?e+/ -"e&e ' +e ! ("e+!($!. T'$/ e ! 0/"e+'-ee+/) )e+'#+## !$/*#$/ +#)e "!0'#)e +'-ee+/ &#*# +' $/*##+e "'' I $'%#('*'!%/("e*)e+e (/$/& 0/#+e # +' 0/#+)# /#& %"/#-/+)e

1 E$/+/&#)' / A / Ž e/0"'$' /(-/"e+' $/*' # DOSIJE e/0"' 22



P"/#-/+' 6!+$7#)' /&/0!!)e "'*##(e $/&#+'7#)e #+%!(' ('$/ '/#& %"/#-/+)e&/5e #(# /(-'"e+ +' "'*##(e +'#+e ' %"/#-/+! 6!+$7#)! #"'5e+! 0/"+)/& )e+'#+/& (/ +'# &/0!+/( $/"#e+)' -#e $'%#('*' # &'+)e "'+e +'0e #*# -#e "'+e+'0e ' &'+)e $'%#('*' ' %/(#'+)e #(/0 /#&' %"/#-/+)e. M/5e e %"/#-/#(#

"'+/>#+(e+#-+#& &e(/'&' ! $/)#&' /&#+#"' "'+' +'0' #*# $'%#('*+/>#+(e+#-+#&&e(/'&' ! $/)#&' /&#+#"' !%/("e' &'#+'. G/"+)' )e+'#+' -'5# ! ''(!(e,+/*/0#)! /+/+/ /"e?e+ +#-/ +'+)' / "'*##(#& &e(/'&' $/)e e &/0! $/"#(#(# !! %"/7e! %"e(-'"'+)' #+%!(' ! %"/#-/e. P"/#-/+' 6!+$7#)' /%#!)e /+/ (/ )e (e,+#$##-/*)#-/ $' %"e!ee %/*!)e e6#$'+/ /+/+/ $' %"e!ee $/"#(# $/&#+'7#)e#+%!(' (/ )e e6#$'+#)e &/0!e.

S+' 2. P"/#-/+)' -' -'"#)'#*+' 6'$(/"'

I#$%&: S'&!e*/+ P. '+ H. N/",'! 1994. E$/+/&#)' Z'0"e: MATE ././. (". 222

O#+/ %"e!e' &/0! %/(## /"e?e+# /#& %"/#-/+)e '&e+/& )e+/0 #+%!('"!0#& <+e/('('$ &*'?#, $/+/'"' %"e&+#, "'#(# ' +#$! %*'(! -e$# (/*/-#=.U&! *# &e+'5e"# /-! 6*e$##*+/( ! /#"&/0! #'"'(# $/&#+'7#)e #+%!(' $/)e&#+#&##"')! ("/$/-e # &'$#&##"')! %"/6#(. Z'&e+' )e+/0 #+%!(' "!0#& &/5e !0/ %/("')'(#.

!!# ' %"e!e' &/"')! /"'(#(# %'5+)! +' (/ &/0! *# e $/*##+e #+%!(' &e+)'(# # !

$/& "/$! -'5+/ )e %"#*#$/& '+'*#e %"/#-/+)e "'*!#(# $"'('$ / !0/0 "/$'. K"'('$"/$ e /+/# +' %e"#/ ! $/& e )e'+ #*# -#e 6'$(/"' %"/#-/+)e +e &/0! &e+)'(#'$*e $"'($/"/+/ %/(/)# '" )e'+ +e%"/&e+)#-# 6'$(/" %"/#-/+)e $/)# +'#-'&/6#$+#& #+%!(/&. D!0# "/$ )e -"e&e+$# "/$ %/("e'+ ' e %"/&e+e -# #+%!(#. O*!$e$/)e %"e!e' /+/e ! $"'($/& "/$! "'*#$!)! e #(+/ / /+#, $/)e e /+/e ! !0/&"/$!.

B



2. TRŽIŠTE FAKTORA PROIZVODNJE

P/"e ("5#(' /'"' # !*!0' %/(/)# # ("5#(e 6'$(/"' %"/#-/+)e ("5#(e e&*)e "'' #$'%#('*'. F'$(/"# %"/#-/+)e #&')! -/)! 7e+!. Z' e&*)! e %*'' "e+(' ' "' e %*''+'+#7' # ' $'%#('* e %*'' $'&'('. F'$(/"# %"/#-/+)e e %"/')! +' ("5#(! %/ 7e+'&'$/)e ! /"e?e+e %/+!/& # ("'5+)/& ' 6'$(/"#&' %"/#-/+)e.

P/+!' # ("'5+)' ' 6'$(/"#&' %"/#-/+)e #&' /"e?e+e %e7#6#+/(# ! /+/! +' %/+!! # ("'5+)! /'"' # !*!0'.

P"-' %e7#6#+/( e /+/# +' #+)e+#7! ' "' e&*)' # $'%#('* $'/ 6'$(/"# %"/#-/+)e %"e('-*)')! #+%!(e $/)# e $/"#(e ! %"/7e! %"/#-/+)e /+/+/ %"e('-*)')! !$!%+e("/$/-e 6#"&e. I /-e %e7#6#+/(# %"/##*'# ' %/-e'+)e 7e+e )e+/0 6'$(/"'

%"/#-/+)e #&' e6e$'( !%(#(!7#)e # e6e$'( +' '!(%!(. E6e$'( !%(#(!7#)e e /(-'"!)e('$/ (/ %"#&e"' "'# %/-e'+)e %*'(' <7e+e "'+e +'0e= !&e"'-' 6#"&e $' %"#&e+#$'%#('*+/>#+(e+#-+e (e,+/*/0#)e. Z+'# /0 %/-e'+)' 7e+e "'+e +'0e 6#"&e e&'+)#-'(# !ee "'' ' %/-e'-'(# !ee $'%#('*' /+/+/ "'+/> #+(e+#-+e(e,+/*/0#)e e !%(#(!#'(# $'%#('*+/>#+(e+#-+#& (e,+/*/0#)'&'. E6e$'( +' '!(%!( e/(-'"!)e ('$/ (/ %/-e'+)e 7e+' 6'$(/"' %"/#-/+)e %/-e'-' !$!%+e # &'"0#+'*+e("/$/-e 6#"&# $/)e $/"#(e 6'$(/"e %"/#-/+)e #)e 7e+e ! %/-e'+e.

D"!0' %e7#6#+/( %"/#*'# # %"-e # /+/# e +' #+)e+#7! ' )e ("'5+)' ' 6'$(/"#&' %"/#-/+)e #-ee+' # ("'5+)e ' /"#&' # !*!0'&'. Ve*##+' ("'5+)e ' 6'$(/"#&' %"/#-/+)e '-## / -e*##+e ("'5+)e ' /"#&' # !*!0'&'. P"#&e"' "'# $/*##+'

-e('$/0 ?!"#-' $/)! ("e' %"/#-e(# ' 0/#+! '+' ! )e+/) "5'-# '-## / $/*##+e %/*)/%"#-"e+#, %"/#-/' $/)' e %"/#-/# (/$/& )e+e 0/#+e. K/*##+' %/*)/%"#-"e+#, %"/#-/' '-## / ("'5+)e ' %/*)/%"#-"e+#& %"/#-/#&' /+/+/ / "/)' ('+/-+#$' # / &/0!+/(# #-/' %/*)/%"#-"e+#, %"/#-/'. Z+'# ("'5+)' '-e('$#& ?!"#-/& $'/ 6'$(/"/& %/*)/%"#-"e+e %"/#-/+)e '-## / ("'5+)e ' %/*)/%"#-"e+#& %"/#-/#&' /+/+/ ("'5+)' ' -e('$#& ?!"#-/& #-ee+' )e #("'5+)e ' %/*)/%"#-"e+#& %"/#-/#&'.

C



3. KAPITAL KAO FAKTOR PROIZVODNJE I TRŽIŠTEKAPITALA

3.1 KAPITAL I KAMATA

K'%#('* )e +/-'7 $/)# e #+-e(#"' ! e*e&e+(e %"/7e' %"/#-/+)e <! "e(-' ' "' %"e&e(e "'' # "'= # #&' &/0!+/( ' e %/ '-"e($! %"/#-/+/0 %"/7e' /%*/#/+/+/ !-e'. N/-'7 ! *'&'"#7# +#)e $'%#('* )e" e +e #+-e(#"' ! e*e&e+(e %"/7e' %"/#-/+)e # /0 (/0' +e&' &/0!+/(# ' e /%*/# /+/+/ !-e'.

K'%#('* e )'-*)' ! -' /*#$': 1= ! +/-'+/& /*#$! <+/-'7 $/)# e #+-e(#"' ! e*e&e+(e %"/7e' %"/#-/+)e "' "e(-' ' "' # %"e&e(e "''= # 2= ! /*#$! '&#, e*e&e+'(' %"/7e' %"/#-/+)e $/)# e -e +'*'e ! %"/#-/+/& %"/7e!.

T/$/& %"/7e' %"/#-/+)e $/ %/)e#+#, %"e!e(+#$' )'-*)' e )e'+ e/ +/-'+#,"e('-' $/)# /+# +e !*'5! ! +/- %"/#-/+# 7#$*! # %"e&+# ! ' 0' $'/ ')&/-+#$'%#('* !(!%e +' !%/("e! "!0#& %"e!e(+#7#&' $/)# e /&', ' 0' !*/5e ! %"/7e %"/#-/+)e. Z')&/-+# $'%#('* )e %"#-"e&e+/ /*//?e+ e/ #+!("#)$/0 $'%#('*' !+/-'+/& /*#$! $/)# e !(!%' +' !%/("e! %"e!e(+#7#&' <')&/%"#&'/7#&'= '/"e?e+/ -"e&e. Z')&/%"#&'*'7 %/')&*)e+# $'%#('* !*'5e ! %"/7e %"/#-/+)e #/(-'"!)e /"e?e+# %"/6#( ')&/'-7! -"'' %/')&*)e+# $'%#('* <0*'-+#7!= ' #/(-'"e+/0 %"/6#(' %*'' &! $'&'(!. D'$*e ' ')&/'-7' $'%#('* e /%*/#/ $"//(-'"e+! $'&'(! ' ' ')&/%"#&'/7' $"/ e/ %"/6#(' $/)# /(')e %/*e /#($' $'&'(e.K'&'(' )e &#+#&'*+# #+/ $/)# # ')&/'-'7 /(-'"#/ $'/ %"/6#( ' )e -/) $'%#('*!*/5#/ ! %"/7e %"/#-/+)e !&e(/ (/ 0' )e %/')&#/ ')&/%"#&'/7!. Z/0 (/0'$'&'(+' (/%' %"e('-*)' 7e+! %/ $/)/) ')&/'-'7 /+/+/ -*'+#$ $'%#('*' +' ("5#(!$'%#('*' ')&/%"#&'/7! %/')&*)!)e $'%#('*. K'&'(' )e 7e+' !%/("ee $'%#('*' (). 7e+' '$/"#e+)e $'%#('*' ' /"e?e+/ -"e&e. K'%#('* /(')e $'/ -*'+#(-/ -*'+#$! $'%#('*' )e"')&/%"#&'*'7 &/"' %/*e /"e?e+/0 -"e&e+' -*'+#$! $'%#('*' <')&/'-7!= ' -"'(# #$'%#('* <0*'-+#7!= # $'&'(!.

3.2 KAMATNA STOPA

V##+' $'&'(+e (/%e )e )e'+ / $*)!+#, #+("!&e+(' e$/+/&$e %/*#(#$e %/&/! $/0'e !(#e +' '*/$'7#)! "e!"' #&e?! ''+)/(# # !!+/(#. O+' !(#e # +' #+/ $/)# e #(# !&e"e+ +' %/("/+)! # +' #+/ $/)# e #(# !&e"e+ ! (e+)! # $/"#e+ ' +''-$!"e! V##+' $'&'(+e (/%e '-## / %/+!e # ("'5+)e ' $'%#('*/& / %"/6#('#*+/(##+-e(#7#)' # / !(#7')' "5'-e ! /*'(# $"e#(+/>&/+e('"+e %/*#(#$e. N' $'&'(! $'/ 7e+!

8



$'%#('*' $'/ # +' 7e+e -'$e "!0e "/e +')-#e !(#e %/+!' # ("'5+)' ' ')&/-+#&$'%#('*/&. P"# -e/) %/+!# $'&'(+' (/%' /%'' /$ %"# -e/) ("'5+)# +e0/ (/ )e %/+!' $'&'(+' (/%' "'(e. O#& ("'5+)e ' ')&/-#&' /+/+/ -e*##+' ("'5e+e$/*##+e ')&/-' '-## / %"/6#('#*+/(# #+-e(#7#)'. Z')&/%"#&'*'7 e /*!!)e '!&e ')'& '$/ !(-"# ' e &! #+-e(#7#)' ' %/')&*)e+#& "e(-#&' #(# %"/6#('#*+'

/+/+/ ' e &! &'"0#+'*+# %"#,/ / /(-'"e+#, #+-e(#7#)' #(# -e# / $'&'(e +' %/')&*)e+' "e(-' (). / ("/$/-' 6#+'+#"'+)' #+-e(#7#)'. U '-#+/(# / 7#*)e-'e$/+/&$e %/*#(#$e ! %/0*e! '*/$'7#)e "e!"' +' +#-/ $'&'(+e (/%e !(#e # "5'-'.D"5'-' &/5e ' #&' #"e$('+ #*# #+#"e$('+ !(#7'). D#"e$('+ !(#7') /(-'"!)e ('$/ (/ !/"e?e+#& /$/*+/(#&' #"e$(+/ %"/%#!)e -##+! $'&'(+e (/%e. I+#"e$(+/ "5'-' &/5e' !(#e +' -##+! $'&'(+e (/%e %"/-/?e+)e& /0/-'"')!#, &e"' $"e#(+/>&/+e('"+e ##+-e(#7#/+e %/*#(#$e.

K'' )e ! %#('+)! -##+' $'&'(+e (/%e ! %/*/-+/& $/&!+#7#"'+)! ("e' "'*#$/-'(#+/&#+'*+! # "e'*+! $'&'(+! (/%!. N/&#+'*+' $'&'(+' (/%' )e (/%' $/)' e !(-"?!)e %"#*#$/& $*'%'+)' !0/-/"' #&e?! ')&/'-'/7' # ')&/%"#&'/7'. Me?!(#&

')&/'-'*'7 !-e$ &/"' "'!+'(# ' e $!%/-+' &/ +/-'+/0 #+/' $'&'(e $/)#/#)e %/*e /"e?e+/0 -"e&e+' %/ /+/-! +/&#+'*+e $'&'(+e (/%e #(# !&'+)e+' '(/%! #+6*'7#)e $/)' )e #*' ! %e"#/! ' $/)# )e "'!+'(' +/&#+'*+' $'&'(+' (/%'. K''e / +/&#+'*+e $'&'(+e (/%e /!&e (/%' #+6*'7#)e /#)' e "e'*+' $'&'(+' (/%'.D'$*e:

realna kamatna stopa = nominalna kamatna stopa - stopa inflacije

3.2 TRŽIŠTE ZAJMOVNOG KAPITALA

T"'5+)' ' ')&/-+#& $'%#('*/& #-ee+' )e # ("'5+)e ' #+-e(#7#)'&' ! $'%#('*+'

/"' e&*)! # '+0'5/-'+)e "''. M'"0#+'*+# %"#,/ / /-#, #+-e(#7#)' /(-'"!)e e ! !!+/(#. O(!' e -"e+/( &'"0#+'*+/0 %"#,/' #$''+/0 ! '+'+)e& +/-7!&'+)!)e $'$/ e $'&'(+' (/%' %/-e'-'. S' "'(/& $'&'(+e (/%e !!# %/-"'')#&/"')! #(# #$/+(/-'+#. P/*e#7' &'+)#-'+)' &'"0#+'*+/0 %"#,/' )e(e ' !*'0'+)'$/)' '+' #0*e')! $'/ /"e #+-e(#7#)e &/0! %/('(# -e/&' */e #+-e(#7#)e $'' e$'&'(+' (/%' %/-e'. Z/0 (/0' $"#-' ("'5+)e ' ')&/-+#& $'%#('*/& #&' +e0'(#-'++'0# > (/ )e -#' $'&'(+' (/%' (/ )e &'+)' $/*##+' $'%#('*' $/)! 6#"&' ("'5#. D'$*e '"'(/& $'&'(+e (/%e &'+)!)e e ("'5+)' ' ')&/-#&' ' #+-e(#7#)e ! $'%#('*+' /"'e&*)! # '+0'5/-'+)e "'' <*#$' 2 =.

9



S+' 3. K'&'(+' (/%'

I#$%&: S'&!e*/+ P. '+ H. N/",'! 1994. E$/+/&#)' Z'0"e: MATE ././..(" 231

N' ("'+# %/+!e ')&/-+/0 $'%#('*' )'-*)')! e '+$e # "!0e 6#+'+#)$e /"0'+#'7#)e.P/')&*)e+' "e(-' e -"'')! +)#,/-#& -*'+#7#&' (e$ %/*e #-e+/0 %e"#/'.

O/"'-'+)e $"e#(' e #(# !(/*#$/ %"#&'&*)#-#)e ' ')&/'-7e !$/*#$/ /+/# -#e$'&'(+e (/%e ('$/ ' )e '-#& +/"&'*+/ ' )e %/+!' ')&/-' "'(!' 6!+$7#)'. T/+'# ' e ! -#e $'&'(+e (/%e ')&/'-7# +!#(# -e# /#& $'%#('*'. T'$-' $"#-' %/+!e %"#$''+' )e $'/ $"#-' SS +' *#7# ". 3 +' $/)/) )e ('$/?e %"#$''+' # $"#-'("'5+)e ' $'%#('*/& DD.

N' *#7# 4 %"#$''+' )e $'&'(+' (/%' $/)! )e ("5#(e *//+/ /"e#*/ +' +#-/! / 12.U (! $'&'(+! (/%! $/*##+' %/+!?e+#, ')&/-' )e+'$' )e ("'5e+/) $/*##+# ')&/-'.Me?!(#& !$/*#$/ $'&'(+' (/%' !e /0"'+#e+' "e7#&/ +' 8 $/*##+' %/+!?e+#,6/+/-' <('$' A= #e &'+)' / ("'5e+e $/*##+e <('$' =.

1



R'$-%7*=-' '('7-' 7%' !-e$ )e ! ('$# E 0e )e %/+!?e+' $/*##+' )e+'$' ("'5e+/)$/*##+#. D'$*e "'-+/(e5+' $'&'(+' (/%' #+/# 12.

S+' . R'-+/(e5+' $'&'(+' (/%'

I#$%&: S'&!e*/+ P. '+ H. N/",'! 1994. E$/+/&#)'Z'0"e: MATE ././..(" 234

11



4. KONKURENTNOST I KAPITAL KAO FAKTORPROIZVODNJE

G*/'*+/ )e $/+$!"e+(+' +e$' e&*)' #*# 6#"&' $/)' $"/ #&e+! (e,+/*/.$e %'"'#0&e #*#/"0'+#'7#/+e #+/-'7#)e &/5e ' %"/&e+# ('+'"e !%/("e! "e!"' # (#&e #$*)!# -e$/+$!"e+(e $/)# +e &/0! ' #%/(!)! /-e !*/-e.K/+e$-e+(+/ %"#-"e+# #(e&# $/)# +e !%e-')! e6#$'+/ ' &/#*#! # '*/7#"')! $'%#('*+#! ! &/0!+/(# ' !0/"/+/ /eee ('#*+/ &'$"/e$/+/&$/ /$"!5e+)e # ('*+/!-e'+ %"#-"e+# "'(. D"!0#& "e#&' /"' ' /&#+'7#)! +' %/(/)e#& # /-')'+)e+/-#, ("5#(' !5'-' e$/+/&$# %"/(/" # #+(e+#-#"' $/+$!"e+7#)! #&e?! e&'*)' 0e e$'/ %"e!*/-# &e?!+'"/+e $/+$!"e+(+/(# +'&e! e6#$'+' !%/("e' # '*/$'7#)' %/ %"'-#*! !-e$ /$!+/0 $'%#('*' # ('*+/ #+/-#"'+)e # /-*''-'+)e +/-#& (e,+/*/0#)'&' <! !!+/(# e /-' $/+$!"e+7#)' #(# -e #"'5e+#)' +' %/*)! ,!&'+/0 $'%#('*'=. P/

+)#,/-#& !(#7')e& e ('$/?e %"/!*)!)! ("!$(!"+e %"/&e+e ! &e?!+'"/+/) e$/+/&#)## &e+)')! /*#7# $/&%'"'(#-+#, %"e+/(#. Ge/0"'6$# e6e$'( /-#, $"e('+)' > !"'+(e,+#$# %"/0"e # #+(e+#-#"'+' $/+$!"e+7#)' ! -e -#.e #+(e0"#'+/) -e($/) e$/+/&#)#0e e -# !e+#7# %/+'')! $'/ ' %/*!)! +' )e#+(-e+/& -e($/& ("5#(! > +e/0"'+#'-' e '&/ +' "'-#)e+e #+!("#)$e e&*)e. P"#"/' (e$!e (e,+/*/.$e "e-/*!7#)e )e ('$-' ' !0/"/+# !%e, -#, %"#-"e+#, #(e&' !$*)!!)!# # e$/+/&#)e e&'*)' !"'-/)!.

4.1 FAKTORI KONKURENTNOSTI I PRIVREDNOG RASTA

O+/-+' #(#+$7#)' 6'$(/"' %"#-"e+/0 "'-/)' 0/-/"# / $'%#('*! "'+/) +'# e&*)#<.#"e 0*e'+/ /-e e %/"'!&e-' # $*#&' $'/ # %"#"/+' "!+' # e+e"0e($' /0'((-'= #(e,+/*/0#)# <+'!$' #+5e+)e"#+0 %"e!e(+#(-/ !%"'-*)'+)e=.P"# (/&e -'5+/ )e '%'#(# ' e $'%#('* $'/ 6'$(/" %"/#-/+)e !0*'-+/& %/&'("' !"e'*+/& (). 6##$/& /*#$! <6'"#$e &'#+e %!(e-# #(=. M/"'&/ #"'#(# !&+)! !$/+#(e+(+/( /-e %/e*e %"-e+(-e+/ /0 /-/)e+/0 %/&'("'+)' # $*'#6#$/-'+)'(e,+/*/0#)e ' )e+e # $'%#('*' ! 6##$/& &#*! ' "!0e ("'+e. N/-#)# $/+7e%(# "'*#$!)! ("# /*#$' $'%#('*': 6##$# $'%#('* <! 6##$/& /*#$!=6#+'+#)$# # ,!&'+# $'%#('*. F#+'+#)$# $'%#('* /!,-'(' +/-'+' "e(-' <%'%#"+# +/-'7# *'(/= $"e#(+# $'%#('* '$7#)$# $'%#('* # /('*e /*#$e -"e+/+#, ,'"(#)'. !&'+#$'%#('* %/"'!&e-' +#-/ 6/"&'*+/0 /"'/-'+)' (ee+e "'+e -e(#+e !,"'+)e+/(

"'-*)e #(. Re!*('( !*'0'+)' ! *)!e )e %/-e'+)e *)!$#, %//+/(# # "'( e6#$'+/(# %"/7e' /+/e+)' /*!$'. S#0!"+/ )e ' !%e, %/(#+!("#)$/0 "!.(-' +')-#e '-## /#+(e*e$(!'*+/0 %/(e+7#)'*' $/)# %/e!)e. O"'/-'+)e )e /*#$ $'%#('*' #)# )e !(#7') +' %"#-"e+# "'-/) -e*#$#. Z'(/ #+-e(#7#)e ! /"'/-'+)e ("e' ("e(#"'(# +' #(# +'#+ $'/ ##+-e(#7#)e ! $'%#('*+! /%"e&!. O+e '+' %"e('-*)')! +')+'')+#)# /*#$ !*'0'+)' !-#& "'-#)e+#& e&*)'&' <RZ=.

12



P/-"'') $/)# +e$' e&*)' #*# %"e!ee /#)' / #+-e(#7#)' ! /"'/-'+)e -'$'$/ &/"'-e -#e #(# #+#*'7 $/)# $"#(#+/ /"e?!)e $/+$!"e+(+/(. S!%"/(+/ ! ZUR # ! +'')+/)&e"# ! e&*)'&' ! ("'+#7#)# <ZUT= !*'0'+)' ! /-! -"(! $'%#('*' ! #*' %"#*#+/'%/('-*)e+' !*e e0' ! %e"%e$(#-e +)#,/-/0 !"'+/0 "'-/)' +e'/-/*)'-')!e.K'' e 0/-/"# / %"/7e! !-e'-'+)' $'%#('*' ! #(/ (e/"#)$/& &#*! +'&ee e

%#('+)e ' *# ! /-/& %"/7e! /*'# / #%/*)'-'+)' (e+e+7#)e &'+)e+)' (/%' %"#+/'+/-#, #+-e(#7#)'. R'%/*/5#-# %/'7# ! RZ #! ! %"#*/0 (-"+)# ' )e (/%' %"#+/' #*' +' %"#*#.+/ #(/& +#-/! ! %/*e+)#, 1 0/#+' %"# e&! e 6/+ $'%#('*' -#e("!$/!-e'/. P"/#*'# ' ! e (/%e %"#+/' '"5'-'*e +' -#/$/& +#-/! /0 (/0' (/ !#+'&#+e # $/+(#+!#"'+e (e,+/*/$e %"/&e+e +e%"e$#+/ (-'"'*e +/-e %"/6#('#*+e&/0!+/(# %"/#-/+)e # %/*/-'+)'.

4.2 ANALIZE IZVORA PRIVREDNOG RASTA

U %"#*/0 /-#& (-"+)'&' 0/-/"e "e!*('(# #("'5#-'+)' E-'"' De+#/+' # M#+#('"(-'"'' SAD ! $/)#&' e '+'*##"')! #-/"# %"#-"e+/0 "'(' SAD ! %e"#/! 1948>199.0/#+e. U '+'*##"'+/& "'/*)! +'7#/+'*+' %"/#-/+)' )e "'*' %/ %"/e+/) (/%# /33 0/#+)e. R'( $'%#('*' <! 6##$/& &#*!= # "'' <"'( "/)' '%/*e+#,= !$!&!*'(#-+/ /%"#+e*# 19 /$ )e 0*/'*+' %"/!$(#-+/( 6'$(/"' !e(-/-'*' ' 140/#+)e. P"e7#+#)e 3C "'(' %"/#-/+)e SAD>' ! %/&'("'+/& %eee(/0/#.+)e& %e"#/! e %"#%#!)e '$!&!*'7#)# $'%#('*'.

T'6*+' 1. F'$(/"# %"#-"e+/0 "'(' SAD ! %e"#/! 1948>199.

% godišnje kao % ukupnog rasta

Rast realnog GDP-a 3.3 100

Doprinos inputa 1. !"

#apital 1.$ 3

Radna snaga 0. $1

&emlja 0.0 0

'kupan rast glo(alne

produkti)nosti

1.* *$

+(ra,o)anje 0.* 1$

apredo)anje u ,nanju i drugim

o(lastima

1.0 30

13



,)or/ Samuelson, P. and W. Nordhaus 1994. Ekonomija. Zagre! "#$E d.o.o.

U "!0/& #("'5#-'+)! %"/-ee+/& +' %"#-"e# SAD>' $/)e /!,-'(' %e"#/ / 19B>1994 %/&'("'+/ )e $"e('+)e !$!%+/0 %"/#-/' %/ "'+#$! <L=. K'' e / "'('

%"/#-/+)e %/ "'+#$! /!&e %/+e"#'+# %"/e$ '$!&!*'7#)e 6##$/0 $'%#('*' #,!&'+/0 $'%#('*' %/ "'+#$! "e#!'* $/)# e /#)' +'#-' e 0*/'*+' 6'$(/"$' %"/!$(#-+/( <$%P . $otal &actor 'roducti(it)=. TFP )e 6!+$7#)' (e,+/*/$/0 +'%"e($' %//*)'+)' ! /"0'+#'7#)# %"/#-/+)e $-'*#(e('(' "'+e +'0e </"'/-'+)e "'-*)e#$!(-/= e6e$'(' e$/+/&#)e /#&' "e'*/$'7#)e 6'$(/"' %"/#-/+)e $' %"/!$(#-+#)#&!%/("e'&' #(. U %"/e+/& %/"'(! %"/#-/+)e %/ "'+#$! ! (/$! %/&'("'+/0e("ee(e(-/"/0/#.+)e0 %e"#/' / 11 0/#+)e "'( !*'0'+)' ! 6##$# $'%#('* # %/-e'+)e "/)' "'+#$' )e !e(-/-'*/ ' -e0' 4 /$ )e 0*/'*+' 6'$(/"$' %"/!$(#-+/( /%"#+e*' ' C. D"!0#& "e#&' B3C %"/e+/0 0/#+)e0 "'(' GDP! '+'*##"'+/& %e"#/! -/) #-/" #&' ! "e#!'*+/& 6'$(/"!.

T'6*+' 2. F'$(/"# %"#-"e+/0 "'(' SAD ! %e"#/! 19B>1994

*&% 190> ? % ))-%5 &'7' GDP

P&%#$%-4' % &'-) 1.1 100

K'7'+ % &'-) 0. 39,3

G+%6'+-' @'7%&'&%)7$-%7

0.! 93,!

O6&'#%$'-4* % &'-) 0. 39,3

O7'+ #$%& 0.3 2!,

*z(or! ')e7 J. # L). J/$#&/-# 22. Sa(remeni 'ri(redni sistemi. E$/+/&$# 6'$!*(e(e/0"'. (" 112

U%/"e?#-'+)e& !e' e$(e+#-+/0 # #+(e+#-+/0 "'(' ! %"#-"e+/& "'(! ZUR # RZ&/0! e !/#(# +'')+e "'*#$e <('e*' 3=. E-#e+(+/ )e ' ZUR -/) "'( %"e(e5+/ '#"')! +' !-e'+)! $'%#('*' /$ )e %"#&'"'+ #-/" "'(' ! RZ "e#!'*+# 6'$(/". U"/$/-#, "'*#$' e %"/+'*'# ! #+)e+#7# ' ZUR +e %/e!)! 'e$-'(+! "'-/)+! '! #&'$"/e$/+/&$! ('#*+/( +' /+/-! $/)#, # # #*/ &/0!e !-/)#(# #+/("'+!(e,+/*/0#)! # %/&/! +)e %/## +#-/ %"/#-/+)e +' -## (e,+/*/$# +#-/. Z'(/ e $'/"ee+)e %"/*e&' &'+)#-'+)' (e,+/*/$/0 0e%' #&e?! ZUR # RZ +'&ee +'')+/!-e'-'+)e %"/#-/+#, 6/+/-' %/ '%/*e+/&.

14



T'6*+' 3. F'$(/"# %"#-"e+/0 "'(' %/)e#+#, e&'*)' ! %e"#/! 19B>198C ! .

K'7'+ R' G+%6'+-' @'7%&'&%)7$-%7

A@&' !2 2" 0

I7%-' A#4' ! 19 2!

J)=-' A(*&' 9! 30 0

J)=-' A#4' 9! 20 13

P&%*-% ZUR 9 23 12F&'-;)' 2! > !"

N*(''

23 >10 "!

J''- 39

V*+' B&7'-4' 2! > !"

,)or/ K#e* D#7!#/+ P'%e" 199B. %'0e 11 F'**#+0 e,#+ /" '(7,#+0 U% De-e*/%#+0/!+("#e '+ (,e E"' /6 G*/'*#'(#/+. I+(#(#( 6!" e*(#"(7,'6( K#e*

K/+7e%( 0*/'*+e 6'$(/"$e %"/!$(#-+/(# %/&'5e ' e !/e "e'*+# #-/"#

$/+$!"e+(+/(# # %"#-"e+/0 "'('. S(/%' "'(' 0*/'*+e %"/!$(#-+/(# 6'$(/"' !$'!)e +' %/"'( %"/#-/+)e $/)# e /(-'"!)e e /'(+#, !*'0'+)' 6'$(/"' %"/#-/+)e<#+(e+#-'+ "'(=. U-#/& ! "e!*('(e /-' ("# +e'-#+/ %"/-ee+' #("'5#-'+)' /%"#+/!-e'+)' %/)e#+#, 6'$(/"' %"/#-/+)e <$'%#('* "' e&*)'= "'(! %"/#-/+)e )e &'+)# !/+/! +' /%"#+/ $-'*#('(#-+#, 6'$(/"' $'' ! ! %#('+)! "'-#)e+e e$/+/&#)e.

1



ZAKLJUČAK

O+/-+# 6'$(/"# ' %"/#-/+)! !: e&*)' "' # $'%#('*.P"-' -' /-! e 'rimarni#*# iz(orni &aktori %"/#-/+)e )e" ! /(!%+# %"e +e0/ (/ e %"/#-/+)'/(-'"#.K'%#('* #*# $'%#('*+' /"' %"e('-*)')! 'roiz(edeni &aktor %"/#-/+)e.T/ !("')+' %"/#-ee+' /"' $/)' e !%/("e*)'-')! ' '*)! %"/#-/+)!.Ne$' $'%#('*+'/"' &/0! ("')'(# +e$/*#$/ 0/#+' ' "!0' -e$ #*# -#e. U*'0'+)e ! $'%#('* %"e('-*)'/*/5e+! %/("/+)! ' /*'5!# %"/#-/+)! '+' # %"/#-/e# 0"'! # /%"e&! "!(-/ %/-e'-' %/("/+)! ! !!+/(#.

P/(/)e ("# 0*'-+e -"(e $'%#('*+#, /'"': 0"'?e-#+e <6'"#$e # $!e= /%"e&' <'*'(# #'!(/&/#*#= # '*#,e !("/'$' # %"/#-/'. K'%#('*+' /"' e $!%!)! # %/')! +' ("5#(#&'$'%#('*+#, /'"' %/ ceni ka'italnih doara. Ne$' $'%#('*+' /"' e !#&')! ! '$!% /

+)#,/-#, -*'+#$' # ' (/ e %*'' '$!%+#+' <"e+('=. Zaku'nina %"e('-*)' %*''+)e ' %"#-"e&e+! !%/("e! $'%#('*+#, /'"'.P"# /*!#-'+)! / +')/*)e& !*'0'+)! ! $'%#('*+' /"' %/("e+' +'& )e &e"' ' /#('$#*# %/-"'( +' $'%#('*. Sto'a 'o(rata na ka'ita l )e -'5+' &e"' $/)' %/$'!)e 0/#+)# +e(/ %/-"'( <'$!%+#+e &'+)e #'7# ' /"5'-'+)e= ' -'$! )e#+#7! !*/5e+/0 $'%#('*'. T/ )e#(# "/) %"/7e+'( +' 0/#+!.

1 +amatna sto'a %"e('-*)' 7e+! $/)! ')&/%"#&'7 %*'' ')&/'-7! '$/"#e+)e +/-7' ! +e$/& -"e&e+$/& "'/*)!@ $'&'(+e (/%e "'!+')! e $'//"e?e+# %/(/(+# %"#+/ +' 0/#+! '+'. ealna kamatna sto'a )e %/-"'( +' !*'0'+)e#"'5e+ ! "/# # !*!0'&'@ "e'*+! $'&'(+! (/%! "'!+'&/ $'/ +/&#+'*+! $'&'(+! (/%!

!&'+)e+! ' (/%! #+6*'7#)e.

1B



LITERATURA

1. A$e"*/6 G. 19C. QT,e M'"$e( 6/" Le&/+: !'*#( U+7e"('#+( '+ (,e M'"$e(Me7,'+#&.Q uarterl) ournal o& Economics N/ 84.

2. ')e7 J. # L). J/$#&/-# 22. Sa(remeni 'ri(redni sistemi. E$/+/&$# 6'$!*(e(e/0"'.

3. -e('+/-# S. 2. %inansiranje 'ri(rednog raz(oja. E$/+/&$# 6'$!*(e( N#

4. /"?e-# R. U-/ ! e$/+/&#)! /+/-# e$/+/&#)e #+#' MS e/0"'28

. E$/+/&#)' / A / Ž e/0"'$' /(-/"e+' $/*' # DOSIJE e/0"' 22

B. K#e* D#7!#/+ P'%e" 199B. %alling /ehind or 0atching ' 2 3e(elo'ing0ountries and the Era o& loalization. I+(#(#( 6!" e*(#"(7,'6( K#e*.

C. K/-'e-# R. 21. $ranzicija i trgo(inska 'olitika. I+(#(!( ' %/*)+! ("0/-#+!e/0"'.

8. K//&'"' J. 1994. $ehnolo5ka konkurentnost . E$/+/&$# 6'$!*(e( e/0"'.

9. S'&!e*/+ P. '+ H. N/",'! 1994. E$/+/&#)'. Z'0"e: MATE ././.

1. S(/)'+/-# . 199C. .S'-"e&e+# #'/-# e$/+/&#$e.. Z/"+#$ "'/-': Ekonomskateorija u tranziciji E$/+/&$# 6'$!*(e( e/0"'.

11. World 3e(elo'ment e'ort 2. H/"* '+$ H',#+0(/+ D..

1C



18

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Kapital Seminarski