P51 - Comparative Analysis of Economic SystemsReturn

The objective of the study is to analyse the Czech position in the field of global competitiveness. In the past, the only data used for evaluating the position of a country were "hard data": data that were measurable. Nowadays, many research institutions as well as scientists have come with a new idea. Not only hard data are important for a country's position in the competitiveness rank, but also soft data have to be taken into account. The General Competitiveness Index (GCI), used for measuring competitiveness, has been replaced with the Sustainability-adjusted Competitiveness Index (SCI). Two sustainability pillars are added to the general competitiveness: the social sustainability pillar and the environmental sustainability pillar. This study analyses the GCI and the SCI in the context of sustainability. The main objective is to find out how these two sustainability pillars influence the competitiveness position of the Czech Republic. The method used in the study is an analysis and comparison of the hard and soft data, which means that it is based on a multidimensional analysis used by the WEF and the IMD. The study confirms that there is an increasing influence of these soft - qualitative - data.

The article deals with problems of state capitalism. It can be defined as maximisation of political control over economy and society and it is used as the characteristics of systems which exist in China, Russia, Brazil, United Arab Emirates, etc. State capitalism used to be effective in early periods of development when resources had to be concentrated. Corporations under state ownership are also able to compete on global markets and take advantage of their size and political support. Singapore represents an original connection of economic freedom and authoritarian capitalism. It is based on a free-market foreign-oriented economy which stresses financial market development, infrastructure, education, macroeconomic surroundings and fiscal management. The state as an owner and creator of the institutional framework plays an important role.

The aim of this paper is to compare some of the significant institutional differences between the British and German economic models. This paper builds on a methodological framework developed by institutional economics. Comparative research carried out in this paper focuses on three institutional fields in both market economies: control of management, corporate finance and labour market. In the UK, we can find evidence suggesting an important role of the market for corporate control, exerting pressure on management to deliver good corporate performance. On the other hand, in Germany, we find an important role of banks that exert direct control over firm's management and its strategic decision-making.
As for corporate finance, British companies tend to make use of highly liquid financial markets and short-term finance, whereas German companies form strategic partnerships with banks which provide them with long-term credits. Lastly, labour market in the UK is more flexible compared to German labour market as its labour law favours short-term contracts, unemployment benefits are less generous and the power of trade unions to protect workers is limited.