Issue 1, 2004

This article offers a comparative analysis of some theories of economic growth and convergence: neoclassical, endogenic growth, new economic geography, the development as social transformation.
The global economic history shows that development is possible but not inevitable. There is no definite tendency towards a global economic convergency. Growth is accompanied by even faster social polarization.
Accession to the EU does not automatically lead to convergency. It is just an opportunity, the realization of which depends on the national policy and may last decades.
"Economic miracles" may be explained post factum, but not be recreated. The new "economic miracles" have learned their lessons from previous ones but there are also other innovative elements. There are no magic formulas guaranteeing success.
For the last 50 years in the CEU the trend has been one of lagging behind the developed countries as well as stagnation and internal stratification. These processes were re-activated during the past 15 years.
The great internal regional differences in the CEU have grown during the last decade. Macroeconomic convergence with the EU will be accompanied by increased regional differences.
There are no economic mechanisms valid for all times and all countries. What works in certain conditions may not work in others. We should seek the appropriate solutions to specific circumstances.

The article focuses on transnationalization parameters of world economy. The analysis is preceded by a terminological and definition clarification with regard to the main notion used. Among the many terms used to denote international companies, there are two, according to the author, which, no doubt, prevail - namely, transnational and multinational corporations. The study shows that in most cases those are used synonymously. The author's preference towards the use of the notion TNCs is substantiated and the characteristic features of the latter are outlined. Based on the above, the article then proceeds to give a system of indicators, measuring the transnationalization of the world economy. The conclusion offered is that the globalization of the economy at the end of the XX c and the beginning of the XXI c has had a great effect over TNCs by way of rendering their expansion in the global economy even more dynamic

The modern firm is discussed from the viewpoint of R. Cose's theory of transaction costs. The issue of management and price mechanism as alternative methods of allocating economic resources is analyzed. The company growth limits are defined and the nature of transaction costs is given, utilizing a wide range of bibliography. It is in transaction costs levels that barriers to exchange in most countries of Eastern Europe are sought.

In theory and social practice the choice and appraisal of engineering projects is based on the economic models discussed in this article. The inevitable conclusion is that at the detailed design level the technical parameters prevail, but at system level the economic characteristics and considerations take priority. The recognition of the importance of economic theory and marginal analysis with regard to engineering practice is comparatively new and, because of this, relatively limited. The above dependency ensues from the transition of engineering from designing components and mechanisms to the design of systems.
The complex economic appraisal of alternative projects is a critical stage in the process of analysis. This necessitates not only the use of quality indicators but also quantitative methods of risk assessment.

This article discusses the reforms of the Common Agricultural Policy of the EU that have been carried out since 1992. The main results of applying the policy in the agricultural sector of the international community are pointed out. The main goals and mechanisms of the CAP that is to be carried out after the accession of the Eastern European countries to the EU are defined. Some opportunities for further stabilization of farmers' income, the production of environmentally-friendly and healthy foodstuffs as well as promoting the development of rural regions are outlined.