Information and Communication Technology-Enabled Economic Growth and Convergence: Examples from EU's Central and Southeastern European Members

Information and Communication Technology-Enabled Economic Growth and Convergence: Examples from EU's Central and Southeastern European Members

Elias G. Carayannis (The George Washington University, USA) and Christopher Ziemnowicz (Concord University, USA)
DOI: 10.4018/978-1-59140-908-3.ch014
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Abstract

Globalization can be viewed as a process of increased freedom and capacity of individuals and firms to conduct economic activities with residents of other countries. The driving forces of globalization stem from the reduction in barriers for conducting business across political and geographic barriers, as well as the reduction and convergence of transaction costs via advances in “transport of information.” There is a consensus that innovation and the accompanying progress in information and communication technology (ICT) serve as a catalyst for economic growth. This chapterdiscusses the ICT environment within the Central and Southeastern European (CSEE) counties and the changes in this sector within the European Union (EU). Examination of strategies taken by these nations to improve their economic performance may offer decision makers in other regions some options to deal with impending changes. Particular emphasis is on the efforts of CSEE nations to build a creditable government, reliable political system, and competitive economy. These nations serve as a laboratory for implementing radical changes in their political economy from a centrally planned, one-party system to a democratic market-based system. Specific recommendations include emphasis on effectual dissemination of information between purchasers and suppliers. Information broadcasting is highly related to the creation of an efficient digital system. Specific needs include improved capacity to standardize reports, forms and information transmission functions. Furthermore, IT support and training programs are essential to reduce market distortions.

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