Montenegro and Beyond

"Montenegro and Beyond" is a joint publication by The Austrian Economics Center, the Institute for Strategic Studies and Prognosis, the University of Donja Gorica and the Hayek Institute. Officially, the Austrian School of Economics was created in 1871, when the economist Carl Menger published his book Principles of Economics, which began the so-called marginalist revolution in economics, the essence of which was a critique of the objective working theory of value by a new theory of subjective value. His ideas were later developed by many scientists, among whom the most famous are Mises and Hayek, as well as Karl Popper, Schumpeter, Friedman, and later Kirzner, Boetke and others. In late 80’s and early 90’s of the last century, a new Montenegrin economic thought emerged in Montenegro, whose theoretical foundation lye in the principles of the Austrian School of Economics. However, Montenegrin economic thought was also founded on the history of Montenegrin economic thought from the end of the 19th and the beginning of the 20th century. With the emergence of socialist Yugoslavia, the economic thought in Montenegro was reduced to the socialist self-governing planning and the state economy! With the fall of the Berlin Wall (1989), there was a change in the understanding of the economy in all former socialist countries, including Montenegro, where the economic