Nature and Evolution of Capitalism in Bulgaria: 2020 Agenda

Abstract

The consideration of contemporary understanding of capitalism is a huge challenge marked by the peculiarities of development of nations and regions in last centuries of tremendous changes and turning points in historical and socio-economic development. Discussing the role of state and civil society in economic, social and political spheres is one of the “hottest” topics in modern economic theory and its implications in business practice. The issue of the understanding of capitalism in academic communities is characterized by a complex nature and a number of subjective influences, especially in some countries as Bulgaria undergone processes of transformations and transitions far away of the necessary substantiation. Although the impact from the imposed perceptions during socialism is obvious, recent development trends show specific changes in the attitudes in society, economy, state policy and academic community.Bulgaria has an open market economy strongly influenced by the macroframework of the EU membership. The impact of historical development and policy on economic and cultural development has a very specific nature in the country which is still looking for the “right” decisions for future. Along with the undisputable advantages, the processes of globalization in modern world posed challenges and problems requiring the search of new approaches and instruments in management. Entering a new era of information and communication technology “mass invasion”, the forces driving economic development are changing. The behavior of citizens and consumers is the “invisible hand” regulating contemporary development. Outlining its significance, current study’s goal is not to go in detail about it but to provide the key implications on the nature and the evolution of capitalism discussing new emerging forms in the context of sustainable development goals deserving further attention.