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Business and economic aspects of accounting standardization in Hungary

In contemporary international division of labor the importance of ITC technologies and social capital is increasing, and allows the economy to be more competitive due to arising many connections to the global information networks. The major goal of this article was analyzing (mostly in descriptive manner) and comparing the recent trends in GDP growth and its composition and international trade of high-technology manufactures and services for developed and BRIC countries. The results of conducted statistical data analyze and research justify the conclusion that some developing economies, especially China and India, are in fact gaining on importance in international trade of high-tech products and knowledge-intensive business services, even having become more effective competitors to the post-industrial economies in so called creative industries. Such an outcome has been caused mostly by foreign direct investments flowed in during two last decades, but also is a consequence of social and educational policy leading to development of networked human capital.

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Martin Svoboda
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