It is better to have a bigger state since it makes it harder for outside factors to control it, says Fouskas, pointing out he would like Republika Srpska, Serbia, and Montenegro to stand together for joint economic development, and if there is any interest, for political development as well.
Politics of a community that would primarily focus on investments in agriculture and industry could also establish and maintain the community’s economic stability, but it needs to step away from the banking sector as far as possible, says, Vassilis Fouskas, Professor of International Politics and Economics at the University of East London.
In an interview with Srna, Fouskas expressed a belief that if Republika Srpska “turned away from banks,” it would quickly be able to find appropriate funds to start its own production and economic growth.
In order to achieve the independence from the banking sector, explained Fouskas, one needs a new monetary policy which would enable the financing of such growth.
“You practically need to print money, and Bosnia and Herzegovina does not have such independence or future. Greece, France, Portugal, no one in the EU has such independence or a possibility to start their production by printing money,” said Fouskas.
He is not optimistic when it comes to the position of small communities under the conditions of unstable economic trends in the world, because in the open market, small economies cannot compete on an equal footing with the big ones, and find themselves in an unfavourable position from the beginning.
Fouskas still believes that Republika Srpska, regardless of how small a community it is, has the resources and possibilities for economic growth, and mentions the examples of Israel and Cyprus.
He asserts that the Western powers control small countries, like BiH, which is an artificial creation because it did not emerge from the desire of internal forces, but through external pressure.
Fouskas says that the British, Americans and others could not control and govern Yugoslavia just like that, which is why they broke it apart.
“The majority of Balkan states were created artificially. In my latest book, I claim that even Greece is an artificially created country. Since 1830 it has not been governed by the Greeks. It was created by the British and Germans, because they needed a base in the eastern Mediterranean in order to be able to better control and oversee the Russian fleet. It has had debts from the very beginning, it took loans from France and England in order to finance the revolution against the Ottoman Empire, and as soon as it became ‘independent’ it practically became dependent on the West and its money,” said Fouskas.
That dependence, he said, has never ceased and is even more prominent today, because Greece does not have its own monetary policy or the central bank. It doesn’t have the funds to fight the economic crisis; it has to take more loans.
Fouskas notes that it is better to have a bigger state since it makes it harder for outside factors to control it, but points out that he would like Republika Srpska, Serbia, and Montenegro to stand together for joint economic development, and if there is any interest, for political development as well.
In his opinion, scientific research of a community also depends on how much it is independent financially.
“There is a very common myth in the West that all science and technology, all scientific research and scientific progress is financed by private capital, but that is not true at all. Google is financed by the American government, Microsoft too,” Fouskas told Srna.
Commenting on the cooperation between two public universities in Republika Srpska, Fouskas said that it is very good and announced a lecture for the Banjaluka students for March 24.
“As I have very good contacts with the Faculty of Economics and Faculty of Political Sciences, I hold the title of guest professor at the University in Banjaluka, which is why I am practically obliged to hold a lecture once a year or once every two years,” he said.
Fouskas concluded that cooperation between universities of different countries is very important for the development of education and science and that cooperation with Greek universities would also be a good opportunity for access to certain funds for the implementation of major projects.