The Importance of Institutional Efficiency and Skill Development in the Context of Globalization and Economic Growth: Case Study – Romania

The continuous development of the labor market due to the swift globalization and internationalization processes, as well as the constant pursuit of economic growth, puts every country to the test with respect to global economic competition (Schmid, 1995; 2008; Bassanini and Ernst, 2002). However, economic growth should also be considered from the perspective of "efficiency" by increasing institutional capacity or efficiency, respectively by fully understanding the working cycle of an individual (Schmid, 2017). In this context, both the public and private sectors should be analyzed and approached from multiple perspectives in order to be able to understand the conjuncture and efficiently implement adequate public policies at the national level that stimulate economic growth as well as have an impact on the international level. Moreover, due to the fact that each society is constructed differently, the development of their national economic growth should also be analyzed diversely. In this context, besides the economic perspective, the Human Capital Theory (HCT) perspective, as well as a sociological perspective, could offer peculiar insights in regard to possible methods of economic development based on the idea of increasing efficiency within the coordination capacity among decision-making institutions, considering the conjuncture of each given state from population growth towards institutional development (Becker, 1960; 2009). The research is based on a theory analysis and interview comparisons with actors that activate on a technical as well as political level. Moreover, the research will focus entirely on a Romanian case study in order to comprehend the conjuncture of a given Romanian central public institution's activity that adapts and acts as a national and international entity representative. Lastly, the research concentrates on finding peculiar barriers and conjunctures that could be used for further improvements at the institutional level or for further research within this distinct area.