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Prof. Vukotic has introduced the concept of microstate when defining the conceptual basis of economic development at the end of nineties. The concept is based on the minimal role of state in the economy and limited political power. In order to further promote this idea ISSP organized a conference in June 2003, with 200 participants from all around the world, including representatives of Heritage Foundation as well as several free market oriented institutes from USA, UK, Switzerland and all countries from the region.
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