BUILDING AN ECONOMIC MECHANISM FOR DEVELOPING AND UTILISING HUMAN CAPITAL WITHIN THE CONTEXT OF THE VISEGRAD GROUP AND THE NEIGHBOURHOOD POLICY
Keywords:
economic development, economic mechanism, European countries, human capital, human development, human potential, Neighbourhood policy, transition economy, Visegrad Group.Abstract
This article examines the development of an economic mechanism for utilising human capital in the Visegrad Group countries (Poland, Czech Republic, Slovakia, and Hungary) in the context of the Neighbourhood Policy. It analyses the evolution of approaches to developing such a mechanism, from socioreformist and socio-political concepts to contemporary models shaped by transformational processes, European integration, and globalisation. The scientific novelty of this study lies in identifying the fundamental principles underlying the development of a human capital utilisation mechanism, based on a comprehensive analysis of the historical and economic experience of the Visegrad Group countries and within the framework of the Neighbourhood Policy, taking into account key macroeconomic indicators. The findings can be used for further research, as well as for the development of national and corporate human capital strategies in transition economies.
JEL: М12, О15.
References
Baláž, V. (2007). Regional polarization under transition: The case of Slovakia. European Planning Studies, 15(5), 587–602. https://doi.org/10.1080/09654310600852639
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Becker, G. S. (1993). Human capital: A theoretical and empirical analysis with special reference to education (3rd ed.). University of Chicago Press.
Boiechko, V. F. (2016). Ekonomichne stanovyshche Druhoi Rechi Pospolytoi u pershi povoienni roky [Economic situation of the Second Polish Commonwealth in the first postwar years]. Young Scientist, (3), 307–312. http://molodyvcheny.in.ua/files/journal/2016/3/71.pdf
Brewster, C. (2004). European perspectives on human resource management. Human Resource Management Review, 14(4), 365–382. https://doi.org/10.1016/j.hrmr.2004.10.001
Council of the European Union. (2025, June 13). EU member states agree to extend temporary protection for refugees from Ukraine [Press release] https://www.consilium.europa.eu/en/press/press-releases/2025/06/13/eumember-states-agree-to-extend-temporary-protection-for-refugees-fromukraine/
Demchenko, O., Basiurkina, N., Popadynets, N., Minenko, S., & Sokoliuk, K. (2023). Factors and determinants of the development of human capital in rural areas in the conditions of global challenges. ECONOMICS, 11(s1), 93–108. https://doi.org/10.2478/eoik-2023-0026
Directorate-General for Migration and Home Affairs. (2024). Slovakia: Economic contributions of people displaced from Ukraine. European Commission. https://home-affairs.ec.europa.eu/news/slovakia-economic-contributionspeople-displaced-ukraine-2024-03-28_en
Edvinsson, L., & Malone, M. (1997). Intellectual capital. Harper Business.
European External Action Service. (2022). A strategic compass for security and defence: For a European Union that protects its citizens, values and interests and contributes to international peace and security. https://www.eeas.europa.eu/sites/default/files/documents/strategic_compass_en3_web.pdf
European Migration Network & OECD. (2024). Labour market integration of beneficiaries of temporary protection from Ukraine: joint EMN-OECD inform. https://www.oecd.org/content/dam/oecd/en/topics/policy-issues/migration/OECD-EMN%20Inform_%20Labour-market-integration-ofbeneficiaries-of-temporary-protection-from-Ukraine.pdf
Gulyás, L., & Turcsányi, E. (2017). A humán erőforrás mendzsment funkciók fejlődése 1. rész: A "társadalmi reformerek” szakaszának és a "szociálpolitikai koncepció” szakaszának jellemzői [Development of function of human resource management. Part 1: Characteristics of the stage of 'social reformers' and the stage of the 'socio-political concept']. Közép-Európai Közlemények, 10(3), 195–205. https://ojs.bibl.u-szeged.hu/index.php/vikekkek/article/view/12454
International Monetary Fund. (2025). Slovak Republic: 2025 Article IV consultation – Press release; And staff report (Country Report No. 25/72). https://www.imf.org/-/media/files/publications/cr/2025/english/1svkea2025001-print-pdf.pdf
International Organization for Migration. (2024). DTM Hungary: Labour market integration of Ukrainian refugees – 2023 Annual Report (Assessment). https://data.unhcr.org/fr/documents/details/107211
Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard – Measures that drive performance. Harvard Business Review, 70(1), 71–79. https://hbr.org/1992/01/the-balanced-scorecard-measures-that-drive-performance-2
Keeley, B. (2007). Human capital: How what you know shapes your life. OECD Publishing. https://www.oecd.org/content/dam/oecd/en/publications/reports/2007/02/human-capital_g1gh7c78/9789264029095-en.pdf
Kocianová, R. (2012). Řízení lidských zdrojů: Základy a moderní trendy [Human resource management: Principles and development]. Grada Publishing.
Kolot, A., Lopushniak, H., Kravchuk, O., Varis, I., & Ryabokon, I. (2022). Transferable competencies of HR manager under global socio-economic changes. Problems and Perspectives in Management, 20(1), 322–341. https://doi.org/10.21511/ppm.20(1).2022.27
Maksymiv, Y., Yakubiv, V., Pylypiv, N., Piatnychuk, I., Hryhoruk, I., & Hokh, V. (2022). Biological assets in accounting of socially responsible activities of agricultural enterprises. Custos e Agronegócio online, 18(2), 458–476. http://www.custoseagronegocioonline.com.br/numero2v18/OK%2021%20assets.pdf
Ministry of the Environment of the Slovak Republic. (2001). Národná stratégia trvalo udržateľného rozvoja [National Strategy for Sustainable Development]. https://www.minzp.sk/files/dokumenty/strategicke-dokumenty/narodna-strategia-trvalo-udrzatelneho-rozvoja.pdf
National Bank of Poland. (2024). Sytuacja życiowa i ekonomiczna migrantów z Ukrainy w Polsce w 2024 r. [Poland: The living and economic situation of migrants from Ukraine in 2024]. https://home-affairs.ec.europa.eu/whatsnew/publications/poland-living-and-economic-situation-migrants-ukraine-2024_en
NATO. (2022). NATO 2022 strategic concept. https://www.nato.int/content/dam/nato/webready/documents/publications-and-reports/strategicconcepts/2022/290622-strategic-concept.pdf
Nonaka, I., & Takeuchi, H. (1995). The knowledge-creating company: How Japanese companies create the dynamics of innovation. Oxford University Press. https://doi.org/10.1093/oso/9780195092691.001.0001
OECD. (2019). OECD skills strategy 2019: Skills to shape a better future. OECD Publishing. https://doi.org/10.1787/9789264313835-en
OECD. (2023a). Working towards dual intent integration of Ukrainian refugees. In OECD Policy Responses on the Impacts of the War in Ukraine. OECD Publishing. https://doi.org/10.1787/6b4c16f7-en
OECD. (2023b). OECD economic surveys: Poland 2023. OECD Publishing. https://doi.org/10.1787/6fc99a4b-en
OECD. (2023c). OECD economic surveys: Czech Republic 2023. OECD Publishing. https://doi.org/10.1787/e392e937-en
OECD. (2023d). Ensuring continued learning for Ukrainian refugees. In Education at a glance 2023: OECD Indicators. OECD Publishing. https://doi.org/10.1787/e13bef63-en
OECD. (2024a). OECD economic surveys: Slovak Republic 2024. OECD Publishing. https://doi.org/10.1787/397ca086-en
OECD. (2024b). OECD economic surveys: Hungary 2024. OECD Publishing. https://doi.org/10.1787/795451e5-en
Omelchuk, O. M., Vatras, V. A., Podra, O. P., & Savenko, V. V. (2021). The importance of human capital in sustainable economic development providing: European experience and the legal aspect. Financial and Credit Activity Problems of Theory and Practice, 1(32), 507–517. https://doi.org/10.18371/fcaptp.v1i32.200761
Plaksiuk, O., Prodanova, L., Yakusheva, O., Nagaichuk, N., Prikhno, I., & Jakub- činová, M. (2023). Human capital as a factor of socioeconomic development of the state: The main trends of the Slovak Republic. Financial and Credit Activity Problems of Theory and Practice, 5(52), 283–298. https://doi.org/10.55643/fcaptp.5.52.2023.4150
Pospíšil, R. (2019). Rozvoj a řízení lidských zdrojů v sociální práci [Development and management of human resources in social work]. University of Ostrava. https://dokumenty.osu.cz/fss/publikace/rozvoj-a-rizeni-lidskych-zdroju-v-sproman-pospisil.pdf
Rieznikov, V. (2025). Challenges for Poland’s economy in the context of its European integration. Ukrainian Institute for the Future. https://uifuture.org/en/research/challenges-for-polands-economy/
Schultz, T. W. (1961). Investment in human capital. The American Economic Review, 51(1), 1–17. http://www.jstor.org/stable/1818907
Tonova, E., Grishnova, O., Karyuk, V., Djakons, D., Niemi, O., & Celika, M. (2025). HR innovations, human capital and financial stability: Interrelationships and interaction on the example of international companies. Financial and Credit Activity Problems of Theory and Practice, 5(64), 585–599. https://doi.org/10.55643/fcaptp.5.64.2025.4859
UNHCR. (2024). Hungary: Socio-economic insights survey 2024. Operational Data Portal. https://data.unhcr.org/en/documents/details/112070
UNHCR. (2025). Ukraine situation: Revised regional refugee response plan 2025- 2026. OCHA. https://www.unocha.org/publications/report/ukraine/ukrainesituation-revised-regional-refugee-response-plan-2025-2026
United Nations Development Programme. (n.d.). Human Development Report. https://hdr.undp.org/
Vincze, E. (1971). A hűtlenségi per, 1871-1872 [The treason trial of 1871–1872] [in Hungarian]. Kossuth Könyvkiadó.
World Bank. (2020). The Human Capital Index 2020 update: Human capital in the time of COVID-19. https://doi.org/10.1596/34432
World Bank. (n.d.-a). GDP (current US$) – Poland, Czechia, Slovak Republic, Romania [Data set]. World Bank Open Data. Retrieved December 22, 2025, from https://data.worldbank.org/indicator/NY.GDP.MKTP.CD
World Bank. (n.d.-b). GDP growth (annual %) – Poland, Czechia, Slovak Republic, Romania [Data set]. World Bank Open Data. Retrieved December 22, 2025, from https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG
World Bank. (n.d.-c). Inflation, consumer prices (annual %) – Poland, Czechia, Slovak Republic, Romania [Data set]. World Bank Open Data. Retrieved December 22, 2025, from https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG
World Bank. (n.d.-d). Unemployment, total (% of total labor force) (modeled ILO estimate) – Poland, Czechia, Slovak Republic, Romania [Data set]. World Bank Open Data. Retrieved December 22, 2025, from https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS
Wright, P. M., & McMahan, G. C. (1992). Theoretical perspectives for strategic human resource management. Journal of Management, 18(2), 295–320. https://doi.org/10.1177/014920639201800205
Yakymchuk, A., Yakymchuk, O., Popadynets, N., Bilyk, R., Yakubiv, V., Maksymiv, Y., Hryhoruk, I., Irtyshcheva, I., Husakovska, T., & Boiko, Y. (2021). Integral assessment of the level of Ukraine's economic security: Modeling and economic analysis. Accounting, 7(2), 381–390. https://doi.org/10.5267/j.ac.2020.11.014
Zbiegeń-Maciąg, L. (Ed.) (2006). Nowe tendencje i wyzwania w zarządzaniu personelem [New trends and challenges in human resource management]. Oficyna Ekonomiczna. https://biblioteka.eust.pl/uk/search_results/854548488
Received: January 12, 2026.
Reviewed: May 11, 2026.
Accepted: June 10, 2026.
Downloads
Published
How to Cite
Issue
Section
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
