Crises are truly social phenomenon and that is why they have strategic importance and require increased state regulation. The global economic crisis of 2008 has rapidly mastered the world and significantly affected national economies. The aim is to show that economic crisis has always represented a great challenge for economic theory and policy, and that the theoreticians and practitioners demonstrated the need to create a new model of economic growth and change the dominant theoretical paradigm. There are many findings but the most important ones are as follows: The recent crisis has shown how unregulated market can lead capitalism to its disaster. Neoliberal doctrine had a strong negative impact on policy which helped spread of the crisis. It was a sign that it is necessary to create a new theoretical and macroeconomic paradigm and a new model of economic growth that would be the answer to the recent economic crisis because it has shown that the neoliberal mode of economic policy has been wrong and ineffective in terms of the global economic crisis. In process of continuous global changes, it is necessary to build a stable society, which is going to be humane and socially balanced.

Small and medium enterprises (SMEs) play a significant role in the economic development of both advanced and developing countries. Some earlier research showed that taxation and compliance costs have a significant effect on economic growth, development and performance of the business sector. For this reason, our research focuses on tax compliance costs imposed on the SMEs in Bosnia and Herzegovina (B&H), which is a transition and post-conflict country with a complex tax system structure. This complexity is particularly highlighted in the direct taxation system, hence the focus of this research is on corporate income tax (CIT) compliance costs. Our methodology is based on simulation of tax compliance costs between different entities in B&H - Federation of B&H (FB&H) and the Republika Srpska (RS), as well as measuring the effective tax burden for SMEs in B&H and the region. Our simulation of the CIT return of a company "X "in line with the entity law suggests that the effective tax burden is higher in RS than in FB&H entity. This is further confirmed with the effective tax rate formula applied in the second part of the research using data from the AMADEUS database. This result has an important policy implication for the fiscal authorities in B&H, as very often public discourse goes in the opposite direction to our finding.

Over the last few decades, many countries in the world have been struggling with high indebtedness. This has been especially emphasized in periods of crisis, and this was not an exception during the last global economic crisis in 2009. The advent of the crisis has further increased the need for borrowing. Increasing indebtedness after the crisis was also characteristic of BiH economy, the country in our research focus, which had an increase of public external debt by over 100% over the last two decades.The paper focuses on the external indebtedness of Bosnia and Herzegovina (BiH) over the period 2004-2017. The empirical part relies on dynamic modelling - Vector Autoregression Model, which is used to explore total external indebtedness. The empirical investigation implies that foreign-trade exchange deficits have had the greatest impact on rising indebtedness in BiH, while movements in EURIBOR interest rates have little influence in explaining this variability. The empirical investigation implies that macroeconomic policy in BiH, if it wants to keep the external debt under control over the longer time horizon, does need to focus on deficits in its foreign exchange more. One of inevitable priorities is to work on supporting production based of export from this economy.