Henke discusses how Slovenia has implemented technology in the healthcare sector. She describes the implementation of eHealth, which is Slovenia's pioneering health technology. Has eHealth helped in advancing services and reshaping healthcare provisions? At the end of her article, Henke suggested that the eHealth project would fail to advance services and reshape healthcare provisions. However, data has since shown that Slovenia’s implementation of eHealth has had a positive impact on the development of the healthcare industry. The integration of digital technologies in healthcare has improved access to medical records and facilitated remote consultations. The Ministry of Public Administration conducted an evaluation over the course of 2 years and found that usage of eHealth solutions resulted in significant healthcare system savings, “estimating the accumulated savings is approximately €40 million” ($43.9 million) (Stanimirović and Matetić, 2020). The COVID-19 pandemic also indirectly increased the quality and development of electronic healthcare. During the pandemic, many patients benefited from the convenience of remote consultations and accessible healthcare that maintained social distancing. The pandemic also highlighted the necessity for digital infrastructure in healthcare, prompting Slovenia to accelerate investment in eHealth technologies. As a result, there has been an increased focus on digital literacy among both healthcare professionals and patients. What have been the developments in the eHealth project been since 2014? The digitization of healthcare in Slovenia began in the mid-2000s with the creation of eHealth2010. Since 2014, there have been significant developments in the eHealth project, driven by advancements in technology, policy changes, and the growing emphasis on patientcentered care. As of 2025, every healthcare professional and institution is able to access patient electronic health records, regardless of location. The core of Slovenia’s eHealth is the Central Registry of Patient Data, which is a system for collecting health data about citizens in Slovenia. This database was created in an attempt to modernize Slovenia's eHealth system. An online portal called zVEM was also designed to provide citizens with access to a range of eHealth services. It facilitates communication between patients and healthcare providers. The platform has been accessible to users since 2017. In November 2022, the government presented a new eHealth strategy that will cover 2022– 2027, aiming to further enhance the digital transformation of the healthcare system. During the pandemic, more than 60% of the population consulted their physician or received a prescription remotely (Hrzic, 2023). This demonstrates how much progress has been made in the implementation of eHealth since its introduction. References eZdravje, (2020), Slovenian eHealth. Ministrstvo za zdravje Hrzic, R, (2023, October), Digital Public Health in Slovenia, European Journal of Public Health, Volume 3, Issue Supplement_2. Oxford Academic. https:// doi.org/10.1093/eurpub/ckad160.376 Stanimirović D, & Matetić V, (2020, December 20) Can the COVID-19 pandemic boost the global adoption and usage of eHealth solutions? J Glob Health Retrospective by Randi Conroy ‘25 Finance, with mass communication minor June 2025 Slovenia, Czechoslovakia, Germany Edition Martindale Retrospectives Martindale Center for the Study of Private Enterprise Lehigh University College of Business Rauch Business Center, 621 Taylor Street, Bethlehem, PA 18015-3117 Tel: +1.610.758.4771 | Fax: +1.610.758.6549 | www.lehigh.edu/martindale Retrospective on Rachel Henke, “An Analysis of the Challenges and Opportunities of eHealth” from Reinventing Slovenia: Challenges and Opportunities Perspectives on Business and Economics, Volume 32, 2014 Rachel Henke ‘14 is a senior scientist at Roux.
Retrospective on Leif Arnesen, “Rehabilitation of the Slovenian Banking System: Seeking Strengths in the Aftermath of a Crisis” from Reinventing Slovenia: Challenges and Opportunities Perspectives on Business and Economics, Volume 32, 2014 Leif Arnesen ‘14 is the co-founder & CEO at The Vegan Gym. Arnesen describes the state of the Slovenian banking sector in 2014, highlighting multiple efforts the country had taken to stabilize and restructure the banking system. He also provides recommendations on restructuring methods. Has the economic health and stability of Slovenia’s economy and banking system improved since 2014? As of 2025, Slovenia has a successful and healthy economy. Fitch Ratings has given the country an “A” rating, which means the country has strong and stable fundamental economic characteristics. Slovenia has proven its resilience to shocks following the Russia-Ukraine conflict as well as the postpandemic recovery. According to an OECD report from 2024, the labor market remains tight. Borrowing costs for households and firms have increased. However, contrary to what was stated in the original article, data shows that Slovenia is now enjoying increased economic growth. The country has outpaced most other European Union member states and has seen rising incomes, growing domestic consumption, and low unemployment. “Slovenia’s economy rebounded after the COVID-19 pandemic with a GDP growth rate of 8.1 percent in 2021 and 5.37 percent in 2022, exceeding the eurozone average” (U.S. Department…, 2024). These macroeconomic factors have allowed banks to experience success and introduce new financial services to serve their customers. Financial inclusion and digitization have also propelled the growth of the banking sector in Slovenia. How has Slovenia restructured their banking sector since 2014? Since this research article was published in 2014, there has been significant restructuring of Slove- nia’s banking sector. Since the financial crisis of 2008, Slovenia has been working to restructure and recapitalize its financial system. The privatization of many large banks in Slovenia was long debated. As of 2021, Slovenia has 11 commercial banks, three savings banks, and two foreign bank branches that serve two million people. “All commercial banks are private as of January 2021, and most have foreign owners and shareholders” (U.S. Department…, 2024). The government also supplied about $4.2 billion into Slovenia’s three largest banks, NLB, NKBM, and Abanka (U.S. Department…, 2024). These actions helped the largest commercial banks become recapitalized. Slovenia's largest bank (NLB) was privatized in 2019. The government remains a major shareholder with a 25% plus one share stake. NKBM was sold to an American fund and the European Bank for Reconstruction and Development in 2016, and in 2020 NKBM acquired another large Slovenian bank, Abanka. Enhanced regulatory measures were also implemented to improve the resilience of the banking sector. This included stricter capital requirements and liquidity standards aligned with EU regulations. As of today, the restructuring of Slovenia's banking system has contributed to a healthy economy. In turn, the Slovenia’s steady economic growth has had a positive impact on the banking market. References Fitch Ratings, (2023, October 20). Fitch Affirms Slovenia at 'A'; Outlook Stable. U.S. Department of State, (2024). 2024 Investment Climate Statements: Slovenia. Retrospective by Randi Conroy ‘25 Finance, with mass communication minor 2 Martindale Retrospectives June 2025
Martindale Retrospectives The article discusses the development of Czechoslovakia's economic reform of its financial market institutions and infrastructure. Note that as of 1993, Czechoslovakia was dissolved and the Czech Republic and Slovakia were formed. How have the Czech Republic and Slovakia’s economies developed since 1992? On December 31st, 1992, the state was peacefully dissolved into the Czech Republic and Slovakia. Since the separation of Czechoslovakia, both countries have seen economic and financial growth. The Czech Republic is a medium-sized, open, and export-driven economy (International…, 2023). The country has a mostly freemarket economy that is considered very stable and resilient within the European Union. The Koruna is the Czech Republic’s national currency. The country has experienced steady economic growth over the past few decades, especially after the dissolution of Czechoslovakia. The economy grew significantly after the Czech Republic joined the EU in 2004. Slovakia has a mixed economic system in which there are a variety of private freedoms combined with centralized economic planning and government regulation. Slovakia is also a member of the EU, having joined in 2004. Slovakia adopted the Euro as its currency in 2009. Slovakia’s economy has also proven resilient to the energy crisis resulting from the Russia-Ukraine war. Although their growth has slowed due to high inflation, the country is focusing on improving its fiscal sustainability to stimulate growth. On average, Slovakia achieved greater economic growth and lower inflation rates than its Czech counterpart. Slovakia’s macroeconomic performance position it as one of the most successful of the former Eastern-bloc countries (Carter, 2024). How have the Czech Republic’s and Slovakia’s financial market institutions developed? After the end of communist rule in 1989, the Czech Republic transformed its financial sector, evolving from a state-controlled system into a more modern, market-driven one. Key outcomes include increased foreign investment, enhanced regulation, and greater international integration. The Czech National Bank (CNB) regulates the financial sector and serves as the central bank of the country. The Prague Stock Exchange was reopened in 1993 after the end of the communist regime and remains the primary stock exchange in the Czech Republic (Wiki…, 2024). The integration of the Czech financial system with the EU, along with developments in banking, capital markets and fintech, has strengthened its position within the European and global financial markets. Following the dissolution of Czechoslovakia in 1993, Slovakia embarked on a process of restructuring its banking sector, with an emphasis on privatization. Like the Czech Republic, Slovakia attracted foreign investment into its banking sector during the 1990s and early 2000s. The National Bank of Slovakia (NBS) is the country’s central regulatory entity for financial markets. After adopting the Euro, the European Central Bank now sets monetary policy for Slovakia. The country’s capital market remains small compared to other European markets References Carter, Francis William, (2024), Slovakia. Encyclopedia Britannica. International Trade Administration, (2023, September 8), Czech Republic Country Commercial Guide. Department of Commerce. Wikipedia contributors. (2024, November 10). Prague Stock Exchange. Retrospective by Randi Conroy ‘25 Finance, with mass communication minor 3 June 2025 Retrospective on Christopher Croteau, “An Economy in Transition: Creation of Financial Market Institutions and Infrastructure in Czechoslovakia ” from Czechoslovakian in Transition Perspectives on Business and Economics, Volume 10, 1992 Chris Croteau ’92 is Head of Credit Research North America for Schroders.
Retrospective on Sarat Sethi, “Joint Ventures in Czechoslovakia” from Czechoslovakian in Transition Perspectives on Business and Economics, Volume 10, 1992 Sarat Sethi ‘92 is the Managing Partner, Portfolio Manager/Equity Analyst, Douglas C. Lane & Associates; Executive Board Trustee, Lehigh University; Chair, University Committee on Nominations and Trusteeship; President, Martindale Society. Sethi discusses the availability and feasibility of joint ventures in Czechoslovakia (now Czech Republic and Slovakia). His article also touches on foreign investment in Czechoslovakia. What have been the developments of joint ventures in the Czech Republic? The concept of a joint venture does not have specific legal and comprehensive legislation in the Czech Republic. The country adheres to EU competition law and other regulatory frameworks for joint ventures involving foreign companies. One popular form of foreign joint venture is a greenfield investment. This refers to a type of foreign direct investment where a company builds a new facility or operation from the ground up in a foreign country. The Czech Republic has become a popular location for manufacturing and assembly operations. For example, Skoda Auto, the Czech car manufacturer, has long been part of the Volkswagen Group, which has shaped the automotive landscape in the Czech Republic through joint venture initiatives (Volkswagen…, 2024). A new foreign direct investment policy, the “Czech Foreign Investments Screening Act.” took effect in May 2021, establishing the rights and duties of foreign investors and setting screening requirements for Czech targets (Janda, 2024). This law gave more security and enhanced transparency for non-EU countries conducting joint ventures and foreign investment within the Czech Republic. Today, joint ventures in the Czech Republic continue to thrive, especially in sectors like automotive, energy, technology, and manufacturing. The country is an attractive partner for businesses that are looking to expand into Eastern Europe What have been the developments of joint ventures in Slovakia? Like the Czech Republic, Slovakia also lacks specific legislation regarding joint ventures. The Slovak Commercial Code permits joint ventures, but does not provide a detailed legal framework for a ven- ture to follow. However, Slovakia has recently joined other EU Member States in regulating foreign investments within its jurisdiction by adopting the Act on Screening of Foreign Investments (the FDI Act), which entered into force on March 1, 2023. The FDI Act provides for comprehensive regulation of foreign investment screening in Slovakia (Ivančo, 2024). Slovakia is increasingly positioning itself as a tech hub in Central Europe, and joint ventures in the technology and IT sectors have been on the rise. One notable example has been the development of an electric vehicle battery gigafactory plant in Slovakia. The minister of Slovakia said the plant's construction was key for the future of the car industry, a major driver of Slovakia's economy (Reuters, 2023). With sectors like renewable energy, technology, and automotive electrification growing rapidly, joint ventures will likely remain key to Slovakia’s continued economic growth. References Ivančo, Vladimír, (2024), Foreign direct investment reviews 2024: Slovakia. White & Case. Janda, Ivo, (2024), Foreign direct investment reviews 2024: Czech Republic. White & Case. Reuters, (2023, November 23), Chinese-Slovak venture signs deal for battery plant in Slovakia. Volkswagen Group, (2024), The History of Skoda. Retrospective by Randi Conroy ‘25 Finance, with mass communication minor Martindale Retrospectives 4 June 2025
Martindale Retrospectives 5 June 2025 Retrospective on Garrett Carpenter, “The Effect of Germany’s Social Market Economy on Competitiveness” from A Unified Germany in Federal Europe Perspectives on Business and Economics, Volume 14, 1996 Garrett Carpenter ‘96 is the Managing Director, Global Head Leveraged Finance & Capital Markets at Nomura. This article discusses the structure of Germany’s “social market” economy and its implications for the country's international competitiveness. Carpenter highlights that Germany must adapt to the quickly changing international landscape to maintain its competitive edge. Has Germany found success in keeping up with technological changes? Carpenter states that the German economy will need to become more flexible to adapt to competitive markets in the Information Age. Germany has long been known for its success in manufacturing and engineering. The country has been a trailblazer in the manufacturing sector, particularly in automobiles. However, the country has been slow in adapting to technological change. For example, “Germany is nowhere when it comes to exploiting the possibilities of AI. The US and the UK have 5.22 AI startups for each 100,000 inhabitants; Germany has 1.9.” (Elliot, 2024). If Germany wants to preserve its international position as a successful economy , it must keep up with developments in AI and technology. Some German corporations have been fragmented in their integration of new AI and technologies, particularly in the manufacturing sector. The OCED’s Artificial Intelligence Review of Germany attributes this slow adoption to “various factors that range from industry-specific challenges to broader economic and policy environments. Like many countries, Germany faces an AI skills bottleneck” (OECD, 2024), which can also be attributed to a lack of skilled human capital. Relative to the rest of Europe, however, Germany seems to be ahead of the curve. In 2018, the country became one of the first countries to adopt a national AI strategy and has since dedicated more than one billion euros towards AI and technology development. Does Germany have a good competitive advantage in the international market? Yes. As of 2024, Germany is the third largest economy in the world, with approximately $4.59 trillion in GDP. Today, the German economy focuses largely on its engineering, automotive, chemical, and pharmaceutical industries. The country enjoys a competitive advantage from its skilled labor force and commitment to fostering innovation. The “social market” economy employs a considerable amount of government regulation and social welfare programs. This economic strategy contributes to stability and low levels of unemployment in Germany. At the time of the Perspectives article in 1996, Carpenter cited the unemployment rate as 11%. As of July 2024, the adjusted unemployment rate in Germany was 3.4% (Statistische…, 2024), which is a desirable rate for a successful economy. Carpenter also cited high taxes (44%) as a disadvantage in the international market. Today, Germany continues to follow a progressive tax system, ranging from 0-45% based on income. These high taxes correlate with the social market economy, which focuses on social programs funded by taxpayers. References Elliot, L. (2024, September 1). The German problem? It’s an analogue country in a digital world. The Guardian. OECD (2024), OECD Artificial Intelligence Review of Germany, OECD Publishing. https:// doi.org/10.1787/609808d6-en Statistische Bundesamt. (2024, 30 August). Employment Down Slightly in August 2024. Retrospective by Randi Conroy ‘25 Finance, with mass communication minor
Retrospective on Jenna (Petrosky) Paulat, “The German Dual Education System: Evolving Needs for a Skilled Workforce” from A Unified Germany in Federal Europe Perspectives on Business and Economics, Volume 14, 1996 Jenna Paulat is a Marketing Sales &Service: Global Executive Program Manager at Capgemini. This article first examines the structure of Germany’s dual education system and provides insights into some changes in the global economy and the implications that these changes may have on the German dual system. How has the German Vocational Training Act changed since 1996? Paulat discusses the significance of the apprenticeship program in Germany, and its impact on the country’s economy. In the dual education system, students have the opportunity to learn through on-the-job training as well as classroom education. This system was established through the Vocational Training Act of 1969, as cited by (Petrosky) Paulat. In 2005, updates were made to the law. Some changes include improved flexibility in the program, more integrated practical training, and the removal of “fixed boundaries both between company-based and school-based vocational education and training as well as between initial and advanced training” (Federal…, 2020). The Vocational Training Act received additional amendments in 2020. These changes sought to modernize the training system in response to changing technologies. The amendments emphasized the integration of digital skills into vocational training, preparing trainees for the evolving demands of the labor market. A minimum salary was also introduced for the first time in the program. However, today, “Salaries for apprentices are generally set at one-third of the average starting salary for that position, with companies allowed to offer benefits above that” (Fieldman, 2022). This wage is almost equal to the wage that was reported in 1996. In 2023, there were around 1.22 million trainees pursuing apprenticeships in Germany (Davies, 2024). The most common apprenticeship career was in management, followed by mechanical engineering and electronics apprenticeships. Does the German apprenticeship program benefit the economy today? The German apprenticeship program continues to produce a highly skilled workforce that meets the specific needs of industries and ensures that companies have access to qualified employees. The program contributes to a low unemployment rate within Germany and helps avoid skilled labor shortages. The German youth unemployment rate in 2022 was 5.96%, which is significantly lower than the EU youth unemployment average of about 14%. In 2022, “468,900 new apprenticeship contracts were signed in Germany, a 0.6% increase from 2021” (Statistische…, 2023). Today, the retention rate for apprentices is about 50%, which is the same rate reported by Petrosky in 1996. “The dual apprenticeship system accounts for about 66.5% of the learners in the vocational education and training system in 2020” (Federal…, 2024). In addition, apprenticeship employers can invest up to $63,000 (Fieldman, 2022) in training over the course of the students' apprenticeship. The German apprenticeship program continues to prepare skilled individuals for the workforce while strengthening the economy. References Davies, Kasia. (2024, September 12). Number of vocational trainees in Germany from 1950 to 2023. Statista. Federal Institute for Vocational Education and Training. (2020, February 19). 50 years of the Vocational Training Act. bundesregierung.de (website of the German Federal Government), revised by iMOVE. Federal Institute for Vocational Education and Training. (2024, September 10). Apprenticeship System. Fieldman, M. (2022, December 14). 5 Things We Learned in Germany. NIST. Statistische Bundesamt (2023, April 12). Vocational Training. [Press Release]. Retrospective by Randi Conroy ‘25 Finance, with mass communication minor Martindale Retrospectives 6 June 2025
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