Universally sustainable development strategy for a small country: a systemic decision

Abstract

The objective of the research is to find an adequate quantitative measure of complex system development sustainability and investigate in detail the type of development of a small country or region that could be named as a realisation of sustainable development possibilities. The methodology of the research includes the application of an adequate portfolio model, stochastic optimisation, and systemic analysis. The conclusions obtained by the research state that development possibilities of a small country should not be evaluated only in terms of economic-ecological aspects; more components, such as politics, integration, marketing, social-demographics, creativity, religion, innovation, finance, and investment should be included, which could be logically divided into four subsystems of country universal sustainability. The research also presents the adequate composition of efficiency and reliability of the general effect pertaining to the activity of all the subsystems, as well as the optimal allocation of marginal investment unit among the four subsystems.