The functioning and role of nation-states has changed significantly in recent decades due to globalization and the reduction of the possibility of influencing the structure and character of international relations!? The dynamization of global trends undoubtedly leads to the loss of sovereignty and identity of nation states. The negative consequences of globalization such as poverty, the inability to create one's own economic policies, the loss of national identity and sovereignty for small open economies are often much more pronounced and noticeable than the overall realized benefits and benefits that the protagonists of globalization have been emphasizing for decades. Due to the numerous problems and limitations faced by small open economies, they often seek help from supranational institutions, which reduces independence and continuously increases the degree of dependence. The dynamic and intensive changes imposed by globalization do not allow small open economies to operationally and creatively engage and adapt to the new globalization trends. Due to the above, as well as due to numerous other reasons, many questions are asked for which it is not easy to find satisfactory answers, and above all: 1. Can small open economies reduce their dependence on external factors and the influence of leading world institutions by preferring partnerships that contribute to the full valorization of their own creative potential and their own material resources!? , 2. Can small open economies create a critical mass of factors for dynamic development and effective coping with numerous challenges of globalization? 3. Whether and in what way small open economies can be protected from the "overflow" of risks in a globalized environment!?, 4. How to maintain the required level of employment and improve financing mechanisms!?, 5. How to build functional institutions and effective corruption prevention mechanisms!?, and 6. Are there conditions, and how to generate them, in which globalization will not be treated as a threat, but as a chance for general progress?

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