Knowledge as a determinant of competitiveness of company and national economy in the new era of development

The process of globalization in modern conditions changes national economy or the basis of business and competitive advantage within it. The competitive advantage based on knowledge represents a prerequisite of economic prosperity in global economy. The goal of this paper is to point out that the knowledge, as the most important resource of economy, makes achieving the competitive advantage possible, and it is necessary to constantly perfect it so that it becomes the imperative of modern economy and the most important determinant in the competitive battle. The starting hypothesis of this paper is based on the opinion that only with suitable valuation and the use of knowledge it becomes key determinant in creation and upkeep of competitiveness of companies and national economies and in that way it prevents the negative reflection of economic crisis on development of society and knowledge economy.