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Denis Fudurić
Episode · #456

RITAM POSLA Denis Fudurić

Guest Denis FudurićHosted by Lidija KiseljakMay 3, 2026
About this episode
What you'll hear in this conversation

The global economy is undergoing a structural shift that monetary policy alone cannot fix. Denis Fudurić, with three decades of experience spanning capital markets, real estate, and hospitality, offers a sober assessment of why this time is different. He argues that the era of globalization as we knew it is over, giving way to what he calls 'a completely new experience, a complete shift in economic assumptions.' As an investor and entrepreneur who has restructured companies and navigated multiple market cycles, Fudurić brings a grounded, operator's perspective to the current climate. He explains why the conventional tools used to fight inflation are insufficient, and what this means for businesses and consumers alike. Expect to rethink your assumptions about supply chains, pricing, and the very nature of global competition.

Insights from the conversation
What to take from this episode
01
Croatia's tendency to 'lag behind Europe and America' in economic crises is a recurring pattern. The guest recalls the dismissal of the 2008 crisis as something that 'wouldn't touch us,' a pattern that risks repeating. Ignoring global economic shifts because they haven't fully arrived locally is a costly mistake.
02
Inflation is being caused by both excessive money supply and geopolitical factors, like the war in Ukraine and persistent supply chain disruptions. Central bank interest rate hikes can address the monetary component of inflation, but they are powerless against the structural changes stemming from a deliberate shift away from globalized supply chains.
03
The strategic decision by the West to stop buying cheap goods and energy from 'unfriendly countries' like Russia and China marks a fundamental change. Globalization as we've known it for the last two decades is over, meaning permanently higher costs for consumers and a shift for businesses from global to regional competitiveness.
04
The push for 'onshoring and nearshoring' — building new factories and hiring new workers in the West to replace imports — creates a unique economic challenge. Central banks raise rates to cool demand, but the structural need for new domestic production keeps labor markets tight, fueling inflation from the supply side.
05
Government measures like price freezes on certain goods, as seen with 'yesterday's measures,' rarely achieve their intended effect. An entrepreneur produces as long as it is profitable; if you cap their selling price without limiting their input costs, they will stop producing, leading to shortages rather than lower consumer prices.
06
A French investor closing a factory in Slavonia that was 'successful and regularly paid salaries' because he decided 'he wasn't earning anything' illustrates a core business principle. A business exists to generate a return for its owner, not solely to provide employment or serve the community. If that return is not met, even a seemingly viable operation will be shut down.
07
The oil industry reducing investments and production during the COVID-induced demand drop highlights a critical point about supply. Production capacity is not a tap you can simply open and close. Once investments are cut and facilities are idled, it takes significant time and capital to bring them back online, exacerbating future supply shocks.
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