The integration processes and globalization of the world economy is presently connected also with a new understanding and diameter of the economy. Economic theory nowadays brings the "new economy" category which - in the 90s of the last century caused significant changes not only in the structure of the economy but also in its mechanism of functioning. Qualitative changes are also reflected in economic growth which is closely related to tabour productivity growth. The massive growth in investment inflow into the branches of the new economy has induced die changes in the economic cycle as well. The problems as as innovation cycles shortening, corporate size, etc. came into the forefront. Besides this, the character of old industries is being changed radically, and thus many theorists point out that it is quite difficult today to find the division line between the old and the new economy. These changes in the economy have influenced also the capital markets, which reflect real economic processes. High growth rates of the high-technology branches led - at US capital market, and later also at the European one - to the formation of a speculative bubble that multi-exceeded economic level of these branches. The bubble collapse Ills brought not only sizeable losses for investors but also their serious mistrust of a stock market mid particularly the negative attitude towards investing into the new economy industries. That attitude led automatically to a significant drop in production and dragged the economy into the new recession. These negative appearances at the end of the year 2000 expressed themselves also in theoretical approaches that refused the new economy phenomenon. However, in our opinion, previous wave just created the base for the further, even larger development of these industries. It can be expected that this process will be more long-term and accompanied by the changes and development in all branches of the economy. To what extend do the transition economics - especially V 4 countries: Slovak Republic, Czech Republic. Poland, Hungary - react to the new situation in the world economy? All these countries are trying to become a part of united Europe, that means to integrate their national economies into the compact entity which the European Union leads to. Mentioned countries, despite some particularities, initialised their economies at almost identical economic base. Building a modern economy in these countries requires a wide range of restructuring processes. These should be shaped so that they will mirror world trends of the development in the most advanced countries and at the same time they will meet needs of the European economic area. The economic structure of the V 4 countries is still oriented mostly at the branches of heavy and manufacturing industry and as our analysis indicates, it doesn't show any significant changes regarding the share of individual industries on GDP during the 90s. Ignoring the restructuring processes in these countries definitely reveals the lagging behind the developed world. While the real economy in developed countries is closely connected to a capital market, it is quite difficult to find the connection between a capital market and the economies of the transition countries. Based on the analyses of the particular national capital markets' indexes and on the industrial structure and the share of GDP, we came to a conclusion that indexes' structure doesn't reflect the structure of the economy at all, and so the capital market could hardly reflect the economy level. However., it can be evaluated positively, that the structure of indexes already indicates a tendency towards the new industries. The new industries have a notable appearance in the structure of indexes yet, but in the frame of national economies they don't really show such a significant share of GDP as we would wish them to do. There is also all unbalanced composition of individual stock titles in the structure of indexes, which causes quite chaotic formulation of the capital market level, or indication of its development trend. Despite lagging behind the USA in the field of new technologies, Europe also accesses to a building of the new economy very responsibly. In the year 2000, there was proclaimed the eEurope plan which determines the objectives and gradual steps on how to manage this process. This plan is followed by the action plan eEurope+, the aim of which is to accelerate reforms and modernization of the candidate countries economies that V 4 countries belong to. In accordance with these intentions, also the Slovak Republic has expressed its initiative in the eSlovakia program related to a building of the information society as the way of improving the economic performance.
