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Innovation, Global Change and Territorial Resilience

Innovation, Global Change and Territorial Resilience

New Horizons in Regional Science series

Edited by Philip Cooke, Mario Davide Parrilli and José Luis Curbelo

Localized creativity, small high-tech entrepreneurship, related innovation platforms, social capital embedded in dynamically open territorial communities and context-specific though continuously upgrading policy platforms are all means to face new challenges and to promote increased absorptive capacity within local and national territories. The contributors illustrate that these capabilities are much needed in the current globalized economy as a path towards sustainability and for creating new opportunities for their inhabitants. They analyse the challenges and development prospects of local/regional production systems internally, across territories, and in terms of their potential and territorial connectivity which can help exploit opportunities for proactive policy actions. This is increasingly relevant in the current climate, in which the balanced allocation of resources and opportunities, particularly for SMEs, cannot be expected to be the automatic result of the working of the market.

Chapter 13: Conceptualisations, Relationships and Trends between Innovation, Competitiveness and Development: Industrial Policy Beyond the Crisis

Patrizio Bianchi and Sandrine Labory

Subjects: economics and finance, economics of innovation, industrial economics, regional economics, innovation and technology, economics of innovation, urban and regional studies, regional economics


Patrizio Bianchi and Sandrine Labory 1. INTRODUCTION This chapter provides some thoughts on industrial policy beyond the crisis, which are based on a long-range research by the authors (Bianchi and Labory, 2011).1 This research suggests that the crisis reveals longterm structural changes in the economy, which firms in all sectors have to face and which require government intervention. Important structural changes are occuring in organisations, hence the division of labour, with deep implications not only from an economic point of view but also from a social and political point of view. We suggest that adequate industrial policies, in the broad sense of intervention to sustain firms’ competitiveness and re-structuring, have as a consequence to be defined in a holistic manner. 2. A LONG-PREPARED CRISIS We have analysed the crisis in depth elsewhere (Bianchi and Labory, 2010) and shown that what the crisis mainly reveals is the inadequacy of the world regulation system defined in Bretton Woods, although adjusted through time. The world has changed, the main characteristic of which is the emergence of new economic and political powers, especially that of China. The supremacy of the USA remains, but is brought into question by its financial dependence on China. The dominant regulation model has been liberal, the main rules of which can be found in the Washington Consensus. The crisis is due to a burst bubble of the American economy, the financial sector booming to exponential levels while private and public debt 295 M2938 - COOKE TEXT.indd 295 27/07/2012...

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