The Innovation Union in Europe

The Innovation Union in Europe

A Socio-Economic Perspective on EU Integration

Science, Innovation, Technology and Entrepreneurship series

Edited by Elias G. Carayannis and George M. Korres

One of the most important economic events in recent decades has been the ongoing process of European integration. This book provides a basic yet rigorous understanding of the current issues and problems of economic integration and innovation in Europe, and argues that national or regional economic development depends mainly on technical change, social and human capital, and knowledge creation and diffusion. This is clearly evident in the role of the quadruple innovation helix of government, university, industry and civil society.

Chapter 6: Innovation diplomacy as driver of democracy, innovation and development: the case of Greece

Elias G. Carayannis

Subjects: business and management, organisational innovation, economics and finance, economics of innovation, innovation and technology, economics of innovation, innovation policy, organisational innovation


Chapter 1 touched briefly on innovation diplomacy as a means of bridging distance and other divides. It can unleash and help ‘realize the creative potential and aspirations of people around the world so that markets will serve society . . . to the fullest possible extent’ (Carayannis et al., 2011). We now build on that background to examine the current situation of and prospects for Greece. In general, entrepreneurship and innovation are human endeavors and socio-economic phenomena that are intrinsic to human nature as well as constituting both social and political engines of positive change and growth provided they are balanced and guided by effective and transparent regulatory and incentive systems in place. Current local (Greek), regional (European) and global economic and financial conditions and trends make the need to trigger, catalyze and accelerate high-quantity and -quality entrepreneurial initiatives that are based on high-quality and -quantity innovations (low-tech, medium-tech and high-tech) even more clear and urgent as this is one of the major ways and means to target and achieve real, sustainable and eventually accelerating GNP growth. Such growth is much more likely to come from new and qualitative different and superior initiatives (from ‘sunrise’ industries) rather than restructuring existing (and perhaps ‘sunset’) industries.

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