The Innovation Imperative

The Innovation Imperative

National Innovation Strategies in the Global Economy

Edited by Göran Marklund, Nicholas S. Vonortas and Charles W. Wessner

As a result of globalization, strategies for investments in innovation capabilities have gained considerably in importance for businesses, research institutions and policymakers. Public policy has to provide conditions for investments in R & D and innovation that are internationally attractive and effective in stimulating innovation, economic growth and job-creation. This book focuses on the changing roles and challenges of innovation and growth policy, and the strategies and measures that are critical in a globalizing world. It provides guidance for innovation policy strategy formulations and design of innovation policy measures.

Chapter 12: Conclusion

Göran Marklund, Nicholas S. Vonortas and Charles W. Wessner

Subjects: economics and finance, economics of innovation, innovation and technology, economics of innovation, innovation policy


Göran Marklund, Nicholas S. Vonortas and Charles W. Wessner 12.1 INTRODUCTION Globalization has changed the dynamics of economic systems, business models and technological development. It is creating exceptional opportunities for new powerhouses, such as China and India, as well as for the established economies. At the same time, the forces of globalization are posing distinctly new policy challenges and opportunities. Innovation has become imperative to meet these challenges and capitalize on these opportunities. Key innovation resources, such as research and development (R&D) investments, business operations and even human resources, have become considerably more mobile and on a global scale. As a consequence, the policy competition between nations and regions has increased in intensity and changed in nature. For policy makers, globalization is essentially a competition involving provision of the best conditions for and most efficient driving forces of innovation and long-term competitiveness. The different contributions in this volume have addressed this transformation of the policy challenges and opportunities and discussed innovation policy strategies and measures of importance to national competitiveness and prosperity in a globalizing world. The overarching message in the chapters in this book is that national competitiveness and the prosperity it engenders are not a natural given for developed nations, such as the USA and the EU countries. Rather, ambitious and efficient innovation policies will be critical for their future competitiveness and economic development. The foundations of competitiveness have to be continuously regenerated and restructured. And innovation, which is the basis of these...

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