Edited by Frederick M. Abbott, Carlos M. Correa and Peter Drahos
Chapter 18: The United States response to emerging technological powers
If knowledge were a global public good, the geographic location of innovative activity would not be a matter of national concern. Technology would diffuse without regard to national boundaries. Producers and consumers would take advantage of new ideas regardless of their source. But the success of industry has been closely linked to the innovation-component of goods and services and the success of industry has been correlated with national economic growth, employment and standards of living. Over the past 10 to 15 years the world economy has been transformed by rapid development in a number of the larger developing countries, such as Brazil, China, India, Indonesia and South Africa. This transformation in some developing countries has brought with it profound changes. Increasing technical capacity in the emerging economy countries has placed pressure on wages in developed countries and hastened their shift from goods-based to service-based economies. Competition for natural resources has become more intense as demand for them has risen. Financial markets have become increasingly interconnected, seemingly heightening risks. It is generally a time of stress in the global economy.
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