Path to Sustainable Development – a Kaleckian-Schumpeterian Synthesis
Chapter 7: Innovation and Investment Policy for Sustainable Development
7. Innovation and investment policy for sustainable development Where there is no vision, the people perish… (Proverbs 29:18, King James Bible) Introduction to innovation and sustainable development This chapter develops a broad national-based innovation and investment policy framework for sustainable development (or simply ‘eco-sustainable framework’) that can be applied to any market-based economy across all varieties of capitalism. The aim is to provide guidelines for setting up an innovation system and an investment climate that have appropriate political economy institutions and structures, as well as strategic planning tools, for inducing transformation to an eco-innovation technological and social paradigm. Van Berkel (2007a, p.527) defines ‘eco-innovation’ as ‘… environmentinformed and -driven improvements and innovations in products, services and processes that deliver more value to producers and/or consumers while progressively reducing net environmental impacts’. Thus, an eco-innovation paradigm is inherently sustained by diminishing anthropogenic ecological damage. The aim of this eco-sustainable framework is to usher in the creative destructive force of innovation that results in a techno-economic paradigm shift towards ‘… the next [sixth] wave of innovation [that] will be driven by resource efficiency, enabled through the pricing of waste and natural resources, and turbo-charged by clean technologies’ (Moody and Nogrady, 2010, p.170). Greenwood and Holt (2010) persuasively show this shift to sustainability with a high quality of life has eluded this planet; instead, there is mounting evidence of rising inequality, growing public squalor and loss of biodiversity. Such systemic failures that create crises provide the major political and technical impetus to the adoption...
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