The Quest for Innovation and Sustainability
- Innovation, Co-operation and Development series
Edited by Wilfred Dolfsma, Geert Duysters and Ionara Costa
Intermezzo II. economies Emerging knowledge Jojo Jacob and Luc Soete The last two decades have witnessed the breaking away of a number of less developed countries from decades of poor economic performance to emerge and exert significant influence on the global economic landscape. Their appearance on the world-stage has coincided with a shift towards domestic economic liberalization and openness to trade and foreign investment ‒ all of which have brought them closer to the rest of the world, albeit at different rates. The rapid rise of these economies has attracted a lot of interest in academia, business, media and policy circles, mainly for two reasons: First, the speed of the economic transformation in many countries, such as China and India, has been unprecedented; and second, underlying this transformation has been an equally impressive transformation of domestic enterprises. Long thrived in a domestic market cut off from foreign competition, many of these firms have shown themselves to withstand foreign competition domestically and, perhaps more significantly, they have taken competition to the doorsteps of foreign firms through internationalizing their operations. The growth momentum has sustained and in many cases accelerated, even after the world has moved into a stricter intellectual property regime with the establishment of the world trade organization (WTO) in 1995. In the past such a strict regime would have disfavoured emerging economies, lagging behind in knowledge development, but in a number of different ways this has not happened. The reality of growth is now a much more complex and often...
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