Translating Discoveries to the Marketplace
Edited by Phillip H. Phan
Chapter 7: The institutional inertias that constrain technology-driven economic development
In certain developing and transitioning countries (DTCs), strategies to promote innovation, technology transfer and development do not result in successful technology-driven entrepreneurship or economic developments. In these countries, although governments and businesses in the private sector spend billions of dollars on technology transfer, development and innovation, their economic development efforts do not achieve their desired strategic goals. To understand these countries’ unsuccessful efforts and strategies, economists and social scientists have provided us with rich and useful lists of causal factors explaining the rationales behind the problems these countries face. In this chapter, the focus is on the discussion on how the systemic constraints in a country’s socio-cultural and political-legal institutions can impede both its efforts to promote technology development and transfer, and its entrepreneurship strategies. Specifically, the chapter discusses the weaknesses in developing countries’ regulative, normative and cultural-cognitive institutions that act as inertias in those countries’ technology transfer, development and entrepreneurial strategies, which can prevent a country’s technology-driven economic development processes from achieving its desired strategic goals.
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