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Regulating global capitalism amid rampant corporate wrongdoing—Reply to “Three frames for innovation policy”

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  • Giuliani, Elisa

Abstract

Despite progress in science and technology and the economic prosperity achieved by numerous countries over the past century, contemporary global capitalism has left us with severe grand challenges for the future including rising inequality, global warming, modern slavery, child labor and several other human rights struggles. How can we fix them? For many years, scholars and policy makers alike have believed that economic growth (fueled by innovation) would fix institutional failures and lift people out of human misery. We now know that this story creaks. I would suggest that the current grand challenges are related in a non-trivial way to companies’ wrongful business conduct, especially that of large multinational corporations which have grown to rival governments in size, and have proven to be powerful agents capable of shaping the global governance agenda. I challenge technological determinism and ‘transformative change’ frameworks by arguing that the regulation of global capitalism needs to put powerful private actors at center stage since neglecting them will give rise to yet another generation of dysfunctional development and innovation policies.

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  • Giuliani, Elisa, 2018. "Regulating global capitalism amid rampant corporate wrongdoing—Reply to “Three frames for innovation policy”," Research Policy, Elsevier, vol. 47(9), pages 1577-1582.
    • Handle: RePEc:eee:respol:v:47:y:2018:i:9:p:1577-1582
    DOI: 10.1016/j.respol.2018.08.013
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    1. Lisa Scordato & Markus M Bugge & Teis Hansen & Anne Tanner & Olav Wicken, 2022. "Walking the talk? Innovation policy approaches to unleash the transformative potentials of the Nordic bioeconomy [Derfor har vi brug for en national bioøkonomistrategi. By the Danish Agriculture & ," Science and Public Policy, Oxford University Press, vol. 49(2), pages 324-346.
    2. Veldhuizen, Caroline, 2021. "Conceptualising the foundations of sustainability focused innovation policy: From constructivism to holism," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
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    5. Suominen, Arho & Deschryvere, Matthias & Narayan, Rumy, 2023. "Uncovering value through exploration of barriers - A perspective on intellectual property rights in a national innovation system," Technovation, Elsevier, vol. 123(C).
    6. Catalá-Pérez, Daniel & Rask, Mikko & de-Miguel-Molina, María, 2020. "The Demola model as a public policy tool boosting collaboration in innovation: A comparative study between Finland and Spain," Technology in Society, Elsevier, vol. 63(C).
    7. Balland, Pierre-Alexandre & Broekel, Tom & Diodato, Dario & Giuliani, Elisa & Hausmann, Ricardo & O'Clery, Neave & Rigby, David, 2022. "Reprint of The new paradigm of economic complexity," Research Policy, Elsevier, vol. 51(8).
    8. Biggi, Gianluca & Giuliani, Elisa & Martinelli, Arianna & Benfenati, Emilio, 2022. "Patent Toxicity," Research Policy, Elsevier, vol. 51(1).
      • Gianluca Biggi & Elisa Giuliani & Arianna Martinelli, 2020. "Patent Toxicity," LEM Papers Series 2020/33, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    9. Alex Coad & Gianluca Biggi & Elisa Giuliani, 2021. "Asbestos, leaded petrol, and other aberrations: comparing countries’ regulatory responses to disapproved products and technologies," Industry and Innovation, Taylor & Francis Journals, vol. 28(2), pages 201-233, February.
    10. Li, George Yunxiong & Ascani, Andrea & Iammarino, Simona, 2024. "The material basis of modern technologies. A case study on rare metals," Research Policy, Elsevier, vol. 53(1).
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    13. Grillitsch, Markus & Hansen, Teis & Madsen, Stine, 2020. "How novel is Transformative Innovation Policy?," Papers in Innovation Studies 2020/8, Lund University, CIRCLE - Centre for Innovation Research.
    14. De Marchi, Valentina & Cainelli, Giulio & Grandinetti, Roberto, 2022. "Multinational subsidiaries and green innovation," International Business Review, Elsevier, vol. 31(6).
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