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Innovation systems and the competitive process in developing economies

  • Metcalfe, Stan
  • Ramlogan, Ronnie

There is a very real sense that in the aftermath of the limited success of the development paradigm (recipe) of the Washington consensus based on the pillars of liberalization, privatization and deregulation, new and challenging thinking and analysis need to be brought to bear on the problems faced by developing countries. While sound macro policies and low inflation are undoubtedly important precursors to self sustainable growth, they are not in themselves sufficient to deliver development. We argue that if development is a matter of self transformation arising from within an economy, then innovation must play a central role in the process and so to must the capacity for an economy to develop, integrate and adapt to novelty. This is at the core of the concept of self sustaining development and indeed why development is an emergent phenomenon. Thus the key questions for policy makers are: How can a transformation of innovation performance be achieved in a competitive international economy? What are the appropriate policy instruments? What role is there for universities? What stimuli can be given to entrepreneurial action? We explore these in terms of a critical evaluation of the idea of innovation systems and of the nature of innovation policy appropriate to innovation based development.

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Article provided by Elsevier in its journal The Quarterly Review of Economics and Finance.

Volume (Year): 48 (2008)
Issue (Month): 2 (May)
Pages: 433-446

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Handle: RePEc:eee:quaeco:v:48:y:2008:i:2:p:433-446
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/620167

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  1. Carlsson, Bo & Jacobsson, Staffan & Holmen, Magnus & Rickne, Annika, 2002. "Innovation systems: analytical and methodological issues," Research Policy, Elsevier, vol. 31(2), pages 233-245, February.
  2. Dieter Ernst, 2002. "Global production networks and the changing geography of innovation systems. Implications for developing countries," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 11(6), pages 497-523.
  3. Antonelli, Cristiano & Patrucco, Pier Paolo & Quatraro, Francesco, 2008. "The governance of localized knowledge externalities," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 200801, University of Turin.
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  7. Rosenberg, Nathan, 1990. "Why do firms do basic research (with their own money)?," Research Policy, Elsevier, vol. 19(2), pages 165-174, April.
  8. Freeman, Chris, 1995. "The 'National System of Innovation' in Historical Perspective," Cambridge Journal of Economics, Oxford University Press, vol. 19(1), pages 5-24, February.
  9. Lynn Mytelka, 2000. "Local Systems Of Innovation In A Globalized World Economy," Industry and Innovation, Taylor & Francis Journals, vol. 7(1), pages 15-32.
  10. J. Metcalfe, 2004. "The entrepreneur and the style of modern economics," Journal of Evolutionary Economics, Springer, vol. 14(2), pages 157-175, 06.
  11. Metcalfe, J.S. & Ramlogan, R., 2005. "Competition and the regulation of economic development," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(2-3), pages 215-235, May.
  12. Fagerberg, Jan, 1994. "Technology and International Differences in Growth Rates," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1147-75, September.
  13. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, vol. 99(397), pages 569-96, September.
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