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Technology Strategies For Economic Development In A Fast Changing Global Economy

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  • Larry Westphal

Abstract

East Asian development experience provides the basis for understanding which are the essential elements of effective technology strategy and policy, those that are required for the efficacious development of countries that have not yet embarked on a path of sustained modernization. Globalization has had a profound impact on development, enabling countries that could exploit its propelling forces to pursue a potent strategy of export-led economic and technological development. The policies needed to sustain this strategy are those required to foster institutions that permit effective commerce among economic agents, those necessary to generate the rapid accumulation of human and physical capital, and those essential to ensure that resources are allocated in accord with the economy's dynamic comparative advantage. Of crucial importance among the latter are effectively implemented policies of selective intervention designed to develop infant industries and to foster their fast-paced achievement of international competitiveness through rapid attainment of the requisite technological capabilities.

Suggested Citation

  • Larry Westphal, 2002. "Technology Strategies For Economic Development In A Fast Changing Global Economy," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 11(4-5), pages 275-320.
  • Handle: RePEc:taf:ecinnt:v:11:y:2002:i:4-5:p:275-320 DOI: 10.1080/10438590200000002
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    References listed on IDEAS

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    1. Acs, Zoltan J & Audretsch, David B, 1988. "Innovation in Large and Small Firms: An Empirical Analysis," American Economic Review, American Economic Association, pages 678-690.
    2. Dosi, Giovanni, 1982. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, pages 147-162.
    3. Kamien,Morton I. & Schwartz,Nancy L., 1982. "Market Structure and Innovation," Cambridge Books, Cambridge University Press, number 9780521293853, December.
    4. Dosi, Giovanni, 1993. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, pages 102-103.
    5. Kamien, Morton I & Schwartz, Nancy L, 1975. "Market Structure and Innovation: A Survey," Journal of Economic Literature, American Economic Association, pages 1-37.
    6. Acs, Zoltan J & Audretsch, David B, 1987. "Innovation, Market Structure, and Firm Size," The Review of Economics and Statistics, MIT Press, pages 567-574.
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    More about this item

    Keywords

    Export-led development; Externalities; Globalization; Industrial policy; Technology policy; Technology transfer JEL Classification: O14; O38;

    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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