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Governing the Global Knowledge Economy: Mind the Gap!

Author

Listed:
  • Dieter Ernst

    () (East-West Center)

  • David M Hart

    () (George Mason University, School of Public Policy)

Abstract

Globalization now extends beyond markets for goods and finance into markets for technology, knowledge workers, and innovation finance. This paper asserts the existence of a widening gap between the rapidly growing global knowledge economy and the woefully inadequate institutional framework that supports and regulates it. This gap threatens to undermine the potential gains and could slow or even stop the growth of the global knowledge economy in its tracks. In addition to describing key features of the emerging global knowledge economy, the paper highlights the asymmetric relationship between corporate strategy and government policy that results in the governance gap. The paper concludes with a preliminary discussion of design principles for bridging the governance gap and generic policy suggestions.

Suggested Citation

  • Dieter Ernst & David M Hart, 2008. "Governing the Global Knowledge Economy: Mind the Gap!," Economics Study Area Working Papers 93, East-West Center, Economics Study Area.
  • Handle: RePEc:ewc:wpaper:wp93
    as

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    File URL: http://www.eastwestcenter.org/stored/pdfs/ECONwp093.pdf
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    References listed on IDEAS

    as
    1. Kojima, Kiyoshi & Ozawa, Terutomo, 1984. "Micro- and Macro-Economic Models of Direct Foreign Investment : Toward a Synthesis," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 25(1), pages 1-20, June.
    2. David E. Weinstein & Yishay Yafeh, 1998. "On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan," Journal of Finance, American Finance Association, vol. 53(2), pages 635-672, April.
    3. Terutomo Ozawa, 1974. "Japan's Technological Challenge to the West, 1950-1974: Motivation and Accomplishment," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650673, January.
    4. Robert Z. Aliber, 1993. "The Multinational Paradigm," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262511517, January.
    5. Kojima, Kiyoshi, 2000. "The "flying geese" model of Asian economic development: origin, theoretical extensions, and regional policy implications," Journal of Asian Economics, Elsevier, vol. 11(4), pages 375-401.
    6. Tabb, William K., 1995. "The Postwar Japanese System: Cultural Economy and Economic Transformation," OUP Catalogue, Oxford University Press, number 9780195089509.
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    JEL classification:

    • F - International Economics

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