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by: Itzhak Goldberg, John Gabriel Goddard, Smita Kuriakose, Jean-Louis Racine
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Innovation and technology absorption are now firmly recognized as
one of the main sources of economic growth for emerging and advanced
economies alike. That is why innovation is seen as a possible catalyst
for revitalizing post-transition economies hit hard by the recent
financial and economic crisis.
Is government intervention needed to foster innovation in
post-transition economies? This is the central question to which this
book responds. The answer is yes, but a qualified yes. Innovation
activities are rife with market failures that tend to hold back private
investment. And badly designed or badly implemented interventions can
further hamper the development of an innovative and entrepreneurial
culture among businesses and research communities.
This book builds on the lessons from public institutions and
programs to support innovation, both successful and failed, from
Eastern Europe and Central Asia as well as China, Finland, Israel, and
the United States. The lessons highlight the pitfalls of imitating
models of government interventions from “innovative”
countries without having adequate systemic governance and institutional
reforms. They underscore the need for intensified international R&D
collaboration and foreign R&D investment to better integrate
post-transition economies in the global R&D community. They
spotlight further opening to FDI to encourage knowledge absorption. And
they point to the importance of overhauling government support
programs-especially financial ones-to address key pressures points
along the innovation and commercialization continuum.
We hope that the results and recommendations offered by this book
will contribute to the discussion about how to relaunch innovation and
technology adoption as a central part of the development and growth
strategies of post-transition countries.
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