Society wants the supply of public services like healthcare,
education, security, and infrastructure to be flexible, innovative,
and efficient. However, the barriers created by bureaucracies often
stifle innovation. Amid the current wave of digital transformation,
new innovations that can help governments fulfil their social
contracts are increasingly emerging. While the role of the state in
creating incentives and reducing transaction costs is clear, a
nuanced understanding of contemporary social policy requires a firm
grasp of the role of business. The notion of the knowledge economy
lies at the heart of contemporary economic growth narratives. Not
only has it shifted attention from the industry-government dyad to
the "Triple Helix" of university-industry-government interactions,
but it has also increased the attention given to the latter, since
the 1990s, as a reliable analytical framework for innovation policy
and practice. While globalization has intensified technology
diffusion globally, leading to increased productivity in emerging
and less developed economies, the extent of income convergence
predicted by theory has not been realized. This is due, partly, to
changes in the patterns and processes of capital accumulation
during the post-World War II economic boom, and the concomitant
highly dynamic nature of the capitalist mode of production. A major
characterization of the neoclassical production function is a
standard assumption of profit maximization by firms. Under this
framework, changes in a firm's revenue are linked to changes in the
costs of capital and labor, with implications for competition,
efficiency, and transparency. The past few decades have heralded a
decline in labor's share of income, due to the prevailing highly
capital-intensive multinational system of production. In addition
to the concentration of capital ownership, this mode of wealth
creation generates varying returns to different categories of
labor, with workers at the top of the income distribution reaping
disproportionately large rewards over time. The innovation
discourse has transitioned from its purely scientific and technical
focus to include digital opportunities and the evolution of new
business models. Economic diversification is often associated with
higher levels of productivity because structural transformation
leads to factor reallocation within and between sectors. However,
due to various institutional and structural economic constraints
such as large informal sectors, limited access to technology, and
poor infrastructure, this is far from the case in many countries in
the Global South. Based on original research, theoretical
perspectives, best practices, and lessons from multiple
jurisdictions, this book provides insight into how public-private
partnerships (P3s) can help transform a wide range of policy
initiatives by creating win-win outcomes in traditionally mutually
exclusive competitive markets and public sector operations. From
efficiency and redistribution to policy diffusion and innovation to
transaction costs and corporate innovation in the new economy, the
book sheds light on the efficacy of P3s as a useful tool in
addressing important public policy challenges related to health
innovation, traditional education under disruptive technologies,
climate change and the energy transition, the extractives sector,
infrastructure, digital trade facilitation, and many more. This
book examines what we know and do not know about the role of P3s in
innovating policy; it focuses on a broad range of reforms capable
of driving competitiveness and economic growth. All in the global
context.
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