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Endogenous growth theory has significantly impacted most of the
developing and developed countries, shifting priorities of
industrial policies towards innovation. In line with this trend,
the European Union significantly increased its budgetary allocation
for R&D. However, statistical data show a weak correlation
between R&D expenditure and the acceleration of economic
growth. Regional innovation policies display divergent returns
according to different institutional conditions and policy choices.
Grillo and Nanetti attempt to understand the reasons that lie
behind differences in performance. Their results show that better
performing innovation strategies require the following factors:
clear choices of locally congruent smart specialization; strong
capacity of public investment to stimulate additional private
investment; clear distribution of responsibilities for
decision-making and independence of policy implementation from
political interference; and problem solving partnerships amongst
innovators, universities, and governments that pre-exist the
programmes. These factors point to a relationship between democracy
(defined as openness of policy-making) and innovation (as
technology-enabled growth) which is explored throughout this book.
Is democracy still the best political regime for countries to adapt
to economic and technological pressures and increase their level of
prosperity? While the West seems to have stagnated in an
environment of political mistrust, increasing inequality and low
growth, the rise of the East has shown that it may not be liberal
democracy that is best at accommodating the social mutations that
technologies have triggered. The cases of China and Italy form the
research focus as two extremes in growth performance. China is the
star of globalisation in the East, while Italy is the laggard of
globalisation in the West and a laboratory of creeping political
meltdown now shared by other major Western economies. But is this
forever? Introducing the 'innovation paradox' as the main challenge
to the West and the notion of 'knowledge democracy' as key to
sustainable growth, this book presents a new side to the debate on
the Fourth Industrial Revolution (or fifth as the authors argue).
It is a vital reading for all those questioning what kind of
democracy positively impacts innovation as the force whose speed
and direction transforms societies and economies.
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