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| Author: | |
| Title: | Innovation, imitation and growth in a changing world economy |
| Journal: | Economic Outlook
1996 : MAY, VOL. 20:3, p. 14-21 |
| Index terms: | WORLD ECONOMY INNOVATION ASIA |
| Language: | eng |
| Abstract: | The rapid growth of East Asia, which has had such a dramatic impact on the world economy, is widely seen as a process of "catch-up" in which poorer nations grow rapidly assimilating Western and Japanese "know-how". However, this pattern is now changing. In particular, Korea and Taiwan are becoming centres of innovative activity. In this article these developments are analysed. Evidence of increasing innovation outside the West is argued to be beneficial to world growth over the longer term and it should be welcomed, not regarded as a threat. The growth in countries outside Europe and North America is becoming more dependent on genuine innovation rather than by low labour costs, high investment rates or access to western technology. |
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