Lessons for a Policy Maker From Real-Life Self-Discovery in Economies With Weak Institutions (original) (raw)

2017

Abstract

This chapter provides historical evidence of innovation-led structural changes at the subnational level in high-middle income economies, with particular emphasis on economies characterized by a significant knowledge base and weak institutions. Although manifestly not the outcome of smart specialization policy, the examples of self-discovery, entrepreneurship, and experimentation discussed here describe real-life smart specialization processes. Lessons are drawn to inform RIS3 policy design and implementation: (1) most success stories occurred spontaneously, with limited policy interventions, and were led by self-discovery of private and public actors; (2) regional development is usually a by-product of the national or global success of private first movers that can initiate exclaves but may fail to become developed regional clusters; (3) “critical mass” of capabilities is a key policy problem at the subnational level; (4) collective action and coordination problems impede the RIS3 p...

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