nature of capitalism in which the accumulation of knowledge is embedded in market processes. It cannot readily be managed, let alone accounted for. A world of innovation is in policy terms rather uncomfortable. However, in terms of economic development it is clear that innovation policy matters. I have suggested that what matters for STI policy is the creation of an innovation system and an associated innovation culture. Its role is not to innovate at the world frontier but rather to adapt and develop available technologies to meet the needs of local markets and resources. This is challenge enough.
This chapter was prepared as a paper for the workshop on Enterprise Competitiveness and Public Policies, Barbados 22-25 November 1999 and revised following that presentation. I am grateful to Jeremy Howells, Ganeshan Wignaraja and to the participants of the Barbados workshop for helpful comments on the first draft.
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Book title: Competitiveness Strategy in Developing Countries: A Manual for Policy Analysis.
Contributors: Ganeshan Wignaraja - Editor.
Place of publication: London.
Publication year: 2002.
Page number: 129.
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