A restructuring of the innovation process is underway around the globe. New national and regional centers of knowledge work are emerging. As a result, global interactions, information flows, and knowledge sharing are accelerating, diversifying, and deepening. These changes have increased the pace of innovation and created opportunities for innovation in new locations. They rightfully evoke optimism, even utopian visions. It is expected that, once a place becomes part of the expanding global knowledge economy, it will have better chances to increase its share in productivity-enhancing innovation, high-wage jobs and economic growth. The emergence of a global knowledge economy means that globalization now extends beyond markets for goods and finance into markets for technology, knowledge workers, and innovation finance. An increasing division of labor in innovation has accelerated the creation of markets for disembodied (intangible) intellectual assets and for the skills and money needed to produce and use these assets effectively. The globalization of these markets is driven by fundamental changes in the economics of innovation and the resultant adjustments in corporate strategies and government policies.
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