[A Review of Book] Perspectives on Innovations and Development

Abstract

In the rapidly changing global scenario, with the emergence of innovations and technological progress, the direction of the economic development of the countries are now being determined by nature of these technological innovations and institutional arrangements. Earlier this direction of the economic development was directed by innovation policies framed by the government keeping in view the objectives of economic development of nations. Now, globalization has brought a substantial change in the nature and scope of interactive learning carried out under various institutional arrangement and as well as in the rules of game. This changing context mostly favors the developed world. The adoption of strong intellectual property rights (IPRs), adherence to fiscal prudence by state government and viability towards the environmental sustainability has created a considerable obstacle for developing economies to further spur their innovations or imitate the developed economies in the process of catch up.