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Regular version of the site

Book chapter

Lesson for a policy-maker from real-life self-discovery in economies with weak institutions

P. 225-248.
Gonchar K. R., Kuznetsov Y., Wade I.

This chapter provides historical evidence of innovation-led structural changes at the sub-national level in high-middle income economies, with particular emphasis on economies characterised by a significant knowledge base and weak institutions. Although manifestly not the outcome of smart specialization policy, the examples of self-discovery, entrepreneurchip and experimentation discussed here describe real-life smart specialization processes. Lessons are drawn to inform S3 policy designs and implementation: (1) Most success stories occurred spontanously, 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 fails to become developed regional clusters; (3) 'Critical mas' of capabilities is a key policy problem at the sub-national level; (4) Collective action and coordination problems impede the S3 process; (5) Complementarity of various regional policies may increase the effectiveness of government support.

In book

Adnreescu L. L.: Elsevier Academic Press, 2017.