Reversing the Great Suppression

Somewhere along the line, something happened to the global economy that has robbed the confidence and courage of the innovation ecosystem, leaving it gripped by a fear of discovery, change, and an overwhelming dread of the unknown. This book delves into the issue of why innovation dynamism in the socio-economic innovation ecosystem of developed countries (especially European ones) appears to have become suppressed, what distortions is the system loaded with, and how the public sector could help via innovating itself.

Instead of unconditionally accepting the interpretation that increasing complexity makes innovation more difficult; the book summons a systemic approach in addressing the “something happened” hypothesis. It unravels an issue which has not been researched yet in a sufficient way, namely that while the state as a regulator and coordinator took its soothing arms and hands off the financial system since the 1970s, it has been indirectly bracketing the importance of the real economy through letting the financial universe to expand. The book argues that this tectonic movement dismantled the fabric of the socio-economic system by requiring catalytic changes on several fronts. The public sector and economic governance must therefore influence the systemic configuration of interplaying spheres (e.g., financial universe, real economy, public sector) in an effort to help creating autochthonous innovation dynamism.

One of the key messages of this book is that even if we have the levers, the public sector has to fight for innovation dynamism. To this end, the public sector should not only be aware of the systemic configuration in which it is embedded, but also that of their changes, or that of their unchanging nature, and should not merely ring the bell, but also act imaginatively for being an innovation trendsetter, which requires both enthusiasm and humility to cultivate better lives for all.