The role of technology in industrial change: Implications for regional policy

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Abstract
Rothwell R. (1982) The role of technology in industrial change: implications for regional policy, Reg. Studies 16, 361–9. This paper discusses the factors underlying the current world economic crisis. It presents data suggesting that since 1945 certain structural changes have taken place between manufacturing output and employment, which correspond to the upswing, prosperity and downswing periods of the 4th Kondratiev Long Wave. While a confluence of factors is required to trigger a Kondratiev upswing, the main enabling condition is seen to be new technology. A currently emerging bunch of new techno-economic capabilities will force the world economy into the 5th Kondratiev upswing. During this period a preferred vehicle for regional regeneration will be the technology-based new small firms. This implies the need for regional innovation policies and the establishment of a regional innovation infrastructure.