The Market for Technology in the Chemical Industry : Causes and Consequences

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Abstract
The chemical industry provides a good example of the existence and functioning of a market for technology. This paper suggests that, in chemicals, patents have played a key role in facilitating the purchase and sale of technology. However, patents alone would not be sufficient for the rise of a market for technology. We suggest that the presence of specialized engineering firms has contributed to make chemical technology more widespread and has forced the large chemical corporations to modify their technology strategies. Empirical evidence is provided using a large database on worldwide investments in chemical plants during the 1980s.

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