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Is Technological Innovation the Main Source of All Economic Development and Change? How Might Differing Research and Development Systems Influence the Performance of Major Nations

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Is technological innovation the main source of all economic development and change? How might differing research and development systems influence the performance of major nations?
Introduction

Technological innovation has come to be regarded as a central factor upon which success is contingent (Dodgson and Bessant, 1996: 3; Schumpeter, 1943: 83). Not only has it been considered a promise for generating competitive advantage but it has also been prescribed as a remedy for a broad range of managerial problems such as intense competition, globalised marketplace and technology fusion (Eris & Saatcioglu, 2004). Since the middle of the 20th century many theorists have explored the issue of technological innovation and how it influences performance on the national, industry and firm level. This report will firstly, compare the R&D systems of the USA, UK, Germany, Japan and China and then analyse the automobile and semiconductor industries in relation to these systems to show that technological innovation is not the main source of economic development. Technological innovation
Various definitions of technological innovation have been devised as part of existing theories. In addition, technology and innovation are often used interchangeably. Throughout this report, however, technological innovation will be regarded as the usage and knowledge of tools, techniques, crafts or methods in terms of new products and processes (Porter, 1990; Nelson, 1993). Further, a distinction between four types of innovation is provided in Table 1 as they will be referred to as part of the discussions below (Freeman, 1987 in Dicken, 2003).
Table 1: Categorization of Technological Innovations (Freeman and Perez, 1988 in Koen, 2005:361) Economic development
There is an important distinction between economic development and economic growth. Economic growth is defined by

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