(NEE) It is no secret that innovation is responsible for as much as 80 per cent of economic growth. Not surprisingly, given the current situation in the global economy, especially the rising inequality in the developed world and the dysfunction of commodity-driven economic models in many developing countries, the next economic breakthroughs lie in innovation in fields such as biotechnology, genetic engineering, 3-D printing and robotics. The question of what it takes to be globally competitive really comes down to what it takes to be innovative. And the answer lies in politics. […]
The so-called fat 2000s of the Russian petrostate economy, boosted by soaring oil and gas prices, were replaced by stagnation that kicked in around eight years ago and according to the Ministry of Economic Development may last for another two decades. Most experts would agree that the consequent economic turmoil that hit the country in 2014 was largely triggered by plunging oil prices, questionable political decisions, such as the annexation of Crimea and Russian actions in eastern Ukraine, and the resulting Western economic sanctions. According to Konstantin Sonin, long-term stagnation is the most important and thus worrying signal of the state of the economy. […]
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