In this chapter, we deal with an issue long established both in the EU and in the US, but which has been given considerable added impact by recent developments in the world political economy. To understand why Europe and America dominate the global economy — and why that dominance is slipping — it is important to assess the role of innovation. Europe, then America, both rose to economic dominance because these economies developed superior ways to manipulate the natural environment. They did so through a combination of serendipity, a trust in the ability of market forces to identify opportunities and an appreciation of the role of the state in the generation of knowledge.
Swipe to navigate through the chapters of this book
Please log in to get access to this content
To get access to this content you need the following product:
- Macmillan Education UK
- Sequence number
- Chapter number
- Chapter 6