The influence of causation and effectuation logics on targeted policies: the cases of Singapore and Israel

We examine the causation and effectuation logics for implementing targeted biotechnology policies using two case studies: Singapore (causation) and Israel (effectuation). After more than a decade of implementing targeted biotechnology policies, both Singapore and Israel have failed to create fully fledged biotech clusters. Singapore has been unsuccessful in creating vibrant entrepreneurial activity that will support its transformation into a knowledge economy. Israel has failed to turn its 1000 small, dedicated biotechnology firms into a substantial engine of growth and employment. The paper questions how these two policy approaches influenced the targeting of the biotechnology sectors and identifies the limits of these approaches in supporting targeting. We conclude that a combination of the two logics is needed, especially when targeting complex sectors with a yet unknown development path.     

Technology innovation and entrepreneurial state: the development of China's high-speed rail industry

China proactively promotes indigenous technology innovation towards developing an innovation-based economy. This contradicts the developmental state literature that puts emphasis on technology imitation. Drawn from the strategic entrepreneurship perspective, this article explores the role of the government in China's technology innovation process. Carrying out a case study in the high-speed rail (HSR) industry, it suggests that it is best to understand the Chinese government as an entrepreneur in moving China's HSR industry towards technology innovation-driven development, through three dimensions of state-led strategic entrepreneurship: alertness to opportunities, resource exploration and consolidation, and strategic learning. This article highlights the importance of strategic entrepreneurship to the government in an emerging economy context and contributes to the literature by building a conceptual framework of ‘entrepreneurial state’.     

发展海洋经济促进天津市经济高质量发展的若干建议

海洋是高质量发展战略要地。大力发展海洋经济是培育经济新动能、促进我国经济迈向高质量发展的重要路径。海洋区位与资源是天津最大的先天优势和资源禀赋，面对速度下滑、结构偏重偏旧的经济状况，天津应依托全国海洋经济发展试点地区、海洋经济创新发展示范城市、海洋经济发展示范区等国家级战略平台，从战略高度重视海洋经济，不断深化海洋强市发展战略；以海水资源利用、高端海洋工程装备、北方航运中心等为重点加快海洋产业集聚，培育经济新动能，并通过强化产业政策支持，为海洋经济发展营造良好发展环境。     

新形势下我国大企业持续健康发展的对策和建议

在新形势下如何推动我国大企业持续健康发展,是一项紧迫而重要的任务。文章结合当前环境和大企业发展中存在的主要问题,就进一步加快我国大企业发展提出了九个方面的对策建议。研究指出,当前条件下,应当站在中国经济升级版的高度来谋划进一步做强做优大企业。应通过深化制度改革,来创造有利于企业持续发展的良好制度环境,激发企业发展活力;应深化金融改革,发挥金融造血输血功能,实现金融与实体经济的和谐发展;面对宏观经济中速增长的新常态,我国大企业应主动实施战略转型,从速度效益型向质量效益型转变,从要素投入驱动到创新驱动转变;应适时抓住战略机遇,加快推进产业结构调整与升级;应高度重视品牌与企业文化建设,做好信息披露,加强企业软实力建设。此外,我国大企业还应积极稳妥推进"走出去"战略,坚持走绿色低碳发展道路,同时加快服务业发展步伐。     

‘Nil Repente!’: Galiani and Necker on economic reforms

The problem of the transition to a market economy provoked a lasting and important debate in eighteenth-century Ferance. The climax was reached during the 1760s and the 1770s with the two important pre-revoluntionary attempts, in 1763–64 and 1774a–76, to liberalize the French economy and, initially, the grain market. During these controversies, the reformers’ camp clearly split into two groups - the so-called ‘moderates’ and the alleged enthousiastes - which were apparently in deep disagreement as to the strategy to adopt in such circumstances. Among the ‘moderates’, two authors especially are of great interest: Ferdinando Galiani and Jacques Necker, who crystallized and developed the ideas of their camp to promote a strategy of prudence.

This paper analyes their arguments on the issue at stake: the objectives and methods of a transition to a market economy. The historical and intellectual context of the debate is first briefly restated and the basic theoretical tenets of Galiani's and Necker's critique are then outlined. The various obstacles which, in our author's opinion, were likely to come from the opponents to a transition to a market economy or from its proponents are analysed, and Galiani's and Necker's main ideas on the best way to achieve successful reforms are stressed. Some provisional conclusions are dawn at the end.     

Entrepreneurship,and the entrepreneurial market process: Israel M. Kirzner and the two levels of analysis in spontaneous order studies

The science of economics is born out of the puzzle that the coordination of economic activities presents to our imagination. The solution to that puzzle is the entrepreneurial market process. Israel Kirzner has argued that the market economy operates with ruthless efficiency to coordinate economic activities and realize the gains from social cooperation under the division of labor because of the institutional framework within which it operates, namely private property rights. Kirzner, however, is suspicious of economic analysis that doesn't limit its analysis to an examination of processes within that framework, but instead attempts to apply that analysis to the evolution of the framework itself. These are the two-levels of analysis in spontaneous order studies. This paper presents Kirzner's arguments for maintaining a strict dichotomy between the levels of analysis, and then challenges his argument with a discussion of the positive political economy of endogenous rule formation.     

Innovation,product development and market value: evidence from the biotechnology industryinnovation in biotechnology industry

The subject of the paper is financial valuation of firm's knowledge assets and returns to innovation in the biotechnology industry, where such assets appear to play key role in the commercial success of a product. The biotechnology industry is extremely research-intensive, and successful R&D drives profitability. Further, the pharmaceutical product development advances in a number of well-defined stages that allow relatively precise measurement of product development outcomes. The study reports recent biotechnology R&D statistics, and provides estimates of private returns to innovation and product development activity in the biotechnology industry. The conclusions indicate that the financial market recognizes the value of drugs in product development stage, as it expects the innovative knowledge embodied in drug development projects to become marketable products in the future.     

Vietnamese Economy at the Crossroads: New Doi Moi for Sustained Growth

Thanks to doi moi, Vietnam was successful in escaping the poverty trap and emerged as a lower middle‐income country in the late 2000s. From that time, however, the Vietnamese economy entered a new phase, which has been characterized by slow growth, weak international competitiveness, and macroeconomic instability. Apart from short‐term problems associated with the management of increasing foreign capital, the major factors accounting for the difficulties of Vietnam's current economic phase can be attributed to the Vietnamese style of the gradualist strategy of transition from a planned to a market economy, which protects state‐owned enterprises, and consequently to the failure to respond to the rapid rise of China. For further industrialization and sustained growth, Vietnam should embrace a new doi moi that follows the efficient type of gradualist strategy, with a special focus on new reforms of state‐owned enterprises and a policy that promotes the country' s dynamic comparative advantage.     

Transition of the Chinese Economy in the Face of Deep Greenhouse Gas Emissions Cuts in the Future

China joined the Paris Agreement, and the global 2°C and 1.5°C warming targets will be supported by China. In order to achieve these targets, China's CO₂ emissions need to be cut deeply by 2050. The present paper presents studies from the integrated policy assessment model for China (IPAC) team about the impact on China's economic development of deep cuts in greenhouse gas (GHG) emissions, in order to realize the Paris climate change targets. With the requirement of deep cuts in GHG emissions in China, China's economic development will also be impacted in moving toward a low‐carbon or zero‐carbon emission‐based economy by 2050. This means the Chinese economy needs a strong transition over the next three decades, a relatively short time. All sectors in the economy need to seek ways to reduce GHG emissions, and this could change activities, industry processes and technologies in order to make the deep cuts in GHG emissions happen. This is the meaning of the economic transition toward to a low‐carbon economy. The findings of the present paper include: a significant transition in the energy supply sector; a high rate of electrification in all end‐use sectors; and a technology transition in the transport sector. Transitions will also occur in the traditional industrial sectors, including steel making, cement manufacture, and the chemical sector. The availability of low‐cost renewable energy could change the allocation of industries, which could potentially have a strong impact on regional economic development. Deep cuts in CO₂ emissions in China need not be a burden for economic development, as the IPAC results show there will be a more than 1.5% increase of gross domestic product by 2050 in the deep cut scenario compared with the baseline scenario.     

国际生物经济发展政策及对我国的启示

被誉为"第四次浪潮"的生物经济是一种全新的经济形态,将成为21世纪20年代后世界经济发展的主体。为了能成为生物经济浪潮的引领者,世界各国都制定了各种优惠政策来促进生物经济的发展,充分发挥生物经济对经济社会的推动作用。对在生物经济领域领先国家的生物技术产业发展政策进行梳理和分析,并在此基础上提出发展我国生物技术产业的政策和建议。     

Spontaneous vs. policy-driven: The origin and evolution of the biotechnology cluster

The biotechnology industry is at the heart of the fast-growing knowledge-based economy. One of the distinguishing characteristics of this industry is clustering. A cluster, like an organism, experiences origin, growth, and decline/reorientation. Our study constructs a framework to analyze biotechnology clusters with different origins, “spontaneous” and “policy-driven”, through their life cycles. We use the Bay Area in the United States and Shanghai Zhangjiang Hi-Tech Park in China as two cases to represent spontaneous and policy-driven biotechnology clusters. This study fills the gap in the literature by comparing these two types of biotechnology clusters in an evolutionary perspective. The key success factors of both biotechnology clusters are their own human and financial capital, but they differ in their underlying processes for creating and sharing these resources. The most fundamental differences arise from the impact of entrepreneurship, social capital and network patterns on the cluster's configuration.     

基于战略生态位管理理论的战略性新兴产业创新系统研究

回顾了战略生态位管理(SNM)理论,丰富和完善了SNM理论体系,运用SNM理论归纳了战略性新兴产业创新系统的理论架构。在分析创新系统要素与作用机理的基础上,构建了战略性新兴产业创新系统及相关模型。提出应在创新系统中通过战略生态位空间的构建、优化和突变,使得技术生态位成功过渡到市场生态位,突破"技术制度锁定"效应,实现产业变革。     

B2C—bubble to cluster: the dot-com boom, spin-off entrepreneurship, and regional agglomeration

This article studies entrepreneurial activities emerging out of one of Germany’s most prominent dot-com firms, Intershop, a maker of e-commerce software. We show that Intershop spawned about 40 new ventures. Most spin-offs entered locally, giving rise to a small but growing software cluster and counteracting the job losses that accompanied the parent firm’s drastic downsizing after 2000. We trace the knowledge transfer from Intershop to the spin-offs and relate it to recent theorizing on the spin-off process as well as spin-off-based cluster formation. The Intershop case suggests that temporarily successful dot-coms could exert lasting effects on regional development.     

“十三五”时期海洋经济发展情况、问题与建议

海洋是高质量发展的战略要地。海洋经济的快速发展已成为带动东部地区率先发展、培育经济发展新动能、构建开放型经济的有力支撑。"十四五"时期是我国经济迈向高质量发展的重要时期,海洋经济发展应从科学利用与优化配置海洋资源、谋划构建现代海洋产业体系、提高海洋关键核心技术创新能力、高标准建设海洋生态文明、打造海洋经济对外开放新格局等方面综合施策,加快推进海洋强国建设。     

Riding the 'J' Curve—Tourism and Successful Transition in Estonia?

This article is concerned with the function of the service industries in the transition from a Soviet planned economy to a market-oriented Western type of economy. In particular, it will examine the role of the tourism industry in economic transition in Estonia between 1985 and 1995. The economics of transition have hitherto been largely viewed within the context of a macroeconomic orthodoxy—an orthodoxy which has made use of the 'success story' of the Estonian economy to underline the validity of its point of view. This contribution will offer an alternative view of a successful instance of transition from a microeconomic perspective, and will suggest that the service sector—including tourism—was perhaps the transition catalyst. A large part of the content is based on personal research conducted in Estonia in the period 1992, 1995 and 1996.     

基于低碳技术创新的我国酒店业转型升级发展战略与运营机制研究

低碳技术创新是低碳经济发展的关键与核心,分析了低碳技术创新与我国酒店业转型升级的辨析关系,阐述了基于低碳技术创新的我国酒店业转型升级的战略思想、战略目标和战略阶段,并探究了转型升级的机制。     

中国海洋产业增长极选择研究

21 世纪是海洋的世纪,海洋经济在国民经济中起着举足轻重的作用,合理的发展模式对推动海洋产业经济发展尤为重要。本文以增长极理论为指导,采用不平衡发展模式、主成分分析法及聚类分析法对中国海洋产业经济增长极选择进行实证分析,结果表明：中国应以海洋渔业、滨海旅游业及海洋交通运输业作为主导产业进行发展,并确定其海洋产业增长极的地位。以此为契机,本文还进一步分析评价了海洋产业增长极的发展状况,以确定海洋产业发展战略,为中国海洋产业经济增长极的培育及国家海洋产业经济发展提供参考支撑。     

Real options analysis on strategic partnerships of biotechnological start-ups

Since there is a mismatch between long-term basic research and short-term financial markets, the dependency of biotechnology (biotech) start-ups on strategic partnerships with pharmaceutical companies is expanding more than on venture capital. The research objectives are to examine the difference between license-fee elements, try to determine the innovation valuation in strategic partnerships, and minimise the risk in partnership formation for both sides. A key concept is that a biotech start-up is defined as a portfolio of real options based on an entrepreneur's ideas about investment opportunity. Methodologies used are compound options and stochastic optimisation for innovative but risky projects. In conclusion, this paper tries to address a wider scope with a deeper theoretical grounding, by using the real options perspective for the valuation of innovation partnership, through a biotech license-fee case study for simulation. Furthermore, the real option valuation can be expected to improve open innovation from matchmaking to innovation partnership.     

Cooperation in R&D through a network,an ‘organizational gamble’? an empirical analysis of rhône poulenc rorer-gencell

This paper is based on the empirical analysis of innovation challenges to Rhône Poulenc Rorer-Gencell (RPR-Gencell) resulting from development of biotechnology in the pharmaceutical industy. These we identify as an organizational innovation involving the development of a network of partners following and/or inducing a technological innovation. RPR-Gencell represents a ‘style of innovation’ since it is based on various factors specific to the firm and corresponds to a new organizational form, the ‘tight network’ of partners. We argue that this organizational from, in the context of the development of biotechnology in the pharmaceutical industry, can be likened to an ‘organizational gamble’ associated with a ‘technological gamble’ Altogether, this ‘gamble’ dimension means that the network of partners in R&D is still a marginal organizational form. After an introduction we show that the specficities of the pharmaceutical industry especialy since the emergence of biotechnohgy have led to the emergence of a multiplicity of institutional arrangements governing cooperation in R&D. We take as a specific example that of gene therapy. Later on, we present some stylized facts to emphasize the diversity among the network organizational forms. The network of partners is an alternative to the other complex but ‘clarsical’ forms of cooperation (R&D agreements, cross-licensing, joint-ventures, mergers/acquisilions). We propose a new definition of the network based on the case of RPR-Gencell: the ‘tight network’. We distinguish between the ‘tight network’ and all the other approaches, focusing in particular on the ‘loose network’ of cooperative relationship (mostly multifirm alliances implemented with several bilateral contracts). Only two pharmaceutical companies have adopted the ‘tight network’ to govern their cooperation in R&D. We present the network ofpartners as an organizational innovation governing a technological innovation. We argue that this organizational innovation could be likened to an ‘organizational gamble’ in the case of the pharmaceutical industry. Finally, we show that the network raises several organizational issues since it short-circuits traditional strategic operations in the pharamaceutical industry. We argue that among many different reasons, RPR's technological choices (especially the priorig given to gene therapy) have influenced the creation of its network of partners. As a conclusion, we discuss the link between the organizational innovation and the technological innovation focusing on the ‘gamble’ dimension of such an innovation.     

Disruptive technologies: a business model perspective on cloud computing

A viable business model is crucial for the successful commercialisation of disruptive technologies. The cloud computing industry provides an ideal example for exploring how various elements of a business model contribute to a product's success (or failure). We examine how Amazon.com, Salesforce.com and Siebel responded to the disruptive power of the cloud computing technology. Our findings suggest disruptive technology per se is not the reason for the collapse of large corporations, but rather the failure to adapt or create new business models to incorporate novel technology. Our findings have direct implications for strategic managers and entrepreneurs seeking to leverage disruptive technologies through the right business model.