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Chapter 3 of the Mitra book highlights the importance of institutions to drive innovations. In economics, the term “institutions” can mean a broad set of laws or social norms that govern how companies, governments, and social groups are organized. These institutions are fundamental for driving innovation. For example, if a developing country has insecure property rights, where land and other property can be seized by the government, then that country is unlikely to have the institutions necessary to encourage innovation. Imagine if Silicon Valley startups had to worry that the U.S. government might seize their companies or their intellectual property. There would be no Silicon Valley as we know it!
Check out the United Nations Innovation Network, specifically review the Projects page. Find an interesting example of an innovation initiative started by the UN or by a country. What is the purpose of the initiative? How will the initiative encourage innovation? Do you think the country has the correct democratic and social institutions for the initiative to be successful?
LINKS:
https://www.uninnovation.network/
https://www.uninnovation.network/projects
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