Globalization, Economic Growth and Innovation Dynamics

In the new global economy, more countries have opened up to international competition and rapid capital flows. However, in the triad the process of globalization is rather asymmetric. With a rising role of multinational companies there are favorable prospects for higher global growth and economic catching—up, respectively. Theoretical analysis suggests key ingredients of sustained growth, but there is also a new concept of a long—term equilibrium income gap in which convergence is rather un...