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Innovation and international business

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  • John Cantwell

Abstract

While classical economic theories of growth emphasised international capital accumulation, and finance-based theories of foreign investment stressed international interest rate differentials and risk reduction, the technological accumulation approach examines international knowledge building by multinational enterprises and their international business (IB) networks. The two processes of innovation and internationalisation have become ever more interconnected as central drivers of development since the first industrial revolution, through to today’s information age. The increasing significance of the knowledge-seeking motive for IB networks and of competence-creating subsidiary activities at a local level have linked localised innovation systems to IB and to international knowledge exchange. From a locational perspective, international knowledge connectivity has become critical for sustained innovation and growth. The shift of techno-socio-economic paradigm in the information age is associated with a shift in the character of IB and innovation, with critical implications for IB theory and concepts.

Suggested Citation

  • John Cantwell, 2017. "Innovation and international business," Industry and Innovation, Taylor & Francis Journals, vol. 24(1), pages 41-60, January.
    • Handle: RePEc:taf:indinn:v:24:y:2017:i:1:p:41-60
    DOI: 10.1080/13662716.2016.1257422
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    References listed on IDEAS

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    1. Grazia D. Santangelo, 2002. "Innovation in Multinational Corporations in the Information Age," Books, Edward Elgar Publishing, number 2460.
    2. Michael Hobday, 1995. "Innovation In East Asia," Books, Edward Elgar Publishing, number 226.
    3. Grazia Ietto-Gillies, 2012. "Transnational Corporations and International Production," Books, Edward Elgar Publishing, number 14379.
    4. Freeman, Chris & Louca, Francisco, 2002. "As Time Goes By: From the Industrial Revolutions to the Information Revolution," OUP Catalogue, Oxford University Press, number 9780199251056.
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