The European Union's new approach to industrial policy

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Ivane Javakhishvili Tbilisi State University Press
The EU has always understood that its current prosperity is based on the ability of a regional association to create and master industrial innovations as a key factor in ensuring economic growth and social progress. Today, industrial innovation is the main driver of economic and social prosperity. They accelerate economic growth, create new and more attractive jobs, provide social mobility, prevent negative climate change and improve the quality of life. At the same time, the very nature of industrial innovation is changing. Their life cycle is drastically reduced. Complexity is increasing as a result of the convergence of different types of technologies. Profits from industrial innovations are concentrated in the hands of individual companies that dominate the world market, which have managed to monopolize their creation and distribution through the use of their unique properties. Innovations are increasingly focused on the buyer, who is looking not for a product or service, but for a solution to his specific problem. He acts today as the initiator and creator of progress, and not as a consumer of what has been achieved. Research scientists show that modern industrial innovations are characterized by relatively low operating costs compared to traditional ones.
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Conference Proceedings: "The World Economy in the Post-Pandemic Period: Implications and Challenges", Tbilisi, 2023, pp. 79-88