The European Union's new approach to industrial policy
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Date
2023
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
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.
Description
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Keywords
Citation
Conference Proceedings: "The World Economy in the Post-Pandemic Period: Implications and Challenges", Tbilisi, 2023, pp. 79-88