Innovation and the Global Financial Crisis: Systemic Consequences of Incompetence

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

Abstract

Intense innovation has changed the fi nancial sector dramatically in the last 30 years. Rajan (2005) identifi es four main drivers: regulation-deregulation, which generates ‘circumventive’ product development (Holland, 1975); institutional change caused by deregulation; globalization made possible by information and communication technology (ICT); and general technical change mainly due to ICT. Benefi ts of innovation are commonly regarded as an open-ended, linear function of innovation volume and intensity: ‘faster diff usion means a higher societal return’ (Frame & White, 2004, p. 118). Yet we know that practically all innovations also have less benefi cial consequences, which often are systemic in nature, and this reduces the net value for users and at least some members of society (see chapter 4 in this book).
Original languageEnglish
Title of host publicationChallenging the Innovation Paradigm
EditorsKarl-Erik Sveiby, Pernilla Gripenberg, Beata Segercrantz
Number of pages30
Place of PublicationNew York
PublisherRoutledge
Publication date2012
ISBN (Print)978-0-415-52275-5
ISBN (Electronic)978-0-203-12097-2
DOIs
Publication statusPublished - 2012
MoE publication typeA3 Book chapter

Publication series

NameRoutledge Studies in Technology, Work and Organizations
PublisherRoutledge
Volume9

Keywords

  • 512 Business and Management

Sustainable Development Goals

  • GOAL 09: Industry, Innovation and Infrastructure
  • GOAL 12: Responsible Consumption and Production
  • GOAL 13: Climate Action

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoS: Responsible organising
  • AoS: Leading for growth and well-being

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    Sveiby, K-E. (2012). Innovation and the Global Financial Crisis: Systemic Consequences of Incompetence . In K-E. Sveiby, P. Gripenberg, & B. Segercrantz (Eds.), Challenging the Innovation Paradigm (Routledge Studies in Technology, Work and Organizations; Vol. 9). Routledge. https://doi.org/10.4324/9780203120972