Sociedade, Tecnologia e Inovação Empresarial - Presidente da ...

tem of innovation may lead to develop some niches more than othersor to retain particular specialisations.Therefore comparing the potential of different national systems ofinnovation is useful and particularly telling of the kind of specializationfitting any given country. From this perspective, Europe suffersfrom a number of major weaknesses, but at the same time one mayalso observe potentials that might advantageously be put to use. Withina certain subset of countries, chances to catch up to some points ofthe technological frontier, whatever the size of the country, are e.g.worth considering. The learning process by which countries acquirethe know how and knowledge in an open environment are from thisperspective complex and composed of many alternative ways for countrieshaving reached a certain level of development in terms of wealthand human capital.Looking at the internationalisation of capital and more precisley atthe internationalisation of the national system of financing one canreach similar conclusions. National systems tend to adjust to the pressureof internationalisation in a more or less direct and automatic fashion.Some countries may have to develop entirely new forms ofinterventions, quite different from old structures. This will take timeand the lack of complementarity with the old system may lead to someoppositions between new and old set-ups. Japan is a good example ofa country where the old national banking system finds it difficult tofollow the new trends to develop risk venture capital induced by thesearch for short term, higher profits.But this comparison should not be confused with the more «synchronic»perspective which takes into accounts the specific assets ofcountries as well as the «ideal type» generic properties of the new system.For instance the new financing system implicit in the new economiccontext is more open to risks. It does, however, not follow thatin this new context, countries which have gone some way towardsthis type of adjustment are more specifically proned to financial crises,than countries which have not done so. The US system appears in thiscomparison as highly risky and unsteady. Yet, beyond this observationone has to account for the greater ability of the system to preciselyLuc Soete3 0 3Europe and national technology policies…