Innovation and economic crisis in transition economies

Katharina Friz () and Jutta Günther ()
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Katharina Friz: University of Bremen, Faculty of Business Studies and Economics
Jutta Günther: University of Bremen, Faculty of Business Studies and Economics

Eurasian Business Review, 2021, vol. 11, issue 4, No 1, 537-563

Abstract: Abstract Based on Schumpeterian theoretical considerations, this paper investigates the innovation behavior of firms during the severe economic crisis of the year 2008/2009. It focuses on transition countries of Central and Eastern Europe and Central Asia, which have completely restructured their innovation systems through the course of transition from planned to market economies a relatively short time ago. As a result of the crisis, we observe a strong decline of innovation activity in all transition economies. In line with the literature, there is, however, empirical evidence for both creative destruction as well as creative accumulation. This underlines two key findings: firstly, the universality and durability of Schumpeterian assumptions, and secondly, a call for anti-cyclical innovation policy.

Keywords: Innovation behavior; Economic downturn; Transition countries (search for similar items in EconPapers)
JEL-codes: O12 O14 O30 O31 O57 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s40821-021-00192-y

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