Radosevic, S; (2017) Advancing Theory and Practice of Smart Specialization: Key Messages. In: Radosevic, S and Curaj, A and Andreescu, L and Gheorgiu, R and Wade, I, (eds.) Advances in the Theory and Practice of Smart Specialization. (pp. 345-355). Academic Press: London, UK.

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Abstract

The chapter summarizes six key messages of the volume. First, smart specialization (SS) is a case of incomplete new industrial innovation policy caught in between its experimental nature and political and administrative requirements of public administration, as well as the funding rules. Second, different distances of countries and regions from the technology frontier will strongly affect the scope and type of their innovation and industrial policies, and would need to be explicitly recognized by the SS approach. Third, completion of SS as an experimentalist industrial innovation policy would require that it explicitly addresses the institutional context and capacities needed for the SS process. Fourth, a link to global value chains and FDI is the least developed section of the overall SS policy apparatus, and this would require the development of new policy tools. Fifth, SS is not only a technical exercise in a priority setting, but also a sociopolitical bargaining process. Finally, we highlight the key lessons for non-EU economies based on the EU SS experience.

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