Adopting and developing a knowledge-based economy as the current stage of global economic development is an important stimulus to successful innovation. The transition to a knowledge-based economy and achieving economic convergence, especially in the case of emerging economies, requires the appreciation of science and technology coexistence on the one hand, and the development of innovation on the other, as well as the raising of human resource competences and skills for further development. Latin American countries, in search of an effective development strategy after moving away from the Washington Consensus, which set economic priorities through the last decade of the twentieth century, become increasingly aware of the importance of the development of STI policies. They try to identify the most important institutions and the capacities and resources needed to support economic development. Such policy generally includes at least three objectives: to create research and development opportunities in public research institutes and universities; to stimulate the demand of companies for scientific and technological knowledge by establishing close relationships between universities, business and government, and supporting and developing national innovation systems in each country. In this article the author analyzes the policies introduced and attempts to assess their effectiveness.
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