Rebooting the Innovation Economy

In partnership with RTI International, the CSIS Project on Prosperity and Development will publish a report titled  Rebooting the Innovation Agenda: The Need for Resilient Institutions.

The fourth industrial revolution is underway, and technological changes will disrupt economic systems, displace workers, concentrate power and wealth, and erode trust in public institutions and the democratic political process. A lot of studies and conversations have focused on how technology itself will impact society, but little attention has been paid to the role that institutions will have to play in the new environment. The relationship between societies and their institutions is changing, and countries will have to strengthen their capacities to avoid heightened social divisions. Public institutions will have to enable the private sector and innovation-led economic growth to make way for technological disruptions, but also mitigate the potential negative impacts of change. They must build resilience through gradual and intentional interventions designed for long-term, sustainable development. It is also essential that institutions work hard to build credibility and use available development tools, such as development finance institutions and foreign aid, to mitigate the risks of disruption.

Countries and other stakeholders must pioneer these initiatives to successfully navigate the disruptions stemming from the fourth industrial revolution. The revision of existing models of education, skill development and investment and the integration of different stakeholders into the conversation will be critical in helping institutions play a productive role in rebooting the innovation agenda. In this context, the Project on Prosperity and Development launches a new report analyzing the role that institutions will play in the fourth industrial revolution and identifying concrete, sustainable development models and policies that institutions must implement to build trust, credibility, and prosperity.

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