Public-Private Partnerships for Policy Innovation in Africa and Emerging Markets
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Public-Private Partnerships for Policy Innovation in Africa and Emerging Markets

Bankole Fred Olayele (Carleton University, Canada)
Pages: 300|DOI: 10.4018/978-1-7998-7383-9
ISBN13: 9781799873839|ISBN10: 1799873838|EISBN13: 9781799873853|ISBN13 Softcover: 9781799873846

Description

The notion of the knowledge economy lies at the heart of contemporary economic growth narratives. Not only has it shifted attention from the industry-government dyad to the “Triple Helix” of university-industry-government interactions, it has also increased the attention given to the latter, since the 1990s, as a reliable analytical framework for innovation policy and practice. While globalization has intensified technology diffusion globally, leading to increased productivity in emerging and less developed economies, the extent of income convergence predicted by theory has not been realized. This is due, partly, to changes in the patterns and processes of capital accumulation during the post-World War II economic boom, and the concomitant highly dynamic nature of the capitalist mode of production.

A major characterization of the neoclassical production function is a standard assumption of profit maximization by firms. Under this framework, changes in a firm’s revenue are linked to changes in the costs of capital and labor, with implications for competition, efficiency, and transparency. The past few decades have heralded a decline in labor’s share of income, due to the prevailing highly capital-intensive multinational system of production. In addition to the concentration of capital ownership, this mode of wealth creation generates varying returns to different categories of labor, with workers at the top of the income distribution reaping disproportionately large rewards over time.

The innovation discourse has transitioned from its purely scientific and technical focus to include digital opportunities and the evolution of new business models. Economic diversification is often associated with higher levels of productivity because structural transformation leads to factor reallocation within and between economic sectors. However, this is far from the case in many African economies due to institutional and structural economic constraints. For instance, the steady reallocation of labor’s share of total output in favor of big, capital-intensive firms in the last few decades has exacerbated existing income gaps, given the continent’s large informal sector, limited access to technology, poor infrastructure, and institutional constraints.

Amid the ongoing digital transformation, society wants the supply of public services like healthcare, education, and infrastructure to be flexible, innovative, and efficient. Based on original research, theoretical perspectives, best practices, and lessons learned from other regions, this book provides insight into how public-private partnerships can help transform a wide range of policy initiatives by creating win-win outcomes in traditionally mutually exclusive competitive markets and public sector operations. It focuses on a broad range of reforms capable of driving competitiveness and economic growth in Africa and emerging markets, including trade, fiscal redistribution, development finance, resilience, diversification, natural resources, and innovation capacity. The book examines what we know and do not know about the role of public-private partnerships in innovating policy in Africa and emerging markets.

Table of Contents and List of Contributors

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