Аннотация:
This quotation captures the gist of may paper. Having written a book on the 1st Industrial Revolution, The “Brno Study”, dealing with Schumpeter’s vista of a wave of new entrepreneurial, innovative activity as it occurred in the Brno region, I am delighted to have this opportunity today to present my vista of a “Renewal” in Trest, near Brno. In 1975, my Brno Study carried the subtitle that says it all: “On the Political Economy of Renewal — examplified by the cluster of innovation in the region of Brno”.
Renewal calls for dialectic diagnosis: At Schumpeter-Conference 2009 in Trest, we shall meet a spectrum of ideas for solution ranging from a Neo-Marxian THESIS (Rivival of Radical Systems Transformation), via the Neo-Classic ANTITHESIS (New Deal of Recovery of the Regime = Neo- Marshallian Continuity), and the modern Neo-Schumpeter-Versions as a SYNTHESES (Renewal). Renewal stands for a cluster of major innovations in “systems-relevant” parts or the system which caused the crisis.
Such major breakthrough innovation I coined basic innovations. The type of Renewal overcoming this crisis will differ from country to country, each adopting a different mix of basic innovations; a specific mixture that fits their culture and structures. Presently, in each and every country we see proponents of these ideas struggling for votes with programs that promise anything from Radical Transformation to Simple Recovery.
My scientific message is: While all countries hunger for a macroeconomic Recovery, the way of Renewal offers a best way to Recovery. It requires concerted cooperation.
This paper presents a Schumpeterian microfoundation to the above macroeconomic scenarios: A foundation for managerial approaches for both Recovery and Renewal. The hallmark of this microfoundation is, say, Neo-Schumpeter Management Science. My diagnostic thesis is: There’s a bottleneck in Institutional Behavioural Finance, IBF. A bottleneck produced by the boom in Financial Entrepreneurship, Financial Product Innovation and Derivatives, which distracted from Innovation Financing and Banking of innovative entrepreneurs in the Real Economy. This diagnosis leads to a therapy.
This therapy will soften the slump and shorten the slide towards a deeper recession. My message, based upon said Schumpeterian Microfoundation: Yes, we can reach a macroeconomic recovery quicker by basic innovations realizing a better Renewal.
