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Economy & Business, Volume 9, 2015

Olga B. Koshovets, Igor E. Frolov
Pages: 769-780
Published: 28 Sep 2015
Views: 2,397
Downloads: 809
Abstract: The current stage of the global economy development deeply impacted by the 2008-2009 years financial and economic crisis has the character of restructuring the entire economic and finance system and economic relations. The crisis is only a part of new global economic structure emerging. The article considers the "innovation pause" hypothesis, ICT role in the pathway to an economic recovery and its ability to provide a platform for helping to solve world economic, social and environmental challenges as well a turn to a new driver or "basic innovation" for global development, which is most likely Impact Investing. In medium term it should bolster the global finance, thereafter it will form a new cycle of modernization processes worldwide and be involved in the establishment of a new "technological setup" (new GPTs). Current trends in the development of innovative processes indicate decoupling in the types of innovations. We put forward a hypothesis that technological development or technological advance itself, as a key driver of global economic growth, is exhausted. Consequently, in the long term the development of industrial technologies will be slow. At the same time the priority will take some ways of social sphere capitalization that involves the introduction of new forms of financial and organizational innovations, which is Impact Investing. It would appear that modernization of the social sphere worldwide would be the basis of a new global economic and financial structure. It involves wider and deeper distribution of ICT infrastructure, opening up of new markets for the introduction of financial innovations and technologies.
Keywords: global economy and financial crisis, post-crisis development of the world economy, impact investing, modernization, general purpose technologies (gpt)
Cite this article: Olga B. Koshovets, Igor E. Frolov. IMPACT INVESTING AS A "BASIC INNOVATION" FOR THE GLOBAL ECONOMY AND FINANCE SYSTEM POST-CRISIS TRANSFORMATION. Journal of International Scientific Publications: Economy & Business 9, 769-780 (2015).
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