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Outline of the reseach project
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Transformation, Integration and Globalization Economic Research Centrum Badawcze Transformacji, Integracji i Globalizacji
Outline of the conference
The New Economy and Old Problems. Prospects for Fast Growth in Transition Economies
14-15 March, 2002 Leon Kozminski Academy of Entrepreneurship and Management Warsaw, Poland
Main Sponsor:
Sponsor:
The first edition of the TIGER international conference on "The 'New Economy' and Its Implications for Long-term Growth in Postsocialist Countries" was held at the Leon Kozminski Academy of Entrepreneurship and Management (WSPiZ), Warsaw, on March 28-29, 2001. The conference painted the broad view of the growth prospects for the 'new economy' in postsocialist transition countries, described for comparative purposes various aspects of the development of the 'new economy' in developed and transition economies, and finally analyzed potential implications of the on-going Internet revolution for the socio-economic growth of the transition countries (all information about the conference is available at www.tiger.edu.pl) The phenomenon of the 'new economy', the complex of the new computer and telecommunication solutions, which were purported to offer a new, superior paradigm of economic growth, is undoubtedly far from being adequately elucidated. Hence, there is a need for further research in particular focusing on the relations between - on one hand - new chances for accelerated economic growth offered by the 'new economy', and - on the other hand - old development problems related to existing structural, institutional and technological barriers, which beset the emerging economies, the transition countries included. The 'new economy' brings abundant opportunities for increase in productivity both on the micro-, mezzo- and macro level. The open character of the on-going technological revolution, most plainly embodied by the Internet, allows the less developed countries to tap the benefits of the new technological inventions without a need for shouldering the full cost of creation of those new technological solutions. It creates a significant chance for acceleration of economic growth and thus faster catching-up with developed world. We are, however, faced with a host of questions relating to the extent, means, instruments and opportunities for taking advantage of the technological revolution and therefore for solving old problems of economic development. How to fully tap the benefits of the technological revolution? Does the 'new economy' have any influence on the pace of the long-term economic growth of the transition countries? If so, how can we measure its impact? Can the potential of the new technologies be utilized in spite of the lingering infrastructural, institutional and human capital shortcomings? Is there a critical point in the growth of the 'new economy' only after exceeding which the benefits of the new technologies start to be tangible? Or in other words, is the development of the 'new economy' non-linear? Or, contrary to many assertions, perhaps the 'new economy' instead of bridging the divide between the developed and postsocialist countries, will contribute to its increase? Finally, can it be true that the 'new economy' would also lead to polarization of rates of economic growth within the postsocialist countries themselves? Who will be the winners and losers? Within this context, there are five important research issues, which should be further analyzed in order to fully elucidate chances and challenges for postsocialist countries brought by the 'new economy': 1. Impact of the "new economy" on the acceleration of economic growth in emerging markets, and particularly in transition economies. 2. Impact of the process of globalization and internationalization of markets for capital, goods, services, and labor on the dissemination of the technological innovations (technological spillovers) in the emerging and transition economies. 3. Conditions for development of the information and communication technologies (ICT) sector in transition economies, its use in non-ICT industries, and creation of specific human skills. Implications for development of e-business, its microeconomic impact and a role in accelerating the economic restructuring, including the state sector. 4. Role of a state in development of the "new economy", particularly related to issues of education, institutional framework, and regulations. How should a state support the increase in quality of the human capital, creation of new institutions, and implementation of new regulations? How should it guarantee secure exchange of goods, fight against cyber crime, and finally defend privacy and intellectual property? What are the conditions for development of "e-government" and its role in supporting the "new economy"? 5. Role of international organizations in dissemination of products and ideas of the technological revolution and in supporting the process of catching-up in transition economies.
The second edition of the research project will strive to find answers to the above questions. Almost twenty research papers will be written purposely for the research project. The project will culminate in the conference on March 14-15, 2002 at the Leon Kozminski Academy of Entrepreneurship and Management, Warsaw, Poland. As in the first edition of the project, the conference will feature distinguished economists representing the OECD, IMF, Berkeley University, UNU/WIDER, London Business School, WSPiZ and other universities. Aside from the participants, the conference will welcome a broad spectrum of scholars, politicians, businessmen, students and mass media. The conference papers will be published in Polish by WSPiZ Press and in English by EMERGO, a quarterly journal of economic and social transition. Talks are under way to publish the papers with the University of Rochester Press, USA, too.
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