Systemic Analysis of the Interaction Between Public Policy and Financial Mechanisms in the Formation of the National Innovation System

Анотація

The article examines the role of innovation as the main driver of modern economic development. It systematises and critically analyses the evolution of economic thought, from classical theories to modern models of endogenous growth and concepts of national innovation systems. The main focus is on analysing the mechanisms of interaction between public policy and private investment in stimulating innovation activity. The theoretical rationale for public intervention, in particular the problems of ‘market failures’, is examined in detail, and public policy instruments are classified. Their effectiveness is assessed on the basis of empirical data and international experience. Particular attention is paid to the analysis of the financial ecosystem of innovation, including the role of venture capital, corporate investment and public-private partnerships in financing projects at different stages of their life cycle. Based on an extensive analysis of statistical data from the OECD, the World Bank and the World Intellectual Property Organisation, a comparative analysis of innovation systems in developed and developing countries is conducted. Detailed case studies of successful innovation policies in the United States, South Korea, Israel and Finland are presented. The key factors of their success have been identified, in particular the effectiveness of public-private partnerships, the development of venture capital and the flexibility of the regulatory environment. The work also identifies the main ‘failures of the state’ in innovation policy, which lead to the suboptimal allocation of resources. Strategic recommendations for building an effective national innovation system are formulated. The scientific novelty of the work lies in the systematic analysis of the synergistic interaction of financial mechanisms and public policy instruments aimed at stimulating innovation activity, as well as in the development of practical recommendations for building an effective national innovation system in the Ukrainian context on this basis.

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