Successful Innovation Management : In Search of aCrisis?

Since the end of the 1970s much discontent has beenexpressed about a decrease in capital expendituresby Western companies . 1 This investment gap -measured by corporate investment as a decliningpercentage of GNP- is cause for concern, 2 and reflectsa low level of innovation. Clearly, during theperiod under consideration, Western companies didnot find enough opportunities for capital expendituresthat would have yielded higher returns thanthey anticipated from investing the money in the financialmarkets . The low level of innovation andthe resulting investment gap led not only to lowereconomic growth rates but also hindered structuralchange. ...