A huge truth about innovation

Better managers and a long-term vision are necessary to improve the capacity for innovation and productivity in Latin America: William Maloney, World Bank. Mexico and South Korea began assembling electronic equipment in the eighties. Today the Asian country has a company that produces smartphones, and Mexico doesn’t. “We have to understand why some countries find the way to develop an industry while others do not. We’re dealing with innovative capacity,” said William Maloney, chief economist for equitable growth, finance and institutions at the World Bank. Constantly “putting out fires” lowers the capacity of most governments in Latin America to reflect and to develop a long-term vision, and this affects their productivity, he said. This is related not only to a […]