Abstract
Abstract. This article explores how the current global crisis and restructuring of global capitalism is related to innovation, in broad terms, and change management. The aim is to understand this relation by first presenting a synopsis of the approaches to the crisis of the Greek socioeconomic system, second focusing on the concept of innovation in institutional terms, and third examining the change management mechanisms that seem useful for the articulation of public economic policy in Stra.Tech.Man terms (synthesis of Strategy-Technology-Management). We suggest that to overcome actual structural crises -such as the Greek socioeconomic crisis- the implementation and valorization of well balanced and effectively implemented sets of institutional innovations is crucial, provided that integrated public policy change management mechanisms are in place.
Keywords. Globalization restructuring, Greek crisis, Structural socioeconomic crisis, Institutional innovation, Public policy reform, Change management, Stra.Tech.Man analysis.
JEL. O10, B52, O31.
References
Abraham-Frois, G. (2002). Dynamique Economique (9e édition). Paris: Dalloz.
Acemoglu, D., Johnson, S., & Robinson, J. (2004). Institutions as the fundamental cause of long-run growth, NBER Working Paper, No.10481. doi. 10.3386/w10481
Acemoglu, D., & Robinson, J.A. (2013). Why nations fail: The origins of power, prosperity, and poverty. New York: Crown Business.
Adda, J. (2006). La Mondialisation de L’économie: Genèse et Problèmes. Paris: La Découverte.
Alonso-Almeida, M., Llach, J., & Bremser, K. (2015). Proactive and reactive strategies deployed by restaurants in times of crisis: Effects on capabilities, organization and competitive advantage. International Journal of Contemporary Hospitality Management, 27(7), 1641-1661. doi. 10.1108/IJCHM-03-2014-0117
Amable, B. (2017). Structural Crisis and Institutional Change in Modern Capitalism: French Capitalism in Transition. Oxford: Oxford University Press.
Andersson, M., & Henrekson, M. (2015). Local competitiveness fostered through local institutions for entrepreneurship. In D. Audretsch, A.N. Link, & M.L. Walshok, The Oxford Handbook of Local Competitiveness (pp.145-190). New York: Oxford University Press.
Andreoni, A., & Scazzieri, R. (2014). Triggers of change: Structural trajectories and production dynamics. Cambridge Journal of Economics, 38(6), 1391-1408. doi. 10.1093/cje/bet034
Andreou, A., Andrikopoulos, A., & Nastopoulos, C. (2017). Debt markets, financial crises, and public finance in the Eurozone: Action, structure, and experience in Greece. In F. Economou, K. Gavriilidis, G.N. Gregoriou, & V. Kallinterakis (Eds.), Handbook of Investors’ Behavior During Financial Crises (pp.3-28). Academic Press. doi. 10.1016/B978-0-12-811252-6.00001-3
Andrikopoulos, A. (2013). Financial economics: Objects and methods of science. Cambridge Journal of Economics, 37(1), 35-55. doi. 10.1093/cje/bes027
Aoki, M. (2007). Endogenizing institutions and institutional changes. Journal of Institutional Economics, 3(1), 1-31. doi. 10.1017/S1744137406000531
Argyres, N.S., Felin, T., Foss, N., & Zenger, T. (2012). Organizational economics of capability and heterogeneity. Organization Science, 23(5), 1213-1226. doi. 10.1287/orsc.1120.0746
Atkinson, R. (2012). Urban governance and competitiveness: Improving ‘urban attractiveness.’ In B. Egner, M. Haus, & G. Terizakis (Eds.), Regieren: festschrift für Hubert Heinelt (pp. 297-312). Wiesbaden: VS Verlag für Sozialwissenschaften. doi. 10.1007/978-3-531-19793-7_17
Auerswald, P. (2012). The Coming Prosperity: How Entrepreneurs are Transforming the Global Economy. New York: Oxford University Press.
Bitzenis, A., & Vlachos, V.A. (2015). The fight against the shadow economy as an exit from the Greek sovereign debt crisis. In A. Bitzenis, N. Karagiannis, & J. Marangos (Eds.), Europe in Crisis (pp.275-285). New York: Palgrave Macmillan. doi. 10.1057/9781137438928_15
Bloch, H., & Metcalfe, S. (2018). Innovation, creative destruction, and price theory. Industrial and Corporate Change, 27(1), 1-13. doi. 10.1093/icc/dtx020
Boschma, R.A., &Frenken, K. (2006). Why is economic geography not an evolutionary science? Towards an evolutionary economic geography. Journal of Economic Geography, 6(3), 273-302. doi. 10.1093/jeg/lbi022
Boulding, K.E. (1981). Evolutionary Economics. London: Sage Publications.
Braudel, F. (2014). La Dynamique du Capitalisme (Nouv. éd). Paris: Eds. Flammarion.
Burnes, B. (2009). Managing Change: A Strategic Approach to Organisational Dynamics. Harlow, England; New York: Prentice Hall/Financial Times.
Caesens, G., Marique, G., Hanin, D., & Stinglhamber, F. (2016). The relationship between perceived organizational support and proactive behaviour directed towards the organization. European Journal of Work and Organizational Psychology, 25(3), 398-411. doi. 10.1080/1359432X.2015.1092960
Castañeda D.P., & Markevich, A. (2014). A history of resistance to privatization in Russia. Journal of Comparative Economics, 42(4), 855-873. doi. 10.1016/j.jce.2014.05.004
Chalikias, J. (2017). The manufacturing sector of Greece before and during the financial crisis. International Journal of Economics & Business Administration, 5(1), 3-17.
Christopoulou, R., & Monastiriotis, V. (2016). Public-private wage duality during the Greek crisis. Oxford Economic Papers, 68(1), 174-196. doi. 10.1093/oep/gpv054
Covi, G. (2016). Local systems’ strategies copying with globalization: Collective local entrepreneurship. Journal of the Knowledge Economy, 7(2), 513-525. doi. 10.1007/s13132-014-0225-4
Dacin, M.T., Goodstein, J., & Scott, W.R. (2002). Institutional theory and institutional change: Introduction to the special research forum. Academy of Management Journal, 45(1), 45-56. doi. 10.5465/amj.2002.6283388
De Silva, S.B.D. (2012). The Political Economy of Underdevelopment. London: Routledge.
deSoysa, I., &Vadlammanati, K. C. (2013). Do pro-market economic reforms drive human rights violations? An empirical assessment, 1981-2006. Public Choice, 155(1), 163-187. doi. 10.1007/s11127-011-9847-2
Delapierre, M., Moati, P., & Mouhoud, E.M. (2000). Connaissance et Mondialisation. Paris: Economica.
Dickson, P.R. (2002). Dynamic versus static SWOT analysis. In American Marketing Association. Conference Proceedings (Vol. 13, p. 297). American Marketing Association.
Dopfer, K., Foster, J., & Potts, J. (2004). Micro-meso-macro. Journal of Evolutionary Economics, 14(3), 263-279. doi. 10.1007/s00191-004-0193-0
Dosi, G. (1982). Technological paradigms and technological trajectories. Research Policy, 11(3), 147-162. doi. 10.1016/0048-7333(82)90016-6
Drazin, R., Glynn, M.A., & Kazanjian, R.K. (1999). Multilevel theorizing about creativity in organizations: A sensemakingperspective. Academy of Management Review, 24(2), 286-307. doi. 10.5465/amr.1999.1893937
Driskill, G.W.C. (2018). Organizational culture in action: A cultural analysis workbook (3rd edition). New York: Routledge. doi. 10.4324/9780429427473
Edler, J., & Fagerberg, J. (2017). Innovation policy: What, why, and how. Oxford Review of Economic Policy, 33(1), 2-23. doi. 10.1093/oxrep/grx001
Eriksson, P.E. (2013). Exploration and exploitation in project-based organizations: Development and diffusion of knowledge at different organizational levels in construction companies. International Journal of Project Management, 31(3), 333-341. doi. 10.1016/j.ijproman.2012.07.005
Falvey, R., Foster, N., & Greenaway, D. (2012). Trade liberalization, economic crises, and growth. World Development, 40(11), 2177-2193. doi. 10.1016/j.worlddev.2012.03.020
Ghemawat, P. (2011). World 3.0: Global Prosperity and how to Achieve it. Boston, MA: Harvard Business Press.
Gillis, M., Perkins, D.H., Roemer, M., & Snodgrass, D.R. (1996). Economics of Development. New York: W.W. Norton & Company.
Glynn, M.A., & Abzug, R. (2002). Institutionalizing identity: Symbolic isomorphism and organizational names. Academy of Management Journal, 45(1), 267-280. doi. 10.5465/3069296
Glynos, J., & Voutyras, S. (2016). Ideology as blocked mourning: Greek national identity in times of economic crisis and austerity. Journal of Political Ideologies, 21(3), 201-224. doi. 10.1080/13569317.2016.1207300
Gonçalves, J., & Guerreiro, C. (2019). The local education system as a pillar for structural change: The case of the strategic educational plan of Cascais, Portugal. In L. CagicaCarvalho, C. Rego, M.R. Lucas, M.I. Sánchez-Hernández, & A. Backx Noronha Viana (Eds.), New Paths of Entrepreneurship Development: The Role of Education, Smart Cities, and Social Factors, (pp.167-185). Springer International Publishing. doi. 10.1007/978-3-319-96032-6_9
Grădinaru, C., Toma, S.-G.I., & Marinescu, P.I. (2018). Entrepreneurial thinking in the educational system. Value Sharing for Sustainable and Inclusive Development, 29-48. doi. 10.4018/978-1-5225-3147-0.ch002
Hagel, J., & Brown, J.S. (2013). Institutional innovation: Creating smarter organizations. Access: January 19, 2019. [Retrieved from].
Hannon, B. (1997). The use of analogy in biology and economics: From biology to economics, and back. Structural Change and Economic Dynamics, 8(4), 471-488. doi. 10.1016/S0954-349X(97)00019-2
Hargadon, A. B., & Douglas, Y. (2001). When innovations meet institutions: Edison and the design of the electric light. Administrative Science Quarterly, 46(3), 476-501. doi. 10.2307/3094872
Hargrave, T.J., & Van de Ven, A.H. (2006). A collective action model of institutional innovation. Academy of Management Review, 31(4), 864-888. doi. 10.5465/amr.2006.22527458
Hodgson, G.M. (2009). On the institutional foundations of law: The insufficiency of custom and private ordering. Journal of Economic Issues, 43(1), 143-166. doi. 10.2753/JEI0021-3624430107
Hoffman, A.J. (1999). Institutional evolution and change: Environmentalism and the U.S. chemical industry. Academy of Management Journal, 42(4), 351-371. doi. 10.5465/257008
Hvidt, M. (2011). Economic and institutional reforms in the Arab Gulf countries. Middle East Journal, 65(1), 85-102.
Ioannides, Y.M., &Pissarides, C.A. (2015). Is the Greek crisis one of supply or demand? Brookings Papers on Economic Activity, 2015(2), 349-373. doi. 10.1353/eca.2015.0004
Itoh, M. (2012). From the subprime to the sovereign crisis: Why Keynesianism does not work? World Review of Political Economy, 3(1), 59-64.
Jasinevičius, R., & Petrauskas, V. (2015). Dynamic SWOT analysis as a tool for system experts. Engineering Economics, 50(5), 33-35. doi. 10.5755/j01.ee.50.5.11441
Juko, S. (2010). Have the media made the greek crisis worse? An inquiry into the credit crisis of the state. Economic Sociology_the European Electronic Newsletter, 12(1), 28-41.
Kapur, D., & Webb, R. (2000). Governance-related conditionalitiesof the international financial institutions, United Nations Conference on Trade and Development, G-24 Discussion Papers No.6. [Retrieved from].
Karlsson, C., Johansson, B., & Stough, R. (2012). The Regional Economics of Knowledge and Talent: Local Advantage in a Global Context. Cheltenham: Edward Elgar.
Katsimi, M., & Moutos, T. (2010). EMU and the Greek crisis: The political-economy perspective. European Journal of Political Economy, 26(4), 568-576. doi. 10.1016/j.ejpoleco.2010.08.002
Kazemi, H., & Sohrabji, N. (2012). Contagion in Europe: Examining the PIIGS crisis. International Advances in Economic Research, 18(4), 455-456. doi. 10.1007/s11294-012-9366-z
Kickert, W.J.M. (2014). Specificity of change management in public organizations: Conditions for successful organizational change in Dutch ministerial departments. The American Review of Public Administration, 44(6), 693-717. doi. 10.1177/0275074013483871
Kitching, G. (2012). Development and underdevelopment in historical perspective : Populism, nationalism and industrialisation. London: Routledge. doi. 10.4324/9780203835401
Koniordos, S. (2011). Living on borrowed money: On the social context and response of the current Greek crisis. Economic Sociology, 12(3), 11.
Koutsoukis, N.-S., &Roukanas, S. (2011). The Greek crisis that should have been avoided. Scientific Bulletin - Economic Sciences, 10(1), 21-27.
Kruk, D. (2013). Belarus’ anti-crisis management: Success story of delayed recession? Europe-Asia Studies, 65(3), 473-488. doi. 10.1080/09668136.2013.779457
Kuforiji, J.O. (2016). Greece financial crisis: The genesis, implications, and policy options. Journal of Applied Financial Research, 1, 55-74.
Kuipers, B.S., Higgs, M., Kickert, W., Tummers, L., Grandia, J., & Voet, J.V.D. (2014). The management of change in public organizations: A literature review. Public Administration, 92(1), 1-20. doi. 10.1111/padm.12040
Landes, D.S. (1998). The Wealth and Poverty of Nations: Why Some are so Rich and some so Poor. New York: W.W. Norton.
Laudicina, P.A., & Peterson, E.R. (2016). From globalization to islandization (Global Business Policy Council (GBPC) /Research Report) (p.26). ATKearney. [Retrieved from].
Lawrence, R.Z. (1996). Regionalism, Multilateralism, and Deeper Integration. Washington, D.C.: Brookings Institution.
Leblebici, H., Salancik, G.R., Copay, A., & King, T. (1991). Institutional change and the transformation of interorganizationalfields: An organizational history of the U.S. radio broadcasting industry. Administrative Science Quarterly, 36(3), 333-363. doi. 10.2307/2393200
Leydesdorff, L. (2012). The triple helix, quadruple helix, …, and an N-tuple of helices: Explanatory models for analyzing the knowledge-based economy? Journal of the Knowledge Economy, 3(1), 25-35. doi. 10.1007/s13132-011-0049-4
Luo, S., Du, Y., Liu, P., Xuan, Z., & Wang, Y. (2015). A study on coevolutionary dynamics of knowledge diffusion and social network structure. Expert Systems with Applications, 42(7), 3619-3633. doi. 10.1016/j.eswa.2014.12.038
Maatsch, A. (2014). Are we all austerians now? An analysis of national parliamentary parties’ positioning on anti-crisis measures in the eurozone. Journal of European Public Policy, 21(1), 96-115. doi. 10.1080/13501763.2013.829582
Mahoney, J., & Thelen, K. (2009). A theory of gradual institutional change. In J. Mahoney, & K. Thelen (Eds.), Explaining institutional change, (pp.1-37). Cambridge: Cambridge University Press. doi. 10.1017/CBO9780511806414.003
Mann, S. (Ed.) (2011). Sectors Matter! Exploring Mesoeconomics. Heidelberg: Springer.
Marginson, S. (2010). Higher education in the global knowledge economy. Procedia - Social and Behavioral Sciences, 2(5), 6962-6980. doi. 10.1016/j.sbspro.2010.05.049
Mavroudeas, S.D. (2016). The Greek crisis: Structural or conjunctural? In T. Subasat, The Great Financial Meltdown (pp.307-327). Edward Elgar Publishing. doi. 10.4337/9781784716493.00028
Michalet, C.-A. (2005). Qu’est-ce que la mondialisation?:Petit traité à l’usage de ceux et celles qui ne pas encore s’il faut être pour ou contre. Paris: La Découverte.
Mistral, J. (1986). Régime international et trajectoires nationales. In R. Boyer, & M. Aglietta, Capitalismes fin de siècle (1re éd, pp. 167-201). Paris: Presses universitaires de France.
Moore, H.L. (2015). Global prosperity and sustainable development goals. Journal of International Development, 27(6), 801-815. doi. 10.1002/jid.3114
Mudambi, R., & Swift, T. (2011). Proactive R&D management and firm growth: A punctuated equilibrium model. Research Policy, 40(3), 429-440. doi. 10.1016/j.respol.2010.10.014
Naranjo-Valencia, J.C., Jiménez-Jiménez, D., & Sanz-Valle, R. (2016). Studying the links between organizational culture, innovation, and performance in Spanish companies. Revista Latinoamericana de Psicología, 48(1), 30-41. doi. 10.1016/j.rlp.2015.09.009
North, D.C. (1981). Structure and Change in Economic History (1st edition). New York: Norton.
North, D.C. (1999). Understanding the Process of Economic Change. London: Institute of Economic Affairs.
Oreg, S. (2003). Resistance to change: Developing an individual differences measure. Journal of Applied Psychology, 88(4), 680-693. doi. 10.1037/0021-9010.88.4.680
Parisot, X. (2013). Metaphor in organizational theory, the business ecosystem case. In Volume: 22th AIMS International Conference. Clermont-Ferrand, France.
Parlevliet, J. (2017). What drives public acceptance of reforms? Longitudinal evidence from a Dutch pension reform. Public Choice, 173(1), 1-23. doi. 10.1007/s11127-017-0447-7
Perroux, F. (1962). L’économie des jeunes nations: Industrialisation et groupements de nations. Paris: Presses Universitaires de France - PUF.
Porter, M.E. (2008). On competition. Boston, MA: Harvard Business Press.
Raffaelli, R., & Glynn, M.A. (2015). Institutional innovation: Novel, useful, and legitimate. In C. Shalley, M.A. Hitt, & J. Zhou (Eds.), The Oxford Handbook of Creativity, Innovation, and Entrepreneurship. Oxford: Oxford University Press. doi. 10.1093/oxfordhb/9780199927678.013.0019
Rapanos, V.T., & Kaplanoglou, G. (2014). Governance, growth and the recent economic crisis: The case of Greece and Cyprus. Cyprus Economic Policy Review, 8(1), 3-34.
Robbins, S.P., & Judge, T.A. (2019). Organizational Behavior. New York: Pearson.
Robert, V., & Yoguel, G. (2016). Complexity paths in neo-Schumpeterian evolutionary economics, structural change and development policies. Structural Change and Economic Dynamics, 38, 3-14. doi. 10.1016/j.strueco.2015.11.004
Rodrik, D. (2011). The Globalization Paradox: Democracy and the Future of the World Wconomy. New York: W.W Norton & Company.
Ruggie, J.G. (2004). Reconstituting the global public domain — Issues, actors, and practices. European Journal of International Relations, 10(4), 499-531. doi. 10.1177/1354066104047847
Ruttan, V.W., & Hayami, Y. (1984). Toward a theory of induced institutional innovation. The Journal of Development Studies, 20(4), 203-223. doi. 10.1080/00220388408421914
Scazzieri, R. (2018). Structural dynamics and evolutionary change. Structural Change and Economic Dynamics, 46, 52-58. doi. 10.1016/j.strueco.2018.03.007
Schreyögg, G., & Sydow, J. (2010). Understanding institutional and organizational path dependencies. In G. Schreyögg& J. Sydow (Eds.), Thehidden Dynamics of Path Dependence: Institutions and Organizations, (pp.3-12). London: Palgrave Macmillan UK. doi. 10.1057/9780230274075_1
Scott, W.R. (1987). The adolescence of institutional theory. Administrative Science Quarterly, 32(4), 493-511. 10.2307/2392880
Silverman, B.S. (2017). Organizational economics. In J.A.C. Baum (Ed.), The Blackwell Companion to Organizations, (pp.467-493). John Wiley & Sons, Ltd. doi. 10.1002/9781405164061.ch20
Stein, H. (2008). Beyond the World Bank Agenda: An Institutional Approach to Development. Chicago: University of Chicago Press.
Stiglitz, J.E. (2013). The Price of Inequality. New York: W.W Norton & Company.
Thomas, T., Heß, M., & Wagner, G.G. (2017). Reluctant to reform? A note on risk-loving politicians and bureaucrats. Review of Economics, 68(3), 167-179. doi. 10.1515/roe-2017-0023
Trantidis, A., & Tsagkroni, V. (2017). Clientelism and corruption: Institutional adaptation of state capture strategies in view of resource scarcity in Greece. The British Journal of Politics and International Relations, 19(2), 263-281. doi. 10.1177/1369148117700658
Van der Voet, J., Kuipers, B. S., & Groeneveld, S. (2016). Implementing change in public organizations: The relationship between leadership and affective commitment to change in a public sector context. Public Management Review, 18(6), 842-865. doi. 10.1080/14719037.2015.1045020
Vlados, Ch. (2004). La dynamique du triangle stratégie, technologie et management: L’insertion des entreprises Grecques dans la globalisation. Paris 10. [Retrieved from].
Vlados, Ch. (2012). The search of competitiveness and the entrepreneurial evolution in a global environment: Toward a new approach of development dynamics based on the case of Greek productive system. Journal of Management Sciences and Regional Development, (8), 91-116.
Vlados, Ch., Deniozos, N., & Chatzinikolaou, D. (2018a). Global crisis, innovation and change management: Towards a new systemic perception of the current globalization restructuring. International Business Research, 11(8), 9-29. doi. 10.5539/ibr.v11n8p9
Vlados, Ch., Deniozos, N., & Chatzinikolaou, D. (2018b). The “evil globalization” & the central dialectic tug-of-war in the new globalization’s shaping. CivitasGentium, 6(1), 89-134.
Vlados, Ch., Deniozos, N., & Chatzinikolaou, D. (2018c). The possible paths of a new globalization. International Journal of Development and Sustainability, 7(9), 2310-2333.
Vlados, Ch., Deniozos, N., Chatzinikolaou, D., & Demertzis, M. (2018). Conceptual misunderstandings in the structuration of anti-crisis economic policy: Lessons from the Greek Case. Journal of Governance and Public Policy, 5(3), 283-322. doi. 10.18196/jgpp.53100
Vlados, Ch., Katimertzopoulos, F., & Blatsos, I. (2019). Innovation in Stra. Tech. Man (strategy-technology-management) terms. Journal of Entrepreneurship and Business Innovation, 5(2), 1-26. doi. 10.5296/jebi.v5i2.13477
Weber, K., & Glynn, M.A. (2006). Making sense with institutions: Context, thought and action in Karl Weick’s Theory. Organization Studies, 27(11), 1639-1660. doi. 10.1177/0170840606068343
Wooldridge, A. (2011). Masters of Management: How the Business Gurus and their Ideas have Changed the World—for better and for Worse, (1st HarperCollins edition). New York, NY: HarperBusiness.