Biomedical Engineering Reference
In-Depth Information
in much more interconnected relationships between different
locations (Greenspan, 1997; Cerny, 1994) and more possibilities for
finance to move around the world. Governments work hard at
devising strategies to control the flows of both labour and capital in
their favour, the ideal situation being to attract both capital and
labour so that a strong business sector might be developed that will
make a significant contribution to the economy.
Labour flows internationally are shaped by a number of factors,
with migration patterns for workers being fashioned by more
competition for jobs and/or high unemployment at home, increased
demand for workers abroad and the existence of relationships
between home and abroad that make relocation seem feasible
(Sassen, 1990). Domestically, existing relationships between research-
intensive universities, the role of 'star scientists' and the availability
of financing within the local region creates possibilities for new
industries to emerge (Zucker et al., 1999). At the highly skilled end
of the workforce, much policy emphasis across the OECD is placed
on attracting, retaining and developing workers (Wyckoff and
Schaaper, 2005; Cervantes, 2004). In particular, where once the US
used to be the primary destination for most highly skilled workers,
there is now much more global competition for workers than has
previously existed (Wyckoff and Schaaper, 2005). Some of the issues
identified for governments keen on developing a research workforce
include investing in research, developing world-class universities,
providing better career options for young researchers, encouraging
senior workers to offer training, providing incentives for overseas
trained locals to return home, improving the quality of the education
system from primary school onwards, increasing wages and offering
personal and career development opportunities (Wyckoff and
Schaaper, 2005; Cervantes, 2004).
Similarly, the globalization of finance makes it possible for capital
to move relatively easily across national borders. For example,
venture capital is becoming more transnational than it has
traditionally been, with one study suggesting that there are both
economic and networking reasons behind this shift (Madhavan and
Akie, 2009). From an economic perspective, venture capital flows to
large economies strong on entrepreneurialism with plenty of
