This chapter argues that the severe decline of 1985-1992 in Massachusetts can be explained in terms of the emergence in Silicon Valley of a new model of technology management that undermined Route 128's competitive advantage in a range of industries. It also argues that the return to regional competitiveness can be explained in terms of the emergence of a new 'focus and network' business model that established the institutional foundations for a regional 'open systems' model of innovation. Complex system products are training grounds for systems integrators, individuals who can speak in several technological languages. The chapter seeks to bring 'technology management' into the discussion of the reasons for regional growth and decline. Treatment of the notion bridges three institutional domains: business model, production system and skill formation. The notion of technology management is rarely invoked in discussions of competitive advantage and industrial growth.
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This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book presents the case studies of the individual countries: Thailand, Indonesia, South Korea and the People's Republic of China (PRC). It examines the factors behind the financial crisis and highlights the underlying similarities and the fundamental differences between the individual cases. The book provides a review of the competing perspectives on the new international financial architecture. It explains a number of fundamental issues and its implications for the emerging market economies. The book also presents a more nuanced picture of the International Monetary Fund's (IMF) policies and its socioeconomic impact. It assesses the IMF's efforts to reduce moral hazard. The book also examines the reasons behind Asia's remarkable economic recovery and the challenges that lie ahead.