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This chapter has aimed to indicate some new important emerging policy problems, which have characterised the Covid crisis in the European economy during 2020 and then the bounce-back in 2021. The chapter has illustrated an economic theoretical framework focussed on innovation and structural changes, according to a Schumpeterian and evolutionary or neo-institutional approach, which seems more appropriate than the traditional neoclassical and macroeconomic models, as the basis for a ‘new industrial strategy’ in the European Union. The mainstream economic models are static and point-like, as they do not consider the role of time and of space, such as the existence of asymmetric information and external economies and also the interdependence between the companies and the other ‘stakeholders’ in the process of economic development. On the contrary, the theoretical framework of this chapter considers the factors that act on the structural changes according to four different and interdependent dimensions: the final demand, the intermediate productions and also the supply of labour and the endowment of natural resources. Finally, some preliminary indications on the organisation of a new industrial strategy at the European scale are discussed, different from the focus on just the digital and green technologies, as indicated by the NGEU program by the European Commission.

Polish agriculture is one of the main sectors of the national economy that, under the influence of political transformations and European integration, is subject to measures stimulating its development. The instruments of the Common Agricultural Policy (CAP) have been an important supporting stimulus.

This chapter aims to evaluate the significance of the common agricultural policy to the growth and development of agriculture and to structural transformations therein triggered primarily by the influx of additional CAP funds.

The agricultural sector was examined together with its selected characteristics in the context of CAP instruments' impact after 2004. Data included the streams of funding for Polish agriculture and indicators illustrating changes in structural features, economic performance and productivity of production factors. The indicators included changes in the number, structure and potential of farmsteads, changes in the level of employment in agriculture, this sector's share in total gross value added, profitability of farmsteads, capital expenditure level and changes in labour and land profitability compared with changes in the level of employment and agricultural production intensity. They were calculated based on data from EUROSTAT, Statistics Poland and Farm Accountancy Data Network (FADN).

The outcomes confirm that common agricultural policy has contributed to create development processes in Polish agriculture. Changes in the sector affected structural characteristics, production factors productivity and the income of agricultural producers. Since Poland joined the European Union (EU), the percentage of agricultural workers declined by 8.4 p.p. and the number of farms decreased by nearly 30%. These changes were accompanied by a nearly twofold increase in agricultural labour productivity, 50% increase in land productivity and the profitability of land increased by 43%.

In 2022, US financial regulators proposed to mandate a single central clearing mechanism for treasury bonds and repo transactions to stabilize financial markets. The systemic risks inherent in repo markets were first highlighted by the global financial crisis and, as a response, global financial authorities such as the Financial Stability Board (FSB) and Bank for International Settlements (BIS) have advocated for the introduction of a central counterparty (CCP). This study examines the structural characteristics of Korean repo markets and proposes the introduction of CCPs as a way to mitigate systemic risk. To this end, the author analyzes the structural differences between US and European repo markets and estimates the potential consequences of introducing CCP clearing in local repo markets. In general, CCPs offer two benefits: they can reduce required capital through netting in multilateral transactions, and they can mitigate the effects of risk transfer by isolating counterparty risk during periods of turbulence. In Korea, the latter effect is expected to play a pivotal role in mitigating potential risks.

How to realize social capital “exit from virtual to real” has become not only a hot issue that elicited economists' and the practice field's concern but also a key economic structure problem that the government has to solve urgently. The main purpose of this study is to explore effective methods for social capital to “exit from virtual to real”.

The study investigates the realization path of social capital's “exit from virtual to real” by using firm theory and data from the National Bureau of Statistics in China. Provincial panel data are also utilized to empirically test the impact of social capital's de-realization to virtual (or from virtual to real) on economic development and whether the path of social capital “from virtual to real” is valid.

This study analyzes the development status of social funds serving the real economy and the hazards of social funds' “exit from real to virtual,” which are mainly viewed as eroding the development of the real economy and causing operating difficulties. On the basis of firm theory, the internal motivation for why social funds flow to the real economy is explored from the perspectives of the needs of the real economy, price and profit. Moreover, this study designs a path for returning social capital to the real economy.

Overall, expanding aggregate demand while providing an effective supply and implementing a proactive fiscal policy that focuses on structural tax cuts while keeping margins in the virtual economy are appropriate for promoting the competitiveness of the real economy.

This study explores a topic, namely, social capital “exit from virtual to real,” that has received little attention. It provides an in-depth discussion of the following questions. (1) What is the current situation of social capital serving the real economy? (2) What kind of harm can social capital bring to society? What are the inherent barriers to the flow of social capital to the real economy? (3) At this stage, how can the effective transformation of social capital into the real economy be realized? The findings help in understanding the sustainable entrepreneurship concept, particularly in developing countries.

The chapter describes the emergence of the profession in Czechia. The major driver for universities and research and technology organisations (RTOs) was the country’s accession to the European Union (EU) in 2004. The country has a rich system of national research, development, and innovation (R&D&I) funding and EU Framework Programmes are witnessing a slowly growing interest and success of Czech researchers.¹ Yet, the major force in changing the research management and administration (RMA) culture and addressing the need of professionalising the environment of research administration, management, intellectual property rights, and technology transfer (TT) was European Structural and Investment Funds (ESIF). The Czech government repeatedly, through four EU programming periods, stressed the need for investments to reshape the research infrastructure, environment, and conditions on a scale not experienced by the universities or the RTOs ever before. The availability of EU funds and increasing emphasis on international cooperation enabled Czechia to witness slow, yet steady growth of demand to deliver better service in the field of RMA. This is illustrated through several EU-funded projects focussed on RMA skills development and the recent establishment of the Czech Association of Research Managers and Administrators (CZARMA) in 2022 (Masaryk University, 2022a).

Innovation policy and innovation systems undoubtedly play a crucial role in shaping the path of economic development of contemporary economies. A particularly interesting context for studying the evolution of this area is offered by post-transition economies which had to undergo fundamental structural changes and face the global competition where the advances in knowledge and technological progress ultimately decide between success or failure.

The chapter aims to portray and evaluate the key developments in the innovation policy and national innovation system of Poland – one of the largest and most successful post-transition economies.

The methodological framework of the study involves a descriptive analysis of the major changes in the regulatory and institutional settings as well as an analysis of statistical data on the crucial dimensions of Poland's innovation policy and innovation system over the period 2000–2021. Additionally, the overall effects of the policy have been assessed using the data from the European Innovation Scoreboard (over 2015–2022) and the Global Innovation Index (over 2008–2022).

The findings suggest that the significant changes in Poland's innovation policy and innovation system frameworks introduced since the mid-2000s have resulted in a dynamic increase in the intensity of R&D efforts, especially in the business enterprise sector, allowing to narrow the structural gaps dividing the country from more advanced economies and markedly improve its overall research and innovative performance. A key role in this process has been played by the direct and indirect government support for innovative activities.

EU countries, including those in Central and Eastern Europe, seem to have increasingly similar economies, allowing for the study of real convergence as a process of equalising income levels (measured by GDP per capita). Studies of income convergence in the European Union also have a regional dimension and often focus on convergence at the NUTS2 or NUTS3 regional level. The level of development and income in Polish regions differ significantly. The regional policy implemented at the national and EU level focuses on reducing these differences.

The main aim of the chapter is to analyse the income convergence process among regions in Poland and verify the effectiveness of regional policy implemented at the national and EU level.

The study uses Barro type regression for panel data, log t convergence test, and club clustering algorithm introduced by Phillips and Sul to identify patterns of club convergence in Polish regions. The data used for the study is the Local Data Bank provided by Statistics Poland, which includes gross domestic product per capita at the NUTS-3 level for 73 Polish regions over the period of 2000–2020.

The results of the study indicate a very weak convergence process for all Polish NUTS-3 regions and suggest a club convergence. The club convergence is characterised by regions with similar income levels clustering together. The regional distribution of clubs is similar to the regional distribution of income. The study's findings provide important insights into the effectiveness of regional policy in Poland and suggest that policymakers need to focus on policies that promote catch-up growth in less developed regions. The study also highlights the importance of supporting the most developed regions in the country as they can play a crucial role in driving the country's economic growth and prosperity.