Economic Creativity and Business Wealth in United States and United Kingdom
Abstract
The United States and the United Kingdom have a mixed economy, developed through free market and global economy, which is regulated by the Government to prevent market failure. The mixed market economy allows the market to operate and the government to only intervene where the market fails. Their economic growth in the short run have been driven by factor accumulation or by utilizing factors more efficiently, but permanent increases resulting from technological innovation. Many of the world's biggest and most dynamic companies–including Google, Facebook, Amazon, Coca-Cola–have chosen the United States and the United Kingdom as their headquarters. The study highlights the types of innovation, the innovation environment and the drivers of innovation. The study concludes that the use of innovation is the only way to maintain a competitive advantage that is sustainable and also access in the market. This innovation secures the future revenues it lowers the costs and creates differentiation of the company in the market. Also to note is that a business model should just be in the short term but also in the medium and long term. For a company to develop a market advantage in the long term, it has to professionally implement innovation management indispensably.
Keywords: Economic Creativity, Business Wealth, United States, United Kingdom.
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