A successful path of growth and development amid changing competitive conditions is built on intellectual capital

Abstract

The hectic and increasingly unpredictable changes of our time are forcing both nations and companies to rethink their development paths. This is compounded by resource depletion and the need to increase the efficiency of their use. Quantitative growth targets are also being superseded by the need to shift toward a systems-based approach to development, as well as by the new opportunities this shift offers. The importance of intellectual content, organizational, and leadership capabilities–already recognized and referred to by various names–comes to the fore in improving competitiveness, successfully adapting to change, and generally ensuring preparedness for the future. The article outlines the main professional arguments regarding the role of intellectual assets in competitiveness. Then, based on the data, it demonstrates that investments in intellectual assets contribute to improved socio-economic performance and competitiveness at both the national and corporate levels. The article clarifies concepts related to intellectual content and also addresses measurement issues.