This paper introduces the findings of a European research project on the innovativeness of industrial 'low-tech' sectors. This research was carried out in the context of the ongoing discussion about the emerging knowledge society. We argue that innovation depends not only on industries with...

This paper examines the institutional arrangements that develop when the risks of opportunism and other contributors to transaction costs are high but transactions are nevertheless necessary for economic efficiency. Williamson's famous distinction between markets and hierarchies is inadequate...