Financialization and its Impact on the Nature of Knowledge Production in Bioeconomy

Abstract

The growth of medical biotechnology (MBT) globally over the last few decades has brought to light several significant changes in various aspects of society. The most prominent impacts were witnessed in the organization of industrial activity, and the nature of knowledge production. With innovation occupying the centre stage in the creatively destructive economies, financial actors and institutions became important in fuelling innovations. Such dominance of financialization has in turn led to the constitution of several new relationships among various actors and the emergence of a new business culture. This constitution of the ‘new’ is also a result of the active involvement of the state through a favourable policy environment. In all of these happenings, a question that is widely debated is, ‘how is the nature of knowledge production impacted due to the emergence of a new business culture in the current innovation-led economies?’ This communication delineates the emergence of this new business culture and its relationships, specifically in the context of MBT, and how those changes have impacted the nature of knowledge production. Copyright of Current Science (00113891) is the property of Indian Academy of Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder’s express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.