Transformations  in
Business & Economics

The Knowledge-based Economy in the European Union: Innovations, Networking and Transformation Strategies
Borisas Melnikas

ABSTRACT. The major goal of the paper is to demonstrate new approaches to innovation activation and purposeful development of the innovation potential in the European Union, taking into account the trends of globalization observed and the challenges of the knowledge – based society being created.

Prospects of economic development are getting more heavily dependent on the ability to initiate, disseminate and implement innovations in all spheres of life. This factor is of particular importance for the development and enlargement of the European Union, because activation of innovations is considered to be a significant problem associated with social and economic development and the advance of science and technology in the European Union. Further activation of innovations is a major precondition for ensuring the competitiveness of the European economy under the conditions of globalization.

KEYWORDS: innovations, potential, international economy, networks, European Union.

JEL classification: O31, F00, L14, P2.