THE ROLE AND IMPORTANCE OF R&D INVESTMENT AND CONTINUOUS INNOVATION AT MNC LEVEL FOR THE ECONOMIC RISE OF THE WEST AT GLOBAL LEVEL

Globalisation of the world market, consumer pressure, disruptive innovations, number of patents, technologies and global trends have changed the business market. Joint-stock companies, along with limited liability companies (Ltd), are the 'engines' of globalisation and interconnectivity, facilitating global trade and collaboration. Another important aspect is partnerships between companies of different types/legal forms and universities, research centres etc. (formation of business networks). Joint stock companies are defined by their flexibility and dynamism, and are able to recover in conditions of economic change. By implementing effective and innovative strategies, they can effectively manage challenges and identify opportunities in this uncertain environment. The basic idea of the present study is to analyze and argue that a small number of MNCs in the US, Europe and Asia dominate various international rankings highlighting R&D investments and innovative capacity at firm level. This 'de facto' situation explains to a large extent (but not entirely) the ascendancy/dominance of the West over the rest of the world.