Maslyuko a, Elena; Volchik, Vyachesla ; S ielkowski, Wadim
A icle
Reindus ializa ion, inno a i e sus ainable economic
de elopmen , and socie al alues: A clus e analysis
app oach
Economies
P o ided in Coope a ion wi h:
MDPI – Mul idisciplina y Digi al Publishing Ins i u e, Basel
Sugges ed Ci a ion: Maslyuko a, Elena; Volchik, Vyachesla ; S ielkowski, Wadim (2024) :
Reindus ializa ion, inno a i e sus ainable economic de elopmen , and socie al alues: A clus e
analysis app oach, Economies, ISSN 2227-7099, MDPI, Basel, Vol. 12, Iss. 12, pp. 1-14,
h ps://doi.o g/10.3390/economies12120331
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Ci a ion: Maslyuko a, Elena,
Vyachesla Volchik, and Wadim
S ielkowski. 2024.
Reindus ializa ion, Inno a i e
Sus ainable Economic De elopmen ,
and Socie al Values: A Clus e
Analysis App oach. Economies 12:
331. h ps://doi.o g/10.3390/
economies12120331
Recei ed: 23 Oc obe 2024
Re ised: 20 No embe 2024
Accep ed: 28 No embe 2024
Published: 3 Decembe 2024
Copy igh : © 2024 by he au ho s.
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4.0/).
A icle
Reindus ializa ion, Inno a i e Sus ainable Economic
De elopmen , and Socie al Values: A Clus e Analysis App oach
Elena Maslyuko a 1, Vyachesla Volchik 2and Wadim S ielkowski 3,*
1Depa men o Economic Cybe ne ics, Facul y o Economics, Sou he n Fede al Uni e si y,
Bolshaya Sado aya s . 105, 344006 Ros o -on-Don, Russia; [email p o ec ed]
2Depa men o Economic Theo y, Facul y o Economics, Sou he n Fede al Uni e si y,
Bolshaya Sado aya s . 105, 344006 Ros o -on-Don, Russia; [email p o ec ed]
3
Depa men o T ade and Finance, Facul y o Economics and Managemen , Czech Uni e si y o Li e Sciences
P ague, 165 00 P ague, Czech Republic
*Co espondence: [email p o ec ed]
Abs ac : Ou pape explo es he challenges o indus ial de elopmen by examining wo con as ing
heo e ical amewo ks: (i) he mains eam economic app oach which emphasizes capi al accu-
mula ion, inno a ion, and p o i maximiza ion wi hin a globalized con ex , and (ii) he classical
ins i u ional economics pe spec i e, oo ed in he so-called “Veblen Dicho omy”. The la e con as s
mone a y ins i u ions ocused on sho - e m p o i s wi h hose cen e ed on o ganiza ional, social,
en i onmen al, and business alues ha os e long- e m echnological p og ess. We analyze eindus-
ializa ion p ocesses and assess he hypo hesis ha he con lic be ween hese di e gen ins i u ions
and social alues plays a c i ical ole in c ea ing an ins i u ional en i onmen conduci e o inno a ion
and economic de elopmen . Ou esea ch highligh s how echnological ad ancemen s con ibu e
o he physical and geog aphical agmen a ion o indus ial ac i i ies, he eby d i ing he spa ial
es uc u ing o economies. Fu he mo e, his pape add esses he g owing p ominence o in angible
p oduc ion, no ing how deindus ializa ion, d i en by shi s owa d se ice-based economies, is
closely ela ed o he b oade p ocesses o globaliza ion. The pape employs clus e analysis o
explo e he links be ween eindus ializa ion, ins i u ional dynamics, and socie al alues ac oss ou
g oups (clus e s) o coun ies. Ou esul s e eal di e ences and simila i ies be ween hese g oups o
coun ies and o e policy implica ions and sugges ions o imp o emen s. These esul s migh be
o special in e es o ele an s akeholde s and policymake s, as well as o esea che s ocused on
inno a i e indus ial and economic de elopmen .
Keywo ds: eindus ializa ion; indus ial de elopmen ; sus ainable de elopmen ; ins i u ional
economics; socie al alues; clus e analysis
1. In oduc ion
In mode n economic heo y, he p oblems o indus ial de elopmen a e mos o en
analyzed wi hin he amewo k o he dominan mains eam app oach based on he analy-
sis o he impac o capi al accumula ion and he in oduc ion o inno a ions in he con ex
o globaliza ion (Romano and T aù2024;Qu and Yang 2023). The main incen i es in his
app oach o indus ial de elopmen lie in he plane o he “mone a y economy”, ocused
on ob aining maximum p o i (Hadži´c and Zeko i´c 2022;Moczadlo 2020). Howe e , in
classical o o iginal ins i u ional economics (OIE), he app oach based on he heo e ical
concep o he Veblen Dicho omy (an app oach ha dis inguishes be ween wo ypes o eco-
nomic ac i i ies—pecunia y and indus ial— h ough highligh ing a undamen al ension
wi hin economic beha io in capi alis socie ies) has adi ionally e ained g ea in luence
(Walle 2021). This app oach con as s “mone a y” ins i u ions ocused on sho - e m goals
wi h ins i u ions associa ed wi h o ganiza ional, social, en i onmen al, and business alues,
and ensu ing condi ions o long- e m echnological de elopmen (Valen ino 2023).
Economies 2024,12, 331. h ps://doi.o g/10.3390/economies12120331 h ps://www.mdpi.com/jou nal/economies
Economies 2024,12, 331 2 o 14
Reindus ializa ion p ocesses ha e become inc easingly ele an in condi ions whe e
dys unc ions in he de elopmen o na ional indus y ha e become ob ious in e ms o
issues o economic secu i y and sus ainable de elopmen (Nagy e al. 2020;Sa o and
Kuwamo i 2024). And he e, examining he p oblems o he Veblen Dicho omy could be
p oduc i e o iden i ying ins i u ional ac o s in luencing mode n eindus ializa ion p o-
cesses.
The p oblema ic o he Veblen Dicho omy in a his o ical con ex is associa ed wi h he
analysis o he in luence o social ac o s on he indus ial s uc u e o he economy and
economic de elopmen in gene al. In his con ex , he ideas o Ka l Ma x and Ma xis s
had he g ea es in luence in he p e-Veblen pe iod since hey p eda e Veblen’s wo k on
he in luence o social and his o ical ac o s, in luencing he indus ial and e en heo e ical
s uc u e o he economy and economics (see Ma x 2024;Howa d e al. 1988).
The p oblema ic o he Veblen Dicho omy is de o ed o he issue o con adic ions
be ween he sho - e m incen i es o he mone a y economy and he long- e m p ospec s
o he de elopmen o egula o y ins i u ions, educa ion, and he inno a ion sys em ha
ensu e sus ainable de elopmen (Mindel e al. 2024;Ki imaa and Rogge 2022). Mode n
s udies using he concep o he Veblen Dicho omy emphasize he limi a ions o con ac ual
ma ke mechanisms and he p o i mo i e and he need o analyze he de elopmen o
mode n indus ial p oduc ion along wi h ins i u ional ac o s and social alues (Hodgson
2023a,2023b;Ingleha 2020). As Ramazzo i (2014, ol. 89) pu s i , he dicho omy applies
no jus o a business’s choices abou p oduc olume and composi ion bu also o i s
managemen o labo , echnology, and o e all knowledge.
Rega ding ins i u ional and echnological changes in he mode n globalized economy,
i is also necessa y o clea ly unde s and whe e app oaches based on unde es ima ing he
ole o public policy can lead (Volchik e al. 2023). I is he ac ions o in e es g oups and
eli es ha la gely de e mine he o ma ion o he ajec o y, which, due o inc easing e u ns
and ne wo k e ec s, can signi ican ly a ec he e ec i eness o he ins i u ional s uc u e
and echnological solu ions (Ga ee and Elisee a 2020). Ins i u ional and echnological
changes lead o inc eased p oduc i i y and economic g ow h, bu in cases whe e hey a e
highly adap i e, be e esul s in sus ainable economic de elopmen a e obse ed (Pi and
Fan 2021;Veselo and Ya kin 2022). The adap abili y o echnologies and ins i u ions in
his con ex is conside ed h ough he p ism o he ime equi ed o ac o s o adap o new
ins i u ional s uc u es and echnological solu ions (Xu e al. 2024, ol. 3).
Indus ial de elopmen , especially in de eloping coun ies, is la gely de e mined
by he quali y and consis ency o s a e policy (Ki ie a e al. 2020). The implemen a ion
o s a e indus ial policy is associa ed wi h signi ican in o ma ion asymme y, which
can be iewed h ough he p ism o he p incipal–agen p oblem (Ouyang 2006). The
exis ence o in o ma ion asymme y also c ea es addi ional isks in e ms o o ecas ing and
e alua ing a ious op ions o echnological solu ions. In oday’s economy, an inc easing
po ion o GDP is p oduced in he a eas o in angible p oduc ion. The g ow h o in angible
p oduc ion signi ican ly a ec s he p ocesses o c ea ing in as uc u e o ma e ial and
in angible p oduc ion, as well as sol ing complex issues o adap ing o public policy
(Haskel and Wes lake 2018). The inc easing ole o non-ma e ial p oduc ion o e he pas
decades has been accompanied by he p ocesses o deindus ializa ion in he economies
o de eloped and de eloping coun ies (Row ho n and Cou s 2013;S ojˇci´c e al. 2019;
Moczadlo 2020).
Ins i u ional and echnological changes a e closely linked o cul u e. Based on ex-
ensi e his o ical s udies o cul u e, echnology, and ins i u ions, Moky (2016) comes o
an in e es ing conclusion ha inno a ion-d i en g ow h elies on he di ec link be ween
cul u e and echnology, shaped by iews on na u e and human–en i onmen in e ac ions
(Moky 2016, ol. 16).
In ou pape , deindus ializa ion is pe cei ed as he educ ion in manu ac u ing in-
dus y’s sha e wi hin an economy compa ed wi h o he sec o s. I especially impac s hea y
indus y o manu ac u ing indus y and in ol es bo h social and economic aspec s. I also
Economies 2024,12, 331 3 o 14
leads o an inc ease in he impo ance o o he sec o s (e.g., se ices) ma king signi ican im-
plica ions o employmen and economic s uc u e, as well as social dynamics. In addi ion,
i highligh s he impo ance o adap ing o clima e change by enhancing sus ainable eco-
nomic de elopmen and mo ing owa ds enewable ene gy (RE). Figu e 1below illus a es
he mos equen keywo ds used in he de ini ion and he concep o deindus ializa ion
using a wo d cloud diag am. The sea ch o he mos equen keywo ds was ca ied
ou using he de ini ions and concep desc ip ions ound in six pape s ci ed wi hin his
e y ex as well as in he IMF Wo king Pape by Row ho n and Ramaswamy (1997); he
Uni ed Na ions Wo king Pape by Ha e kamp and Cla a (2019); de ini ions e ie ed om
Camb idge Dic iona y (2024); Ox o d Re e ence (2024); and ele an in o ma ion om he
ex ensi e collec ion o con en by Else ie ’s Resea ch Topics (ScienceDi ec 2024). The
esul ing diag am depic s a isual ep esen a ion o ex da a ha showcases he equency
o wo ds wi hin a gi en body o ex wi h he size o each wo d being p opo ional o i s
equency o occu ence (la ge wo ds a e mo e common).
Economies 2024, 12, x FOR PEER REVIEW 3 o 15
cul u e and echnology, shaped by iews on na u e and human–en i onmen in e ac ions
(Moky 2016, ol. 16).
In ou pape , deindus ializa ion is pe cei ed as he educ ion in manu ac u ing in-
dus ys sha e wi hin an economy compa ed wi h o he sec o s. I especially impac s
hea y indus y o manu ac u ing indus y and in ol es bo h social and economic aspec s.
I also leads o an inc ease in he impo ance o o he sec o s (e.g., se ices) ma king sig-
ni ican implica ions o employmen and economic s uc u e, as well as social dynamics.
In addi ion, i highligh s he impo ance o adap ing o clima e change by enhancing sus-
ainable economic de elopmen and mo ing owa ds enewable ene gy (RE). Figu e 1 be-
low illus a es he mos equen keywo ds used in he de ini ion and he concep o de-
indus ializa ion using a wo d cloud diag am. The sea ch o he mos equen keywo ds
was ca ied ou using he de ini ions and concep desc ip ions ound in six pape s ci ed
wi hin his e y ex as well as in he IMF Wo king Pape by Row ho n and Ramaswamy
(1997); he Uni ed Na ions Wo king Pape by Ha e kamp and Cla a (2019); de ini ions
e ie ed om Camb idge Dic iona y (2024); Ox o d Re e ence (2024); and ele an in o -
ma ion om he ex ensi e collec ion o con en by Else ie s Resea ch Topics (ScienceDi-
ec 2024). The esul ing diag am depic s a isual ep esen a ion o ex da a ha show-
cases he equency o wo ds wi hin a gi en body o ex wi h he size o each wo d being
p opo ional o i s equency o occu ence (la ge wo ds a e mo e common).
Figu e 1. Wo d cloud diag am o deindus ializa ion concep . Sou ce: own esul s.
Deindus ializa ion has become one o he main objec i e economic p ocesses since
he end o he 20 h cen u y (Des ek 2021; She chenko and Zhao 2022). Howe e , he ide-
ological ounda ions o deindus ializa ion can be ound in men al models ha we e c e-
a ed by in ellec ual eli es and used by poli icians. The impo ance o men al models o
ins i u ional change is inc easingly in he ocus o ins i u ional economis s, who empha-
size he p oblem o powe (Al man 2023).
Indus ial p oduc ion since he Indus ial Re olu ion has depended no only on he
in en ion o new echnological solu ions bu also on eme ging ma ke incen i es (Wisman
and Smi h 1999). Ma ke incen i es allow en ep eneu s o a ac and ocus hei ac i i ies
on exis ing and eme ging ma ke s, as well as a ac inancial esou ces o implemen new
echnological imp o emen s in p oduc ion p ocesses (High 2020; Di Be a dino e al. 2021).
The same exis ence o ma ke incen i es is associa ed wi h en ep eneu ial ini ia i e. The
absence o en ep eneu ial ini ia i e o limi a ion o i in he So ie economy had a nega-
i e impac on inno a i e de elopmen in hose indus ies ha we e associa ed wi h
b oad consume demand.
Figu e 1. Wo d cloud diag am o deindus ializa ion concep . Sou ce: own esul s.
Deindus ializa ion has become one o he main objec i e economic p ocesses since
he end o he 20 h cen u y (Des ek 2021;She chenko and Zhao 2022). Howe e , he
ideological ounda ions o deindus ializa ion can be ound in men al models ha we e
c ea ed by in ellec ual eli es and used by poli icians. The impo ance o men al models o
ins i u ional change is inc easingly in he ocus o ins i u ional economis s, who emphasize
he p oblem o powe (Al man 2023).
Indus ial p oduc ion since he Indus ial Re olu ion has depended no only on he
in en ion o new echnological solu ions bu also on eme ging ma ke incen i es (Wisman
and Smi h 1999). Ma ke incen i es allow en ep eneu s o a ac and ocus hei ac i i ies
on exis ing and eme ging ma ke s, as well as a ac inancial esou ces o implemen new
echnological imp o emen s in p oduc ion p ocesses (High 2020;Di Be a dino e al. 2021).
The same exis ence o ma ke incen i es is associa ed wi h en ep eneu ial ini ia i e. The
absence o en ep eneu ial ini ia i e o limi a ion o i in he So ie economy had a nega i e
impac on inno a i e de elopmen in hose indus ies ha we e associa ed wi h b oad
consume demand.
The de egula ion o inancial ma ke s has led o a apid g ow h in he sha e o inancial
se ices in he GDP o de eloped coun ies. This has c ea ed a si ua ion whe e in es men s
in inancial asse s ha e been accompanied by deindus ializa ion p ocesses (Capello and
Ce isola 2023;La and Taguchi 2023).
P ocesses associa ed wi h indus ial changes signi ican ly a ec no only economic
ela ions bu also ans o m es ablished social p ac ices and ins i u ions (Jonek-Kowalska
2024;Schei ing and King 2023). Fo example, he p ocess o deindus ializa ion has a
Economies 2024,12, 331 4 o 14
signi ican impac on he iden i y and physical and men al well-being o wo ke s associa ed
wi h indus ial p oduc ion (S angleman and Rhodes 2014).
In mode n condi ions, Veblen’s dicho omy emains ele an because i add esses
he ques ion o how ma ke incen i es and ins i u ional s uc u es (including cul u e and
social alues) in luence echnological p og ess and, consequen ly, economic de elopmen .
(Volchik and Maslyuko a 2024).
The main no el y and scien i ic alue-added o ou pape lie in i s applica ion o
clus e analysis o explo e he in e sec ion o eindus ializa ion, ins i u ional dynamics,
and socie al alues ac oss a di e se se o coun ies. By combining economic indica o s
o indus ial de elopmen wi h a i udinal da a on science and echnology, he s udy p o-
ides a unique pe spec i e on how alue sys ems in luence echnological p og ess and
eindus ializa ion. The alue-added comes om he iden i ica ion o coun y clus e s
which highligh dis inc pa hways o indus ializa ion and o e ailo ed policy ecom-
menda ions, helping o b idge he gap be ween heo e ical ins i u ional amewo ks and
p ac ical economic policy.
This pape is s uc u ed as ollows. Sec ion 2p esen s ma e ials and me hods whe e
he main me hods o esea ch and he selec ion o main a iables a e p esen ed. Sec ion 3
ou lines he main esul s o he clus e analysis. Sec ion 4o e s he discussion o esul s.
Finally, Sec ion 5 ea u es main conclusions and limi a ions, as well as he implica ions o
he s udy.
2. Me hodology
Ou me hods include he analysis o he p ocesses o eindus ializa ion o con i ming
o e u ing he hypo hesis s a ing ha he con lic o di e en ypes o ins i u ions and
social alues se es as one o he sou ces o he o ma ion o an ins i u ional en i onmen
ha p omo es he inno a i e de elopmen o he economy.
Thanks o echnological de elopmen , new echnologies appea ha a e used in a -
ious sec o s o he economy, which accele a es he g owing physical and geog aphical
agmen a ion o economic and indus ial ac i i y. In o he wo ds, he p ocesses o eindus-
ializa ion make a signi ican con ibu ion o he spa ial es uc u ing o he economy and
indus y. The inc easing ole o in angible p oduc ion o e he pas decades has been ac-
companied by deindus ializa ion p ocesses in he economies o de eloped and de eloping
coun ies. Deindus ializa ion is also closely ela ed o o he impo an economic p ocesses,
such as globaliza ion and he ansi ion om he p oduc ion o goods o he se ice sec o .
The ea u es o eindus ializa ion, including he p oblem o he dependence o his p ocess
on he de elopmen o echnologies, we e conside ed in he wo ks o Ro hwell (1985) and
S e enson (1981).
Reindus ializa ion is a p ocess ha is based on he close connec ion be ween science,
echnology, and p oduc ion. The e m “ eindus ializa ion” has a ious meanings, bu mos
o en i e e s o an inc ease in he sha e o manu ac u ing in added alue o employmen ;
he e o e, in ou s udy, he ollowing quan i a i e indica o s o eindus ializa ion by
coun y o 2021 we e selec ed as a iables e lec ing he le el o eindus ializa ion o
he economy:
•High- echnology expo s (% o manu ac u ed expo s);
•Manu ac u ing, alue added (% o GDP);
•Manu ac u ing, alue added (annual % g ow h).
These ac o s e lec he cu en le el o de elopmen o echnologies and he inno a-
ion en i onmen ha ensu es he coun y’s compe i i eness.
The g ow h o echnological inno a ion is associa ed wi h he o ma ion o scien i ic
and educa ional ins i u ions. Changes associa ed wi h he g ow h o echnological inno-
a ion and he o ma ion o a knowledge socie y a e associa ed wi h adical changes in
he social o ganiza ion o socie y and i s key ins i u ions. A he same ime, new ypes o
connec ions a e o med, which a e s imula ed by bo h new echnologies and eme ging
in o mal no ms and ins i u ions ha s imula e he c ea i e beha io o ac o s. The e o e,
Economies 2024,12, 331 5 o 14
o iden i y c oss-coun y di e ences, in addi ion o eindus ializa ion indica o s, we use
a iables ha cha ac e ize alue di e ences be ween coun ies in e ms o a i udes owa d
science and echnology in socie y. The lis o alue a iables is p esen ed in Table 1. To
analyze alue di e ences ac oss coun ies, we used da a om popula ion su eys om he
WVS Da abase (h ps://www.wo ld aluessu ey.o g/, Wa e 7 (2017–2021) (accessed on
20 Oc obe 2024)).
Table 1. Lis o a iables cha ac e izing a i udes owa ds science and echnology in socie y.
Va iable Ques ion om WVS Da abase Answe s
Com o able Science and echnology a e making ou li es heal hie ,
easie , and mo e com o able.
A scale om 1 o 10, whe e 1 is comple ely
disag ee and 10 is comple ely ag ee
Oppo uni ies Because o science and echnology, he e will be mo e
oppo uni ies o he nex gene a ion.
A scale om 1 o 10, whe e 1 is comple ely
disag ee and 10 is comple ely ag ee
Science ai h We depend oo much on science and no enough on ai h. A scale om 1 o 10, whe e 1 is comple ely
disag ee and 10 is comple ely ag ee
Bad e ec s One o he bad e ec s o science is ha i b eaks down
people’s ideas o igh and w ong.
A scale om 1 o 10, whe e 1 is comple ely
disag ee and 10 is comple ely ag ee
Impo ance I is no impo an o me o know abou science in my
daily li e.
A scale om 1 o 10, whe e 1 is comple ely
disag ee and 10 is comple ely ag ee
Wo ld be e All hings conside ed, would you say ha he wo ld is
be e o o wo se o , because o science and echnology?
A scale om 1 o 10, whe e 1 is much wo se
and 10 is much be e
Sou ce: WVS Da abase (h ps://www.wo ld aluessu ey.o g/, accessed on 20 Oc obe 2024), Wa e 7 (2017–2021).
3. Resul s
Fo he analysis, a e age alues o each alue a iable by coun y we e used. Ou
sample o coun ies included hose o which in o ma ion was a ailable a he ime o he
s udy. Un o una ely, i was no possible o include o he coun ies in he analysis due
o lack o da a. Desc ip i e s a is ics o he selec ed a iables a e p esen ed in Table 2
ha ollows.
Table 2. Desc ip i e s a is ics o a iables.
Va iable Mean Median S d. De . Min Max
High_ ech 14.7 8.38 15.6 0.381 64.2
Manu _GDP 14.7 14.2 6.38 1.43 27.2
Manu _g ow h 6.03 6.18 6.28 −12.2 18.6
Com o able 7.39 7.40 0.636 5.90 8.70
Oppo uni ies 7.52 7.50 0.589 6.30 9.00
Science ai h 5.73 5.90 0.872 3.90 7.40
Bad e ec s 5.70 5.70 0.694 4.00 7.10
Impo ance 4.72 4.75 0.820 2.90 6.10
Wo ld be e 6.88 6.90 0.762 5.50 8.50
Sou ce: own esul s.
Reindus ializa ion indica o s a e exp essed h ough such s a is ical indica o s as
high- echnology expo s (% o manu ac u ed expo s), manu ac u ing, alue added (% o
GDP) and manu ac u ing, and alue added (annual % g ow h) (Mic oso Excel was
employed o depic he alues o a ious coun ies in he igu e). In mode n condi ions,
hese indica o s can be conside ed as cha ac e is ics o he ajec o y o inno a i e and
echnological de elopmen o he coun y. The g ea es ange o alues is obse ed o
he high- echnology expo s (% o manu ac u ed expo s) indica o , wi h he leade s in
his indica o being he Philippines (64.2%), Singapo e (60.0%), and Malaysia (51.7%),
while he ou side coun ies, whe e his indica o does no exceed 2%, a e I an, Islamic
Rep., Zimbabwe, Pakis an, and Jo dan. The la ges sha e o added alue o p oduc ion
in GDP (manu ac u ing and alue added (% o GDP)) ha e Republic o Ko ea (25.5%),
Myanma (25.6%), and Thailand (27.2%), while he lowes alues o his indica o a e in
Economies 2024,12, 331 6 o 14
Lebanon (1.4%) and E hiopia (4.6%). The highes g ow h a es o alue added (annual %
g ow h) o he pe iod unde e iew we e obse ed in A gen ina (15.7%), Pe u (18.4%),
and Tu key (18.6%), while nega i e g ow h was obse ed in Myanma (
−
12.2%), Lebanon
(
−
6.9%), A ab Republic o Egyp (
−
5.9%), Mongolia (
−
0.9%), and Cyp us (
−
0.8%) (see
Figu e 2below).
Economies 2024, 12, x FOR PEER REVIEW 6 o 15
Reindus ializa ion indica o s a e exp essed h ough such s a is ical indica o s as
high- echnology expo s (% o manu ac u ed expo s), manu ac u ing, alue added (% o
GDP) and manu ac u ing, and alue added (annual % g ow h) (Mic oso Excel was em-
ployed o depic he alues o a ious coun ies in he igu e). In mode n condi ions, hese
indica o s can be conside ed as cha ac e is ics o he ajec o y o inno a i e and echno-
logical de elopmen o he coun y. The g ea es ange o alues is obse ed o he high-
echnology expo s (% o manu ac u ed expo s) indica o , wi h he leade s in his indica-
o being he Philippines (64.2%), Singapo e (60.0%), and Malaysia (51.7%), while he ou -
side coun ies, whe e his indica o does no exceed 2%, a e I an, Islamic Rep., Zimba-
bwe, Pakis an, and Jo dan. The la ges sha e o added alue o p oduc ion in GDP (man-
u ac u ing and alue added (% o GDP)) ha e Republic o Ko ea (25.5%), Myanma
(25.6%), and Thailand (27.2%), while he lowes alues o his indica o a e in Lebanon
(1.4%) and E hiopia (4.6%). The highes g ow h a es o alue added (annual % g ow h)
o he pe iod unde e iew we e obse ed in A gen ina (15.7%), Pe u (18.4%), and Tu key
(18.6%), while nega i e g ow h was obse ed in Myanma (−12.2%), Lebanon (−6.9%),
A ab Republic o Egyp (−5.9%), Mongolia (−0.9%), and Cyp us (−0.8%) (see Figu e 2 be-
low).
Figu e 2. Reindus ializa ion indica o s by coun y (2021). Sou ce: WVS Da abase
(h ps://www.wo ld aluessu ey.o g/, accessed on 20 Oc obe 2024), Wa e 7 (2017–2021).
The o ma ion o alue guidelines o economic agen s occu s unde he in luence o
a ious ac o s. Such ac o s include he quali a i e cha ac e is ics o he ins i u ional en-
i onmen ha p omo es he inno a i e de elopmen o he economy. A he same ime,
he exis ing alue a i udes o med in a pa icula coun y in luence i s inno a i e de el-
opmen and p omo e eindus ializa ion p ocesses. The second block o ac o s e lec s he
speci ics o coun ies in e ms o a i udes owa ds science and echnology in socie y. Fo
example, among he alue a iables, he g ea es sp ead o a e age alues is obse ed o
he a iable Science_ ai h: he lowes le el o ag eemen wi h he s a emen ha “We ely
oo much on science and no enough on ai h” is obse ed in Japan and he highes is
-20
-10
0
10
20
30
40
50
60
70
A gen inaA menia
Aus alia
Boli ia
B azil
Chile
Colombia
Cyp us
Ge many
Ecuado
Egyp , A ab Rep.
E hiopia
G eece
Gua emala
Indonesia
I an, Islamic Rep.
Jo dan
Japan
Kazakhs an
Kenya
Ky gyz Republic
Ko ea, Rep.
Lebanon
Mo occo
Mexico
Myanma
Mongolia
Malaysia
Nige ia
Pakis an
Pe u
Philippines
Russian Fede a ion
Singapo e
Thailand
Tunisia
Tu kiye
Uni ed S a es
Vie Nam
Zimbabwe
High- echnology expo s (% o manu ac u ed expo s) Manu ac u ing, alue added (% o GDP)
Manu ac u ing, alue added (annual % g ow h)
Figu e 2. Reindus ializa ion indica o s by coun y (2021). Sou ce: WVS Da abase (h ps://www.
wo ld aluessu ey.o g/, accessed on 20 Oc obe 2024), Wa e 7 (2017–2021).
The o ma ion o alue guidelines o economic agen s occu s unde he in luence
o a ious ac o s. Such ac o s include he quali a i e cha ac e is ics o he ins i u ional
en i onmen ha p omo es he inno a i e de elopmen o he economy. A he same
ime, he exis ing alue a i udes o med in a pa icula coun y in luence i s inno a i e
de elopmen and p omo e eindus ializa ion p ocesses. The second block o ac o s e lec s
he speci ics o coun ies in e ms o a i udes owa ds science and echnology in socie y. Fo
example, among he alue a iables, he g ea es sp ead o a e age alues is obse ed o
he a iable Science_ ai h: he lowes le el o ag eemen wi h he s a emen ha “We ely oo
much on science and no enough on ai h” is obse ed in Japan and he highes is obse ed
in A menia. The smalles sp ead o a e age alues is obse ed o he Oppo uni ies
a iable, while A menia has he highes a e age sco e o his a iable, i.e., he g ea es
numbe o esponden s exp essed a high le el o ag eemen wi h he s a emen ha hanks
o science and echnology, he new gene a ion will ha e mo e oppo uni ies. The analysis
o he ela ionship be ween he indica o s unde conside a ion was ca ied ou using
co ela ion coe icien s ( he co ela ion ma ix is p esen ed in Figu e 3). Figu e 3 ep esen s
a hea map ha allows us o quickly assess he s eng h and di ec ion o he co ela ion
be ween a iables. The colo scale enables us o isually dis inguish be ween posi i e and
nega i e co ela ions ( o example, b igh ed may indica e a s ong posi i e co ela ion,
while b igh blue may indica e a s ong nega i e co ela ion). The highes co ela ion is
obse ed be ween he Com o able and Oppo uni ies a iables, as well as Science ai h
and Bad e ec s.
Economies 2024,12, 331 7 o 14
Economies 2024, 12, x FOR PEER REVIEW 7 o 15
obse ed in A menia. The smalles sp ead o a e age alues is obse ed o he Oppo u-
ni ies a iable, while A menia has he highes a e age sco e o his a iable, i.e., he g ea -
es numbe o esponden s exp essed a high le el o ag eemen wi h he s a emen ha
hanks o science and echnology, he new gene a ion will ha e mo e oppo uni ies. The
analysis o he ela ionship be ween he indica o s unde conside a ion was ca ied ou
using co ela ion coefficien s ( he co ela ion ma ix is p esen ed in Figu e 3). Figu e 3
ep esen s a hea map ha allows us o quickly assess he s eng h and di ec ion o he
co ela ion be ween a iables. The colo scale enables us o isually dis inguish be ween
posi i e and nega i e co ela ions ( o example, b igh ed may indica e a s ong posi i e
co ela ion, while b igh blue may indica e a s ong nega i e co ela ion). The highes co -
ela ion is obse ed be ween he Com o able and Oppo uni ies a iables, as well as Sci-
ence ai h and Bad effec s.
Figu e 3. Co ela ion ma ix. Sou ce: own esul s.
The analysis o in e -coun y alue diffe en ia ion and eindus ializa ion was ca -
ied ou using clus e ing by he Wa d me hod using he no malized Euclidean dis ance as
a dis ance me ic. Clus e analysis is a me hod o g ouping mul idimensional objec s
based on he p esen a ion o he esul s o indi idual obse a ions by poin s o a sui able
geome ic space wi h he subsequen alloca ion o associa ions and clus e s. By “clus e s”
we mean homogeneous g oups o objec s, i.e., coun ies acco ding o a selec ed se o pa-
ame e s, such as he le el o eindus ializa ion and alue cha ac e is ics om he poin
o iew o a i udes owa ds science and echnology in socie y.
Thus, he use o clus e analysis will help o ob ain homogeneous g oups o objec s,
i.e., coun ies acco ding o he selec ed se o pa ame e s, such as he le el o eindus ial-
iza ion and alue cha ac e is ics om he poin o iew o he a i ude owa ds science
and echnology in socie y. The sample includes 40 coun ies, which we e di ided in o ou
0.2 0.0 -0.1 0.6 0.6 -0.2 -0.2 -0.3 1.0
0.0 -0.1 0.1 -0.5 -0.4 0.5 0.4 1.0 -0.3
-0.1 -0.1 0.1 -0.1 0.2 0.7 1.0 0.4 -0.2
-0.0 -0.1 0.2 -0.1 0.1 1.0 0.7 0.5 -0.2
-0.2 0.1 -0.2 0.8 1.0 0.1 0.2 -0.4 0.6
-0.1 0.0 -0.3 1.0 0.8 -0.1 -0.1 -0.5 0.6
0.2 0.1 1.0 -0.3 -0.2 0.2 0.1 0.1 -0.1
0.4 1.0 0.1 0.0 0.1 -0.1 -0.1 -0.1 0.0
1.0 0.4 0.2 -0.1 -0.2 -0.0 -0.1 0.0 0.2
Wo ld_be e
Impo ance
Bad_e ec s
Science_ ai h
Oppo uni ies
Com o able
Manu _g ow h
Manu _GDP
High_ ech
High_ ech
Manu _GDP
Manu _g ow h
Com o able
Oppo uni ies
Science_ ai h
Bad_e ec s
Impo ance
Wo ld_be e
-1
-0.5
0
0.5
1
Co ela ion ma ix
Figu e 3. Co ela ion ma ix. Sou ce: own esul s.
The analysis o in e -coun y alue di e en ia ion and eindus ializa ion was ca ied
ou using clus e ing by he Wa d me hod using he no malized Euclidean dis ance as
a dis ance me ic. Clus e analysis is a me hod o g ouping mul idimensional objec s
based on he p esen a ion o he esul s o indi idual obse a ions by poin s o a sui able
geome ic space wi h he subsequen alloca ion o associa ions and clus e s. By “clus e s”
we mean homogeneous g oups o objec s, i.e., coun ies acco ding o a selec ed se o
pa ame e s, such as he le el o eindus ializa ion and alue cha ac e is ics om he poin
o iew o a i udes owa ds science and echnology in socie y.
Thus, he use o clus e analysis will help o ob ain homogeneous g oups o objec s,
i.e., coun ies acco ding o he selec ed se o pa ame e s, such as he le el o eindus i-
aliza ion and alue cha ac e is ics om he poin o iew o he a i ude owa ds science
and echnology in socie y. The sample includes 40 coun ies, which we e di ided in o
ou clus e s, which a e mo e sui able han o he op ions o esea ch as homogeneous
g oups. (Figu e 4). Each selec ed clus e ep esen s g oups o coun ies wi h simila alue
cha ac e is ics and le els o eindus ializa ion. The a e age alues o a iables by clus e s
and hen p esen ed in Table 3.
The i s clus e includes se en coun ies: Boli ia, Chile, Colombia, Ecuado , Gua emala,
Mexico, and Pe u (highligh ed in blue). The coun ies in his clus e a e cha ac e ized by he
highes annual g ow h a es o added alue o p oduc ion, bu he le el o high- echnology
expo s om hese coun ies is he lowes . Tha is, hese coun ies can be cha ac e ized as
coun ies wi h a gene ally low le el o inno a ion. The key eason may be he minimum
le el o measu es aken o c ea e condi ions o eindus ializa ion in hese coun ies. As
o he alue cha ac e is ics, i should be no ed ha he coun ies in his clus e ha e he
minimum a e age alues o he Com o able and Wo ld be e a iables, bu he maximum
a e age alues o he Science ai h, Bad e ec s, and Impo ance a iables, ha is, hese
Economies 2024,12, 331 8 o 14
coun ies unde es ima e he impo ance o science and echnology in e ms o hei impac
on he quali y o li e, and he e is a high le el o dis us in scien i ic knowledge in e ms o
i s impo ance in e e yday li e.
Economies 2024, 12, x FOR PEER REVIEW 8 o 15
clus e s, which a e mo e sui able han o he op ions o esea ch as homogeneous g oups.
(Figu e 4). Each selec ed clus e ep esen s g oups o coun ies wi h simila alue cha ac-
e is ics and le els o eindus ializa ion. The a e age alues o a iables by clus e s and
hen p esen ed in Table 3.
Figu e 4. Resul s o hie a chical clus e ing. Sou ce: own esul s.
Table 3. A e age alues o a iables by clus e s.
Clus e C1 C2 C3 C4
Coun 7 5 13 15
High- echnology expo s (% o manu ac u ed expo s) 8.50 46.35 8.80 12.08
Manu ac u ing, alue added (% o GDP) 13.39 22.90 15.89 11.52
Manu ac u ing, alue added (annual % g ow h) 9.54 8.74 2.97 6.15
Com o able 6.47 7.06 7.65 7.70
Oppo uni ies 7.09 6.98 7.64 7.81
Science ai h 6.66 5.76 4.89 6.02
Bad effec s 6.33 5.7 5.05 5.98
Impo ance 5.49 4.82 4.01 4.95
Wo ld be e 5.91 6.82 6.92 7.31
Sou ce: own esul s.
Figu e 4. Resul s o hie a chical clus e ing. Sou ce: own esul s.
Table 3. A e age alues o a iables by clus e s.
Clus e C1 C2 C3 C4
Coun 7 5 13 15
High- echnology expo s (% o manu ac u ed expo s) 8.50 46.35 8.80 12.08
Manu ac u ing, alue added (% o GDP) 13.39 22.90 15.89 11.52
Manu ac u ing, alue added (annual % g ow h) 9.54 8.74 2.97 6.15
Com o able 6.47 7.06 7.65 7.70
Oppo uni ies 7.09 6.98 7.64 7.81
Science ai h 6.66 5.76 4.89 6.02
Bad e ec s 6.33 5.7 5.05 5.98
Impo ance 5.49 4.82 4.01 4.95
Wo ld be e 5.91 6.82 6.92 7.31
Sou ce: own esul s.
