Transactional arrangements in the governance of emerging technologies: The case of nanotechnology

Nanotechnology, the science of controlling the structure of matter at the nanoscale, is expected to provide the platform and tools for innovative products and applications for consumers while adding value to solutions designed to address a myriad of human and environmental challenges. This has triggered agents within government and industry to invest heavily in nanotechnology research and development programs [1,2]. The results of this investment are steadily coming to fruition, as evidenced by the increasing number of products incorporating nanomaterials making their way into commerce [3]. In 2001 the United States 220(US) National Science Foundation (NSF) predicted that by 2015, the value of products and services that will incorporate nanotechnology will go up to $US1 trillion [4]. There are also reports suggesting that the potential market value for products incorporating nanotechnology (specifically in the semiconductors and electronics sectors) could go up to $US2.6 trillion by 2014, and US$2.8 trillion by 2015 (driven by the expected commercialisation success in the healthcare and electronics sectors) [5,6]. A detailed summary of the published market figures regarding nanotechnology is provided by Malanowski and Zweck [7:1811].