This paper seeks to identify different innovation modes and their territorial embeddedness, relating them to firms' innovative and economic performance. We also analyse the relationship between the different innovation modes and the economic impact of the crisis on firms' performance. These relationships are tested by regression and latent class models for the Portuguese population of firms, using a sample of 397 firms classified according to technological intensity, size and region. Our results show three different innovation modes: a DUI (Doing, Using and Interacting) mode, an STI (Science, Technology and Innovation) mode and a TEI (Territorial Embeddedness Innovation) mode in which territory plays a key role. These innovative modes are related in different ways to firms' economic and innovative performance and also have marked distinctions in terms of resilience to the economic crisis. These findings lead to a reflection on regional innovation policy in the European context.

World capitalism has become capitalism of abundance, but decadent capitalism. Today's capitalism is potentially destructive of the planet on which we live. This text seeks to highlight some of the irrationalities underlying this destructive potential, taking the relation between tourism and innovation as a paradigmatic example. The conceptual, political and operational articulation of tourism with innovation is not an easy task to accomplish, and there are many misunderstandings to block its desired symbiosis. It is also quite clear that innovation, namely that which is mediated and valued solely by market and economic and financial performance criteria, induces production and consumption that have contributed to climate change and levels of unsustainability of the planet. This text has three objectives: to requalify the role of innovation in capitalist society, to reconceptualize the relationship between tourism and innovation and to identify some challenges that will test this relationship in the post-COVID-19 era.

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