By Joonghae Suh, Derek H. C. Chen
Korea's improvement method bargains worthwhile classes for different constructing and no more constructed economies. specifically, the best way Korea makes use of outdoors applied sciences, via amassing indigenous functions, remains to be legitimate within the period of the data economic climate. This quantity examines the Korean version and Korea's march towards an information economic climate from a poverty-ridden financial system ahead of the release of full-scale industrialization within the early Sixties. It additionally emphasizes Korea's achievements, in addition to closing projects in the 4 pillars of the information economic system, with a typical subject matter all through -- how Korea has narrowed the gaps in its wisdom and associations in worldwide pageant with international leaders.
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Additional info for Korea As a Knowledge Economy: Evolutionary Process and Lessons Learned (Wbi Development Studies)
5, during the earlier years of economic development, the textile and apparel industry was the only sector that showed comparative advantages. Electrical and electronic products began to contribute positively to the trade balance after the early 1970s, followed by transportation equipment, including automobiles and ships. Chemicals as a whole became trade surplus only after the mid-1990s, but the composition of the chemical sectors changed greatly. At earlier stages of development, Korea’s chemical industry showed strong competitiveness in industrial chemicals, including petrochemicals, plastic, and rubber, but depended heavily on imported materials and fine chemicals.
In earlier years, international competitiveness relied mostly on cost factors such as low wages and scale economies based on mass production. 7 Researchers in R&D, Selected OECD Countries (Average 2002–04) 8,000 7,749 per million people 6,717 6,000 5,374 5,178 4,833 4,605 4,587 4,301 3,945 4,000 3,759 3,717 3,597 3,246 3,166 3,095 3,001 2,968 2,521 2,513 2,190 2,099 2,000 1,893 1,401 1,222 Fi nl Ic and e Sw lan ed d J en U De apa ni nm n te a d r S k Lu N tate o N xem rw s ew b ay Z ou O A eal rg EC u an D str d av ali e a C rag a G na e er d m a K or F an ea ra y , R nc e e Be p.
Also, the abundance of engineers and skilled workers that resulted from the HCI plan’s workforce training measures greatly helped to resurrect the Korean economy in the 1980s. Fourth, Korea’s entrepreneurs were vigorous and experienced in competing in the world market. Thus, when they were freed of regulations and forced to survive on their own, they took innovative, bold measures to vitalize the HCI projects. Fifth, the Korean government was pragmatic and bold enough to reform the entire incentive and economic management regime when circumstances dictated it.