Suh J., Chen D.H.C. Korea as a knowledge economy: evolutionary process and lessons learned

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alone strategy will not be effective in the current globalized knowledge economy.

Therefore, technological cooperation between domestic firms and foreign firms

needs to be aggressively promoted. In the past, the Korean economy has benefited

from the inflow of advanced foreign technologies via informal channels. Now, new

modes of cooperation, such as cross-licensing and strategic alliances, need to be

used more. Facing rapid changes in technological opportunities and the expansion

of globalization, private enterprises need to strengthen the development of human

resources and international R&D networks.

These challenges in the education and innovation pillars of the Korean economy

have persisted for some time. For example, the problems with the innovation sys-

tem were pointed out in an OECD S&T policy review in 1995 (OECD 1996), and

they have yet to be resolved, despite the drastic economic crisis experienced by the

country and subsequent economy-wide reforms. Korea may encounter further dif-

ficulties in maintaining its current rate of economic growth if appropriate, concrete

steps are not taken to promptly and properly resolve these issues.

Polarization of Korean Society

Another challenge facing the Korean economy is that the economic development

has not been balanced across the different sectors of the economy, and the benefits

of economic growth have not been trickling down to all household groups. Thus,

economic inequality among different household groups has increased since the

1990s. This polarization has been amplified by the 1997 recession and takes place in

several dimensions. For example, workers in the manufacturing sector are earning

significantly more than workers in the service sectors, and workers in large enter-

prises (300 or more employees) are economically better off than those in SMEs. Sim-

ilar disparities are observed between workers in the HCIs and those in the light

manufacturing industries, between those in and those not in the IT sector (as dis-

cussed in chapter 5), and between permanent and contractual workers.

Two initiatives are being implemented by the government in an effort to achieve

more balanced economic development across the different parts of the economy:

first, the promotion of the SME sector, and second, the economic regionalization

Assessment and Lessons 177

For a national innovation system to be more effective, it must tap into global knowl-

edge. A stand-alone strategy in the current globalized economy is doomed to be inef-

fective. Therefore, technological cooperation between domestic firms and foreign firms

needs to be aggressively promoted, so that Korean firms can participate in and benefit

from international R&D networks.

Economic development in Korea has not been balanced across the different sectors of

the economy, and the economic benefits have not been trickling down to all household

groups, resulting in increased income inequality.

process. Korea is showing encouraging signs on both. For example, the SMEs sec-

tor has shown a significant increase in R&D. This is concomitant with the develop-

ment of venture capital businesses, boosted in the early 2000s. Moreover, a

significant number of industrial clusters are being formed around the country that

present promising opportunities for diversification and decentralization of activi-

ties away from the national capital.

The negative effects of high levels of income inequality on economic growth and

political stability have been well documented in the literature; therefore, efforts to

address this social issue need to be continued and expanded before income inequal-

ity becomes a hindrance to long-term economic growth.

Conclusion

Korea’s design and implementation of knowledge-based development strategies

and the resulting rapid and sustained knowledge-led economic growth over the

past four decades provide a wealth of valuable policy lessons for other developing

economies. First, and particularly important, are the coordinated and complemen-

tary expansion of the four pillars of the KE framework—economic incentive and

institutional regimes, educated and skilled workers, an effective innovation sys-

tem, and modern and accessible information infrastructure—that evolved in tan-

dem with the economy’s various stages of development. These pillars provided the

economy with the necessary means to effectively acquire and use knowledge to

improve productivity and enhance long-term economic growth. Second, the strong

and effective leadership provided by the government, which led to the coordinated

development of the education, innovation, and ICTs pillars, was particularly impor-

tant during the earlier stages of industrialization, when appropriate institutions to

coordinate an economy-wide development agenda were not yet sufficiently estab-

lished. The role of Korean government has appropriately mellowed in recent times

to allow the market to further spur economic activity. Third, the economy-wide

reforms and the array of policy measures that were implemented after the 1997 cri-

sis serve as good examples of making the best use of opportunities to improve eco-

nomic conditions. The government initiated the formalization of the action plan,

which was orchestrated by MOFE, but also sought support from the civil society

and some media groups. One outcome of those measures was the successful wiring

of the Korean economy and the public, resulting in a first-class information infra-

structure.

And fourth were the exemplary ways in which the educational basis has

been built and gradually expanded and the way technology has been gradually

mastered and upgraded throughout the stages of industrialization.

Although Korea has made these advances, it needs to continue and increase

efforts in reforming its higher education and innovation systems. These pillars have

not sufficiently evolved in recent years to meet the demands of the current global

economy, in part as a result of several pockets of resistance inherent in the Korean

society and culture. In addition, a more proactive policy response is required to

178 Korea as a Knowledge Economy

5. For example, in 2004, 86 percent of Korean households had a broadband connection

via a computer or mobile phone, the highest record among OECD countries (OECD 2005d).

achieve more-balanced economic development across the different sectors and

niches of the economy. Concrete steps to resolve these issues will eventually

become critical to Korea’s continued transition to the knowledge economy and fur-

ther sustained economic growth. To sum up these four decades of change, it has

been easier to invest in hard infrastructure than to change mentalities, traditions,

and institutional behaviors rooted in culture and history. This is not a new insight;

most, if not all, societies must endure this painful experience. Only by seeking a bet-

ter understanding of a country’s unique features and inner functioning can its cul-

tures truly progress.

Assessment and Lessons 179

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