As Robert D. Atkinson writes for the Korea Institute for Industrial Economics and Trade, the global technological and economic environment fundamentally changes, Korea's technology and economic growth and competitiveness policies require a corresponding strategic shift. In particular, Korea must respond to the twin challenges of US protectionism and China's technological and economic offensive, while simultaneously transitioning from a "fast follower" to a "global innovation leader" and achieving productivity improvements across industries beyond manufacturing.
From the late 1960s to the mid-2000s, Korea's political leadership largely supported this development. However, it remains unclear whether the political will is sufficient to pursue the institutional reforms and strategic changes necessary for future survival and prosperity. The first step toward reestablishing this will is to clearly recognize today's challenges and clarify the need for a new strategic approach. This article serves as a starting point, identifying four key challenges facing Korea and proposing policy directions and approaches to address them.
Read the article.
