Abstract
The need to stay part of a globalized society makes restructuring national innovation policy an appropriate undertaking for the Lee Myung-bak administration. The paper, “Innovation Policy under Lee Myung-bak: A Critical Analysis of Governmental Actor’s New Division of Labour” provides a thorough and descriptive introduction to fieldwork with a very up-to-date analysis of recent developments. The South Korean government’s restructuring policy is very appealing to foreign firms and the world of academia. Detailed descriptions on how to set up priorities under the new structure and how these goals can be achieved methodologically are of major interest. However, the limitations mentioned primarily on two resources, financing (the budget) and personnel could be extended more. Finally, bearing in mind that we are living in a globalized society with active commercial exchanges, it is important to identify the trends in this administration’s restructuring policy and how foreign countries and firms can benefit from them.
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- 1.
Overview of Korea’s economic development. www.asianinfo.org/asianinfo/korea/economy.htm. Accessed Jan 14
- 2.
With the announcement of the Heavy-Chemical Industry Development Plan in 1973, the government set forth an accelerated development schedule for technologically sophisticated industries.
- 3.
Overview of Korea’s economic development
- 4.
Ibid
- 5.
The Korean economy made a remarkable comeback in the first half of the 1990s. With increased investment and export, the economic growth rate increased from 3% in 1992 to 8.6% and 8.9% in 1994 and 1995, respectively. The GNP per capita surpassed the USD10,000 mark in 1995, and in 1996, the unemployment rate was an unprecedented 2%. With such high economic growth, inflation remained relatively stable around 4% throughout the 1990s.
- 6.
Cho (1994) The dynamics of Korean economic development. ISBN paper 0-88132-162-1, p. 216. He recommends policies to reduce industrial concentration, establish a competitive pricing system (particularly in the financial sector), promote small and medium-sized enterprises, improve labor-management relations, and encourage investment in human capital.
- 7.
With all the difficulties mentioned above, limited natural resources, and an insufficient domestic market with virtually no tradition of economic development experience, Korea set out to insure its sovereignty by establishing a stable and independent economy.
- 8.
Exchange rate, import liberalization, factor price distortions, and changing comparative advantage; production technology and total factor productivity; macroeconomic perspectives; conglomeration, business concentration and management practices; income distribution and labor issues, and urban and regional policies. Note: Without an explanation of the relevant cultural influences, the above is just a random list of economic terms. It would be better to pick the two main factors and describe the specific cultural influences.
- 9.
Park and Cho (1995).
Note: Sometimes the family name comes first (14), sometimes not (12 and 13). Please consult the Springer guidelines for authors, p. 6
- 10.
Government institutions such as the Ministry of Knowledge and Economy; the Korea Communications Commission; the Ministry of Education, Science and Technology; the Ministry of Culture, Sports and Tourism; and the Small and Medium Business Administration revealed that they plan to generate domestic demand by activating investments in the digital industry putting IT, software, broadcasting and communications and content together to cultivate them as strategic export industries. The digital industry, which was the key player in pulling the country out of the IMF crisis in the late 1990s, has become a relief pitcher called upon to rescue Korea once again.
- 11.
They struck currency-swap deals with major economies like the U.S. to secure dwindling reserves of foreign currency and front-loaded public spending so that 65% of the country’s $250 billion budget was spent during the first half of 2009, ensuring that the money got into the economy rapidly – but without adding new debts.
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Yang, E. (2012). Comment on Schüller, Conlé, Shim. In: Mahlich, J., Pascha, W. (eds) Korean Science and Technology in an International Perspective. Physica, Heidelberg. https://doi.org/10.1007/978-3-7908-2753-8_7
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