The way Korea has competed on the global stage is mainly to grow and subsidize cheabols, and then they pursue innovation. Technology being transferred to Korea has been mostly absorbed by Korean chaebols. “Trickle down” hasn’t occurred.
The fact that Korea’s innovation has revolved around the chaebol system to a considerable extent represents a huge problem…
As homegrown chaebols become more of MNCs, they do what they can to increase their profit margins. As a result, their profits are up, but jobs in Korea are gone due to off-shoring of jobs. Korea’s manufacturing base has dwindled as well…
If innovation and technology development are ultimately geared toward boosting living standards of the general public by enhancing the long-term productive capacity, therein lies a significant flaw in Korea’s chaebol-centered innovation approach…
Chaebols’ technological prowess doesn’t necessarily equal Korea’s competitiveness…
(A detailed analysis on this topic won’t be shared due to the proprietary nature of the content.)
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