Rethinking Korea’s Innovation Engine (Part 5)

What have been the purpose and substance of Korea’s innovation engine?

If innovation doesn’t serve the best interest of the general public, instead only pocket a chosen few, what good would that do for the well-being of a nation?

Innovation is a means to create and sustain the productive capacity, which would help to grow the middle class and enhance living standards of the general public…

By its nature, big business-centered innovation serves the interests of a chosen few in the long-term…

As noted, Korean high tech firms’ successful fast follower approach has limits as they move up the value chain…

A nation’s innovation capacity and trajectory are not decoupled from the overall health of the economy. Innovation endeavor alone can’t sustain the real economy when there are asset bubbles and other policy measures impeding the productive economy. Of course, a deteriorating productive capacity and the financialization of the economy could be in part attributable to outside forces.

Korea’s innovation has been possible in the context of the global boom and growth spiral scene, the Asian mercantile strategy and the U.S. policy such as its reserve currency strategy...

Seen in this light, one has to look into how Korea’s political economy and outside forces have been associated with Korea’s innovation endeavor. Otherwise, one may miss the forest for the trees.

On a side note, China can learn a lot from Korea’s innovation endeavor and development trajectory.

(A detailed analysis on this topic won’t be shared due to the proprietary nature of the content.)