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Manufacturing Digitalization in the U.S. and Its Policy Implications for Korea

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Title Manufacturing Digitalization in the U.S. and Its Policy Implications for Korea
Author Kim, Inchul; Cho, Jaehan; Jung, Sunin; Kim, Hanhin; Arkinson, Robert D.; Ezell, Stephen J.
Publisher Sejong : Korea Institute for Industrial Economics and Trade
Publication Date 2018 - 11
Material Type Report
Country South Korea
United States
Holding Korea Institute for Industrial Economics and Trade
Language English License
Series Title KIET Occasional Paper

Abstract

The purpose of this report is twofold. First, to view the digitalization of modern manufacturing and then the U.S. business practices adopting digital technologies and policy suggestions regarding the new technologies. Second, to extract and provide policy recommendations that can enable Korea to take advantage of the business and policy experiences founded on digitalization of technologically advanced countries to enhance its competitiveness. Many nations are intensively competing for manufacturing leadership. Digitalization, broadly encompassing the 4th industrial revolution, has risen to a pivotal element for manufacturing firms to transform how products are designed, used, and serviced, which could lead their competitiveness to a surpassingly higher level. For the Korean manufacturing industry, which has almost used up the factor-oriented growth potential, its competitiveness will become more and more based around the strength of technological prowess. It is the main reason digitalization will acceptably play a game changer role in the industry in coming years.

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