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Twenty years of venture business policy : Retrospect and prospects

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Frame of Image  presided over an extended meeting of cabinet ministers, where he decided on measures to strengthen the Korean economy by restructur-
Twenty Years of Venture 1)Business Policy : Retrospect and Prospects
growth. In other words, there has been a gap between policy goals and the conditions necessary to meet them. The Korean economy of the 1990s benefited from a boom that began in the 1980s characterized by low oil prices, low interest rates, and the low value of the won; yet there was a failure to pursue the necessary advances in the nation’s economic and industrial structure, or the adjustments needed for a soft landing later on. This increased the concerns about a crisis of industrial competitiveness. Alarms were sounding all around, warning of underperformance by major Korean enterprises and a crisis in main industries, while conflict grew over alternative growth engines. By the eve of the foreign exchange crisis in 1997, there was a widespread consensus on the need for ing small and medium-sized enterprises (SMEs) and promoting start-ups with economic agencies under the leadership of Deputy Prime Minister Kang Kyung-Shik. At that time, President Kim announced comprehensive support for the fostering of venture businesses on the understanding that this was the only way to save the national economy from the stagnation that had befallen it. The Act on Special Measures for the Promotion of Venture Businesses, which was an important development for the focused implementation of ve


Full Text
Title Twenty years of venture business policy
Similar Titles
Sub Title

Retrospect and prospects

Material Type Reports
Author(English)

Cho, Youngsam

Publisher

[Sejong, South Korea] : Korea Institute for Industrial Economics and Trade

Date 2016
Series Title; No KIET Industrial Economic Review / vol. 21(no. 6)
Pages 12
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < General
Industry and Technology < Entrepreneurship
Holding Korea Institute for Industrial Economics and Trade
License

Abstract

Korea’s venture business policy has been implemented in the context of a clear gap between a national economy that urgently demands a role for venture businesses, and conditions that are quite inadequate for their formation and growth. In other words, there has been a gap between policy goals and the conditions necessary to meet them. The Korean economy of the 1990s benefited from a boom that began in the 1980s characterized by low oil prices, low interest rates, and the low value of the won; yet there was a failure to pursue the necessary advances in the nation’s economic and industrial structure, or the adjustments needed for a soft landing later on. This increased the concerns about a crisis of industrial competitiveness. Alarms were sounding all around, warning of underperformance by major Korean enterprises and a crisis in main industries, while conflict grew over alternative growth engines. (The rest omitted)