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Innovation, competitiveness, and growth : Korean experiences

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  • Innovation, competitiveness, and growth
  • Chung, Sungchul
  • The World Bank


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Title Innovation, competitiveness, and growth
Similar Titles
Sub Title

Korean experiences

Material Type Reports
Author(English)

Chung, Sungchul

Publisher

[Washington, D.C.]:The World Bank

Date 2011
Pages 25
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < Science/Technology
Social Development < Education
Holding The World Bank

Abstract

Science, technology, and innovation have been cited as one of the key factors behind the economic success of the Republic of Korea. By making continuous and massive investments in research and development and in innovation, Korea has succeeded in building a unique innovation system that supports sustainable growth of the Korean economy. The factors that have influenced the Korean innovation system the most are (1) outward-looking development strategy, (2) large firm–oriented industrial policy, and (3) human resources, among many others. These are the sources of both the strength and the weakness of the system. This paper reviews the developments of science and technology in Korea, evaluates their impacts on industrial development, and attempts to derive from the discussions some lessons that may be applicable to latecomers.