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Fostering a creative economy to drive Korean growth

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  • Fostering a creative economy to drive Korean growth
  • Jones, Randall S.; Kim, Myungkyoo
  • OECD


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Title Fostering a creative economy to drive Korean growth
Similar Titles
Material Type Reports
Author(English)

Jones, Randall S.; Kim, Myungkyoo

Publisher

[Paris]:OECD

Date 2014-08
Series Title; No OECD Economics Department Working Papers / No. 1152
Pages 39
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Economy < Financial Policy
Industry and Technology < Entrepreneurship
Holding OECD

Abstract

A creative economy requires innovation-friendly conditions. Korea’s innovation system should be improved by upgrading universities and expanding their role in business R&D, while increasing international collaboration in R&D from its current low level. The returns from Korea’s large investment in innovation should be enhanced by improving framework conditions – easing product market regulations, promoting international competition and enhancing labour market flexibility – to encourage the adoption of new technology. Venture businesses and start-ups should play a key role in commercialising innovation. To make venture investment a growth driver, it is important to expand the role of business angels, activate the merger-and-acquisition market and foster entrepreneurship. A creative economy also depends on making SMEs, which account for 87% of employment, more dynamic. SME policies should be streamlined and improved to promote market-based financing and reduce the negative effects of government funding programmes, which discourage the expansion of SMEs. (The rest omitted)