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Korea’s information and communication technology boom, and cultural transition after the crisis

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  • Korea’s information and communication technology boom, and cultural transition after the crisis
  • Lee, Ho-Chul
  • Economic and Social Research Institute


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Title Korea’s information and communication technology boom, and cultural transition after the crisis
Similar Titles
Material Type Articles
Author(English)

Lee, Ho-Chul

Publisher

[Tokyo]:Economic and Social Research Institute

Date 2003-11
Pages 40
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Industry and Technology < IT
Holding Economic and Social Research Institute

Abstract

In 1998 the Korean economy experienced its worst recession since the Korean War, but the economy has rebounded with remarkable speed since 1999. The new momentum surprisingly began during the worst period of the recession, spurred by the emergence of the information and communication technology (ICT) industry. Korea has become a leader in e-business and high-speed Internet access in a short time span. This study analyzes the progress of Korea’s recovery during 1999-2000 and investigates the momentum of the rapid development of the new ICT industry, particularly from the cultural point of view. Without doubt, economic factors are important in explaining Korea’s remarkable ICT success. Competition stimulated lower prices, which then spurred increased demand. The stock market boom boosted venture firms and investments in new technology (The rest omitted)