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Responding to crisis in Korea, Pt 2: An initial assessment of corporate and government reform
Linsu Kim
Professor of Management, College of Business Administration, Korea University, South Korea
Abstract
The greatest strengths in Korea's national innovation system in the early decades have become its most serious liabilities in the recent decade leading to a major economic crisis in 1997. Before the crisis, Korea had failed to adapt to today's rapidly changing political and economic environment. This paper attempts to make an initial assessment of the impact of the crisis on the National Innovation System in Korea. The crisis has resulted in numerous negative consequences, as reported in popular media. But it has also resulted in the emergence of new technology-based companies and an increase in foreign investment and alliances, as well as reforms to the financial, educational, and government infrastructure in Korea. It may be that the crisis will emerge as a 'blessing in disguise' if policy makers and managers continue to use it as a rare opportunity to push forward long overdue reforms.
Keywords
Asian economic crisis, National Innovation System, reform
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