This book presents a comprehensive look at Korea’s business culture, its efforts to become a more pivotal player in the global economy, and the challenges that lie ahead for Korean business and their competitors. Korea today stands at a crossroads that will likely determine whether it becomes a world economic power in the twenty-first century or just another of the so-called tigers of the new Asian economy. Now, Korea faces numerous challenges to its hard-won success, as labor costs have skyrocketed, competition – in particular from other Asian countries – has increased, and international pressures to open its historically closed local markets have mounted. This book outlines seven imperatives that Korea must achieve if it is to be capable of competing with the most technologically advanced countries in the next century:
- Develop a new industrial policy that is compatible with the changing needs of Korean firms.
- Restructure the conglomerates, or chaebols, into more efficient global competitors.
- Stimulate the growth and development of small and medium-sized firms. Expand the globalization efforts currently underway in the major firms.
- Enhance technological development capabilities
- Create new management structures capable of facilitating global competition.
- Develop human capital as the principal instrument of competition.
This book is an original exploration of the relationships among national culture, management practice, and government policy and an insightful evaluation of Korean management and development practices.