The Strategy for Korea's Economic Success
Hwy-Chang Moon
Abstract
Due to the unprecedented pace at which it developed, Korea’s economic rise is worthy of careful analysis. Although various theories such as catch-up strategy and scholars have tried to analyze Korea’s development with numerous success factors, there is a lack of a comprehensive and detailed framework for explaining Korea’s competitive advantages. This is to be remedied by the proposed ABCD model. The ABCD model consists of four factors that holistically describe how Korea converted its disadvantages into competitive advantages. These are agility (speed + precision), benchmarking (learning + be ... More
Due to the unprecedented pace at which it developed, Korea’s economic rise is worthy of careful analysis. Although various theories such as catch-up strategy and scholars have tried to analyze Korea’s development with numerous success factors, there is a lack of a comprehensive and detailed framework for explaining Korea’s competitive advantages. This is to be remedied by the proposed ABCD model. The ABCD model consists of four factors that holistically describe how Korea converted its disadvantages into competitive advantages. These are agility (speed + precision), benchmarking (learning + best practice), convergence (mixing + synergy creation), and dedication (diligence + goal orientation), which together have enabled Korea’s economic success and will continue to drive the next level of growth. Various policies and case studies throughout Korea’s development history are examined, both to illustrate and validate the ABCD model. In addition, the ABCD model can be applied more broadly to explain the proper approach to internationalization, as well as provide useful policy implications for other countries and firms. Finally, the ABCD model can be used to show how Korea can sustain the competitive advantages it has developed thus far. The broad lessons will be useful for any country or firm that wishes to develop competitive advantages in the manner of Korea in the future.
Keywords:
Korea’s economic success,
development,
growth,
internationalization,
competitive advantage,
ABCD model,
catch-up strategy
Bibliographic Information
| Print publication date: 2016 |
Print ISBN-13: 9780190228798 |
| Published to Oxford Scholarship Online: May 2016 |
DOI:10.1093/acprof:oso/9780190228798.001.0001 |
Authors
Affiliations are at time of print publication.
Hwy-Chang Moon, author
Professor and Dean, Graduate School of International Studies, Seoul National University
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