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The Strategy for Korea's Economic Success$
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Hwy-Chang Moon

Print publication date: 2016

Print ISBN-13: 9780190228798

Published to Oxford Scholarship Online: May 2016

DOI: 10.1093/acprof:oso/9780190228798.001.0001

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The ABCD Model

The ABCD Model

The Success Factors of Korea’s Economic Growth

(p.69) Chapter 4 The ABCD Model
The Strategy for Korea's Economic Success

Hwy-Chang Moon

Oxford University Press

Korea’s unique economic development is best understood under the framework of the ABCD model, which was constructed after thoroughly examining the earlier studies on Korea’s growth. The ABCD model consists of four factors—agility, benchmarking, convergence, and dedication; each of them is composed of two subfactors. Korea was able to overcome its disadvantages through maintaining speed and precision (i.e., agility), learning the best practice (i.e., benchmarking), mixing diverse resources for synergy creation (i.e., convergence), and gearing diligence with positive goal orientation. Various aspects of Korean culture and business operations including pali pali, chaebol structure, and the Saemaeul movement illustrate how the pillars of the ABCDs were implemented to foster the growth of Korean economy and business. The pillars themselves are self-reinforcing and comprehensive in explaining the competitive advantages of Korea.

Keywords:   ABCD model, economic development, agility, benchmarking, convergence, dedication

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