t’s no news that South Korea is renowned for its ongoing advancements in technology, holding year after year one of the top spots in the technology and innovation rankings.
When thinking about South Korea, one of the things that comes to mind is its flourishing economy.
Looking back at South Korea’s not-so-distant past, we can see that the country’s economic status suffered a drastic change in less than a half-century. Going from an economy based on agricultural practices, South Korea managed only in a few decades to be known for its large industry-based economy. Lacking natural resources, the South Korean government had to come up with another strategy that could make use of the country’s already existing assets and bring the most out of them.
The South Korean government decided it was time to take action in order for the country to grow.
To move towards technological development, the government decided to establish the Ministry of Science and Technology (MOST) in the second half of the twentieth century. Launching programs that encouraged and financed local firms, South Korea was set to change its status as a developing country. The government also encouraged and accentuated the need for close collaboration with the industry sector, which is vital for becoming an innovative country.
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Investing in the future continues to be one of the main strategies adopted by South Korea.
The government has the power and main responsibility to invest in the future of the country. So, corporations received incentives from the government for developing new technologies that would help the country compete in the global market. This can be considered a stepping stone for South Korea to become a technology powerhouse.
What also helped South Korea become a technology powerhouse was the rise of family-led conglomerates, also known as Chaebols. Some of South Korea’s Chaebols that are known at an international level are Samsung, Hyundai, and LG Corporation. Over the years, the collaboration between the government and these large industrial conglomerates became stronger and their influence only continued to grow. They played a vital role in the technological and economic development of the state. That can’t be denied.
South Korea makes over $630 billion only from exports alone.
Another decision made by the South Korean government was represented by the strict regulation of imported goods. This caused a need for import substitution that eventually led to rapid industrial growth. Not only did the import of goods decrease, but the country became a reputable exporter.
In the long run, the decision to prioritize locally made products was exactly the answer to growing the economy of the country. Currently, South Korea’s top exports are represented by electronics, automobiles, and ships. These are mainly directed toward countries such as China, the United States, Vietnam, and Hong Kong. The partnership with such powerful countries only proves the power that South Korea holds in exports.
A well-thought-out education system helped South Korea become a technologically advanced powerhouse.
Another reason why South Korea became a technology powerhouse is also its well-established education system. Like Japan – another great technology powerhourse, South Korea’s society is based on the Confucian fundamental principles that see education as an essential part of a respectable society destined to succeed.
This eventually creates a sense of competition that becomes tighter and tighter. This means that to set yourself apart from the rest of your colleagues, you must put in a considerable amount of effort. This only made South Koreans more competitive and made them push the boundaries of what one can do, leading to them creating a lot of amazing products and companies.
South Korea’s education system puts a strong emphasis on domains such as technology, engineering, and science. This way the country gets to have well-prepared and highly skilled professionals that constitute the necessary manpower for innovating the industry. So, it’s no wonder South Korea is year after year highly positioned in the innovation rankings.
South Korea became a technology powerhouse relatively fast.
Yes, the process through which South Korea became a technology powerhouse may have happened relatively fast given the circumstances, but it was a complex and well-thought-out one. As with any other plan or strategy, it had its faults but it worked in the end. The strict, results-driven South Korean mindset must be given credit for making the country a global leader in technology.
When you combine the Confucian respect and admiration for education with the Confucian principle of loyalty and strict discipline and work ethics, the individual reaches their full potential. The education system together with the cultural aspects makes rules compliant and responsible citizens that support the economic development of the country.
By
Adam Brown
•
December 23, 2024 9:00 PM
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