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The Strategy for Korea's Economic Success

Author

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  • Moon, Hwy-Chang

    (Graduate School of International Studies, Seoul National University)

Abstract

The success of Korea has inspired numerous studies and research in the past decades. Despite good efforts to analyze the strategy of Korea, earlier studies have not been able to satisfactorily explain the country's "miraculous " growth. After thorough analysis of these earlier studies, a new model was developed to show that a country or firm does not have to be more innovative or possess more resources to have a competitive advantage over others. In The Strategy for Korea's Economic Success, Hwy-Chang Moon details four factors that comprise the ABCD model and illustrates how Korean government, corporations, and people have exemplified these factors in achieving their current level of success. The four factors are agility (speed + precision), benchmarking (learning + best practices), convergence (mixing + synergy), and dedication (diligence + goal-orientation), and together, they have enabled Korea's economic success and will continue to drive the next level of growth. Anyone can become more competitive with proper management of the ABCDs. Korea's development strategy holds special value, because it is more practical and appropriate for many developing countries. For more developed countries, on the other hand, the ABCDs can be used to fast-track the next phase of growth. This book also highlights the role of internationalization in broadening the scope of strategic choices, and shows how the combined implementation of internationalization and the ABCDs deepens pool of strategic resources. Available in OSO:

Suggested Citation

  • Moon, Hwy-Chang, 2016. "The Strategy for Korea's Economic Success," OUP Catalogue, Oxford University Press, number 9780190228798.
    • Handle: RePEc:oxp:obooks:9780190228798
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    Cited by:

    1. Murach, Michael & Wagner, Helmut & Kim, Jungsuk & Park, Donghyun, 2022. "Trajectories to high income: Comparing the growth dynamics in China, South Korea, and Japan with cointegrated VAR models," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 492-511.
    2. Joon Nak Choi, 2018. "Seoul Searching: How to Move Beyond the Export-oriented “Asian Development Model”," HKUST IEMS Thought Leadership Brief Series 2018-23, HKUST Institute for Emerging Market Studies, revised Jun 2018.
    3. Martin Hemmert, 2020. "Does Korean-style management have a future?," Asian Business & Management, Palgrave Macmillan, vol. 19(2), pages 147-170, April.
    4. Kirankumar S. Momaya & Sneha Bhat & Lalit Lalwani, 2017. "Institutional Growth and Industrial Competitiveness: Exploring the Role of Strategic Flexibility Taking the Case of Select Institutes in India," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 18(2), pages 111-122, June.
    5. Kirankumar S. Momaya, 2019. "The Past and the Future of Competitiveness Research: A Review in an Emerging Context of Innovation and EMNEs," International Journal of Global Business and Competitiveness, Springer, vol. 14(1), pages 1-10, December.
    6. Eum, Wonsub & Lee, Jeong-Dong, 2022. "The co-evolution of production and technological capabilities during industrial development," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 454-469.
    7. Wenyan Yin & Hwy-Chang Moon & Yeon W. Lee, 2019. "The Success Factors of Korean Global Start-Ups in the Digital Sectors Through Internationalization," International Journal of Global Business and Competitiveness, Springer, vol. 14(1), pages 42-53, December.

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