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Korean Industry in the New Millennium : The Challenges Ahead
Steers, Richard M.,Ungson, Gerardo R. THE MANAGEMENT RESEARCH CENTRE YONSEI UNIVERSITY 2000 SANGNAM FORUM Vol.- No.-
Factors leading up to the 1997 financial crisis and effects of the IMF intervention are reviewed as a basis for discussing future economic and managerial challenges facing Korean firms. It is argued that Korean firms face six principal challenges, including reducing excessive economic concentration, increasing concern for public welfare, increasing corporate specialization, fostering an independent banking system, corporate restructuring, and greater financial transparency. At the same time, it is suggested that the Korean government can do more to resource development, support for small and medium-sized enterprise, increased support for technological innovation, and continued efforts to achieve political stability in the region. It is suggested that caution is in order in any attempt to apply western theories or mandates to the analysis and resolution of complex political and economic problems in other parts of the world, including Korea.