One country Koreans often look to as a good example of how things should be done is, perhaps ironically, Japan. In the Nineteen-sixties, when the Korean economy started moving after the stagnation of the Syngman Rhee era, it wasn't thanks to a fascination with America's practice of free trade or the free market. It was achieved with great reference to the economic miracle that was enabling Japan's post-war economic
transformation under the guidance of the Ministry of International Trade and Industry (MITI), and with a strong emphasis on creating and then regulating state-supported industries that could become strong enough to force export-led growth. However, among too many Korean entrepreneurs and businessmen there seems to be the idea that the original Japanese idea of taking existing creations and then perfecting them is an end in itself. While Japan - a country far less inventive or entrepreneurial than the United States - rarely reinvents the wheel, choosing instead to perfect the existing one, similarly, this has for too long provided the model for Korean businesses.
transformation under the guidance of the Ministry of International Trade and Industry (MITI), and with a strong emphasis on creating and then regulating state-supported industries that could become strong enough to force export-led growth. However, among too many Korean entrepreneurs and businessmen there seems to be the idea that the original Japanese idea of taking existing creations and then perfecting them is an end in itself. While Japan - a country far less inventive or entrepreneurial than the United States - rarely reinvents the wheel, choosing instead to perfect the existing one, similarly, this has for too long provided the model for Korean businesses.