{"id":2197124,"date":"2022-06-29T18:58:59","date_gmt":"2022-06-29T09:58:59","guid":{"rendered":"https:\/\/www.nknews.org\/pro\/?p=2197124"},"modified":"2023-04-05T16:12:13","modified_gmt":"2023-04-05T07:12:13","slug":"how-south-koreas-market-friendly-policies-impede-innovation","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2022\/06\/how-south-koreas-market-friendly-policies-impede-innovation\/","title":{"rendered":"How South Korea\u2019s market-friendly policies impede innovation"},"content":{"rendered":"

South Korea has a <\/span>complicated<\/span><\/a>, love-hate relationship with its chaebol, the family-owned conglomerates that have dominated business in the country for decades.<\/span><\/p>\n

Lauded for fast-tracking the country\u2019s economic growth, and loathed for their monopolistic grip and exploitative practices, the corporate giants have seen regulations on them fluctuate over the years in accordance with the political ideologies of the party in power. Under the new Yoon Suk-yeol administration, the pendulum has swung to the side of love again.<\/span><\/p>\n

The conservative government\u2019s <\/span>economic policy direction<\/span><\/a> released in mid-June features a corporate tax cut from 25% to 22%, <\/span>lower taxes on inheritance and financial transfers<\/span><\/a>, along with revisions to labor laws.\u00a0<\/span><\/p>\n

These changes deliver what the country\u2019s biggest companies have long <\/span>lobbied for<\/span><\/a>, but they appear to do so at the expense of small- and medium-sized enterprises (SMEs), which get little attention in Yoon\u2019s policy proposals so far.<\/span><\/p>\n

The danger is that this will limit the space for SMEs to operate and stifle innovation in the long run. Moreover, as the vast majority of South Koreans work for SMEs, not chaebol, there\u2019s little reason to conclude that Yoon\u2019s free-market approach will translate into improvements for the country as a whole.<\/span><\/p>\n

\"\"

Korean business leaders travel with former President Park Geun-hye during a trip to Washington in May 2013 | Image: Cheong Wa Dae (May 8, 2013)
TOO BIG TO CONTROL<\/b><\/p><\/div>\n

Family-owned firms in select industries have driven South Korea\u2019s rapid economic growth since the 1960s through generous state support. But chaebol have also drawn strong criticism for <\/span>abusing their power and influence<\/span><\/a> to maintain their dominant position in the domestic market.\u00a0<\/span><\/p>\n

Public sentiment toward the companies has markedly soured since the <\/span>Asian Financial Crisis<\/span><\/a> of the late 1990s, which was followed by a series of scandals revealing the wealthy families\u2019 corrupt relations with the government, malpractice such as internal trading, <\/span>bullying and coercing suppliers<\/span><\/a> and ruthless expansion that has driven small shops and firms out of business.\u00a0<\/span><\/p>\n

Despite calls for reform, the <\/span>sheer size of chaebols<\/span><\/a> has been impossible to overlook for economic policymakers. Companies like Samsung, SK and Hyundai have extended their reach to almost every industry in South Korea, from electronics and batteries to fashion, hotel chains and amusement parks.\u00a0<\/span><\/p>\n

Samsung\u2019s annual revenue alone was equivalent to around 14% of the South Korean economy last year. The 71 biggest companies posted sales equivalent to some 80% of the nation’s GDP, with more than 1.6 million on their payroll representing 11.5% of employees covered by the state employment insurance policy, <\/span>according to the Korea International Trade Association<\/span><\/a>.<\/span><\/p>\n

Against this backdrop, there\u2019s no other option than \u201cto work with them or coerce them,\u201d according to Yang. Indeed even past progressive leaders like <\/span>Kim Dae-jung<\/span><\/a> and <\/span>Roh Moo-hyung<\/span><\/a> have looked to chaebol for a quick boost to GDP projections and political projects.<\/span><\/p>\n

The pro-business Yoon administration is continuing the presidential tradition of leaning on conglomerates with its push for a <\/span>private sector-led economy<\/span><\/a>. The country\u2019s top five chaebols have welcomed this effort, <\/span>pledging<\/span><\/a> to invest a total of $751 billion domestically and hire more than 260,000 people over the next five years.<\/span><\/p>\n

Yoon\u2019s grand vision is to pave the way for private businesses to innovate, expand investment and generate new jobs. This will \u201creshape the Korean economy,\u201d according to the president, who has espoused <\/span>free market principles<\/span><\/a> and rapid growth as the means of overcoming various economic hardships and growing inequality across society.<\/span><\/p>\n

The administration\u2019s proposed tax cuts, eased regulations and <\/span>job training schemes<\/span><\/a> for tech professionals are certain to directly benefit chaebol and IT moguls, providing them the capital, trained workforce and legal flexibility needed to expand their main areas of business, including semiconductors, displays and next-generation 6G cellular networks.<\/span><\/p>\n

\"\"

Minister of SMEs and Startups Lee Young visits a Samhyun smart factory in Changwon on June 22, 2022 | Image: Ministry of SMEs and Startups<\/a><\/p><\/div>\n

IGNORING THE LITTLE GUY?<\/b><\/p>\n

Yoon\u2019s policy emphasis on private business, however, has so far been critically short on detail when it comes to SMEs, which account for <\/span>99.9% of all South Korean corporations<\/span><\/a> and employ 80 percent of the working population.<\/span><\/p>\n

The initiatives put forward so far list the usual bullet points on increasing basic subsidies for SMEs and include more welfare policies compared to previous conservative governments, according to Yang Jun-sok, a professor of economics at the Catholic University of Korea. But he said these measures only focus on keeping small companies afloat,\u00a0<\/span><\/p>\n

In the <\/span>highly segmented Korean economy<\/span><\/a>, bolder, structural reforms to overcome long-standing imbalances of capital, market access and labor productivity are <\/span>considered<\/span><\/a> vital by most economists, in order for smaller firms and entrepreneurs to innovate and grow their businesses.\u00a0<\/span><\/p>\n

But such measures are largely missing from Yoon\u2019s reforms, which \u201coffer nothing different from 10 or 15 years ago,\u201d Park Sang-in, professor of economics at Seoul National University, told Korea Pro. The result is that the government\u2019s policy preserves the nation\u2019s skewed industrial structure that favors \u201cnational champions rather than fostering competition in a free market.\u201d\u00a0<\/span><\/p>\n

South Korea\u2019s overdependence on chaebol growth has continued to define national policy even though studies are inclusive about whether cutting taxes on conglomerates benefits the economy as a whole. Results vary greatly according to the <\/span>ideology<\/span><\/a> of the <\/span>group<\/span><\/a> carrying out the study.<\/span><\/p>\n

But it has arguably weakened South Korea\u2019s corporate landscape, inhibiting rather than encouraging innovative ventures, according to a <\/span>2018 report<\/span><\/a> by the Organization for Economic Cooperation and Development.\u00a0<\/span><\/p>\n

\u201cThere have been no business-to-business unicorn firms because chaebol secure exclusive supply chains by driving prices down and squeezing small- and medium-sized suppliers. In contrast, more than half of U.S. unicorns are business-to-business companies,\u201d said Park of Seoul National University.<\/span><\/p>\n

He added that South Korea will need structural reforms to reduce barriers to entry, sufficient protection of intellectual property rights and punitive measures to prevent technological extortion and stealing if SMEs are to stand a chance to innovate and grow out of stagnant productivity.\u00a0<\/span><\/p>\n

\"\"

A Hyundai Heavy Industries shipyard | Image: Jasmine Halki<\/a><\/p><\/div>\n

THE WAY FORWARD<\/b><\/p>\n

In order to move forward, the focus of policy discussions will need to shift from the outdated top-down chaebol model to fostering an <\/span>ecosystem<\/span><\/a> that emphasizes startup growth, research and sustainable support for companies.<\/span><\/p>\n

For one, the government must go beyond providing life-support for incompetent \u201czombie businesses,\u201d and focus public resources on nurturing competitive firms with high growth potential, according to Yang of the Catholic University of Korea\u00a0<\/span><\/p>\n

The <\/span>education system<\/span><\/a> itself is in need of an overhaul. While universities focus on churning out chip developers and computer scientists to work at IT giants, public funds could be put to better use supporting entrepreneurial minds across disciplines and equipping them with transferable skill sets in an era of constant change, a Korea Development Institute <\/span>working paper<\/span><\/a> argues.\u00a0<\/span><\/p>\n

There\u2019s also a need to <\/span>secure workers\u2019 income stability<\/span><\/a> in the face of reduced work hours and growing automation. Amid worsening inequality, the government faces the challenge of finding ways to ensure corporate giants make fair contributions to supporting social safety nets.<\/span><\/p>\n

The dominance of chaebol means that the government cannot simply rely on the invisible hand to bring economic freedom like Yoon called for in <\/span>his inaugural address<\/span><\/a>. Government action is necessary to lay the groundwork for small businesses to flourish, so that quantitative growth can also lead to qualitative improvements across Korean society.<\/span><\/p>\n

Edited by Bryan Betts<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

South Korea has a complicated, love-hate relationship with its chaebol, the family-owned conglomerates that have dominated business in the country for decades. Lauded for fast-tracking the country\u2019s economic growth, and loathed for their monopolistic grip and exploitative practices, the corporate giants have seen regulations on them fluctuate over the years in accordance with the political […]<\/p>\n","protected":false},"author":3665,"featured_media":2197125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24],"class_list":["post-2197124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy"],"yoast_head":"\nHow South Korea\u2019s market-friendly policies impede innovation - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2022\/06\/how-south-koreas-market-friendly-policies-impede-innovation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How South Korea\u2019s market-friendly policies impede innovation - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea has a complicated, love-hate relationship with its chaebol, the family-owned conglomerates that have dominated business in the country for decades. 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