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In Business: Korea Change: The End of the South Korea Model?

Factual

24/04/2014

Korea Change: The End of the South Korea Model?

BBC Radio 4 - In Business, Korea Change: The End of the South Korea Model?

Peter Day reports on how South Korea is trying to make a 'creative economy'.

South Korea has gone through a huge transformation in the last 60 years. But, as Peter Day reports, it may be time for this driven country to change direction.

South Korea is at a turning point. The country is one of the economic miracles of the twentieth century, transforming itself from extreme poverty at the end of the Korean War to one of the richest nations in the world. The government supported families to establish huge 'chaebol' companies which are now world renowned names such as Samsung, Hyundai and LG. These companies epitomise the development of South Korea as a nation - Samsung started as a general store and is now one of the largest manufacturers of smartphones in the world.

However South Korea is now the country with the highest suicide rate in the world. The Koreans work the longest hours in the OECD group of rich nations and these chaebol companies are no longer creating enough jobs. Are these signs of a society in stress?

For In Business this week, Peter Day travels to Seoul to find out about the Korean government's strategy to solve these economic issues: 'The Creative Economy'. Korea aims to become Asia's 'start-up nation' in the next three years, and is throwing vast sums of money into the technology sector to encourage people to become entrepreneurs. But this is a career choice that has until recently been seen as a failing in South Korean society. Can a government change a culture?

How is the 'creative economy' working out? And what does Korea's experience tell other nations, such as China, which are en route to transform from a developing economy to a rich, established one?

Producer: Charlotte Pritchard.

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