Case Study: Korean Management

The Korean economy came to be widely regarded as a possible ‘role model’ to be followed by other newly industrializing economies. The 1997 Asian Crisis shattered this image. The economy faced a competitive squeeze between lower cost and rapidly growing economies such as China on the one hand, and higher knowledge/technology based economies such as Japan on the other hand. Such a situation is caused due to structural economic problems, such as high cost but rigid systems and widespread bureaucratic intervention. It is believed that there is a need to build up new economic paradigm, one based on market-led, global,