Koreas Technology Policy for Industrialization: Imported Technology for Economic Development

Abstract

This paper examines the ways in which Korea's industrial technology has been developed from imported technology. The major feature of Korean technological policy was the fostering of indigenous technology through research centers established in both public and private sectors. Conspicuous in its policy is the stress on a factor mix in which labor is the dominant element. Having realized a successful industrialization, Korea faces the problems in meeting competition from countries with more efficient industries as well as those with lower labor costs. Korea has to promote its own technological innovation, complemented by imported technology.