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In Conversation with Keun Lee: A Schumpeterian Approach to Economic Development
As the world embraces industrial policies once relegated to the dustbin of history by mainstream economists and policymakers, we need a more rigorous understanding of how they work across various national policy spheres. In this episode, Prof. Keun Lee from Seoul National University discusses his Schumpeterian approach to economic development with Prof. Lindsay Whitfield, Dr. Cornel Ban and Dr. Tobias Wuttke.
Prof. Lee emphasizes the importance of building up local firm capabilities and localizing technology after initial reliance on foreign technology, through public-private partnerships and tax incentives to encourage research and development. This was how South Korea and Taiwan did it in the past and it is still relevant in times of global value chains and still relevant for the challenges that Eastern and Southern Europe face regarding foreign direct investment. Countries have to manage the transition from growth led by foreign direct investment to growth led by local firms and local proprietary assets and technologies.
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By Centre for Business and Development StudiesAs the world embraces industrial policies once relegated to the dustbin of history by mainstream economists and policymakers, we need a more rigorous understanding of how they work across various national policy spheres. In this episode, Prof. Keun Lee from Seoul National University discusses his Schumpeterian approach to economic development with Prof. Lindsay Whitfield, Dr. Cornel Ban and Dr. Tobias Wuttke.
Prof. Lee emphasizes the importance of building up local firm capabilities and localizing technology after initial reliance on foreign technology, through public-private partnerships and tax incentives to encourage research and development. This was how South Korea and Taiwan did it in the past and it is still relevant in times of global value chains and still relevant for the challenges that Eastern and Southern Europe face regarding foreign direct investment. Countries have to manage the transition from growth led by foreign direct investment to growth led by local firms and local proprietary assets and technologies.