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Transformation of an Emerging Economy to a Knowledge–based Economy

As the world economy is increasingly adopting innovative technology, public policies for technology implementation play a significant role in economic growth and international competitiveness for a country. This article presents a Korean case to assess the importance and effectiveness of government technology-innovation policy for economic growth and development. The article explores historical aspects of the Korean government's economic policy that entailed measures to establish a technology support system; strategic changes in Korean public policy for innovative technology and the Korean government's promotion of a knowledge-based economy in recent years; and specific policy measures related to this objective. The article also addresses a few major challenges in the Korean knowledge-based economy.