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A search dilemma for market niches: Korea and Taiwan in a time of US‐China high‐tech decoupling

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  • Chan‐Yuan Wong
  • Christopher J. Russell

Abstract

South Korea and Taiwan are nimble, mid‐sized economies known for their critical technological competencies in high‐tech industries like semiconductors. These industries have been crucial for their business diversification and specialisation. During the period of globalisation from the 1980s to the 2010s, both nations rapidly climbed the economic ladder. However, the emergence of US‐China trade tensions in the late 2010s disrupted the global landscape. The decoupling of high‐tech value chains in favour of inward‐oriented industrial policies presented a dilemma for semiconductor firms in Korea (e.g. Samsung Electronics) and Taiwan (e.g. TSMC). This paper provides an overview of recent changes in their semiconductor industries and discusses the concerns surrounding industrial value migration. It explores the strategic technological ventures taken by both economies to navigate this uncertain environment.

Suggested Citation

  • Chan‐Yuan Wong & Christopher J. Russell, 2024. "A search dilemma for market niches: Korea and Taiwan in a time of US‐China high‐tech decoupling," Global Policy, London School of Economics and Political Science, vol. 15(2), pages 475-486, May.
    • Handle: RePEc:bla:glopol:v:15:y:2024:i:2:p:475-486
    DOI: 10.1111/1758-5899.13346
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    1. repec:bla:rdevec:v:5:y:2001:i:2:p:266-88 is not listed on IDEAS
    2. An‐Chi Tung, 2001. "Taiwan’s Semiconductor Industry: What the State Did and Did Not," Review of Development Economics, Wiley Blackwell, vol. 5(2), pages 266-288, June.
    3. Wang, I. Kim & Qian, Lihong & Lehrer, Mark, 2017. "From technology race to technology marathon: A behavioral explanation of technology advancement," European Management Journal, Elsevier, vol. 35(2), pages 187-197.
    4. Amaral, Afonso & Morgan, M. Granger & Mendonça, Joana & Fuchs, Erica R.H., 2023. "National core competencies and dynamic capabilities in times of crisis: Adaptive regulation of new entrants in advanced technology markets," Research Policy, Elsevier, vol. 52(4).
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