IDEAS home Printed from https://ideas.repec.org/a/eee/tefoso/v132y2018icp34-39.html
   My bibliography  Save this article

Are countries ready for the new meso revolution? Testing the waters for new industrial change in Korea

Author

Listed:
  • Kim, Junmo

Abstract

Capitalism needs momentum and market for growth. Even without subscribing to a specific academic school, capitalism has felt the need for theories or mechanisms to overcome crises in the past. This research tries to shed light on the recent momentum of industry 4.0 with an expanded scope that includes this wave in a series of meso revolutions brought about by the spread of capitalism. After reviewing a lineage of theories that could shape meso revolutions in economic history, this research used Bank of Korea's data, including total capital efficiency and machinery investment efficiency, to check the recent status of the private sector of Korea. An institutional review of the preliminary budget analysis adopted in Korea was then conducted to draw some implications for the country's preparedness toward the so-called industry 4.0 with potential implications for other countries.

Suggested Citation

  • Kim, Junmo, 2018. "Are countries ready for the new meso revolution? Testing the waters for new industrial change in Korea," Technological Forecasting and Social Change, Elsevier, vol. 132(C), pages 34-39.
    • Handle: RePEc:eee:tefoso:v:132:y:2018:i:c:p:34-39
    DOI: 10.1016/j.techfore.2017.11.006
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0040162517311915
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.techfore.2017.11.006?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    2. Audretsch, David B, 1997. "Technological Regimes, Industrial Demography and the Evolution of Industrial Structures," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 6(1), pages 49-82.
    3. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    4. Hyman P. Minsky & Charles J. Whalen, 1996. "Economic Insecurity and the Institutional Prerequisites for Successful Capitalism," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 19(2), pages 155-170, December.
    5. Friedman, Milton, 2002. "Capitalism and Freedom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226264202.
    6. Rosenberg,Nathan, 1994. "Exploring the Black Box," Cambridge Books, Cambridge University Press, number 9780521459556, September.
    7. Berger,Suzanne & Piore,Michael J., 1980. "Dualism and Discontinuity in Industrial Societies," Cambridge Books, Cambridge University Press, number 9780521231343, October.
    8. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    9. Vernon, Raymond, 1979. "The Product Cycle Hypothesis in a New International Environment," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 41(4), pages 255-267, November.
    10. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7, December.
    11. Robert Boyer, 2013. "The Present Crisis. A Trump for a Renewed Political Economy," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 1-38, January.
    12. Friedman, Milton, 2002. "Capitalism and Freedom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226264219, Febrero.
    13. Nelson, Richard R, 1981. "Research on Productivity Growth and Productivity Differences: Dead Ends and New Departures," Journal of Economic Literature, American Economic Association, vol. 19(3), pages 1029-1064, September.
    14. Baumol, William J. & Nelson, Richard R. & Wolff, Edward N. (ed.), 1994. "Convergence of Productivity: Cross-National Studies and Historical Evidence," OUP Catalogue, Oxford University Press, number 9780195083903.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Petar Radanliev & David Roure & Pete Burnap & Omar Santos, 2021. "Epistemological Equation for Analysing Uncontrollable States in Complex Systems: Quantifying Cyber Risks from the Internet of Things," The Review of Socionetwork Strategies, Springer, vol. 15(2), pages 381-411, November.
    2. Tao, Ran & Su, Chi-Wei & Xiao, Yidong & Dai, Ke & Khalid, Fahad, 2021. "Robo advisors, algorithmic trading and investment management: Wonders of fourth industrial revolution in financial markets," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    3. Mansoor Ahmed Soomro & Mohd Hizam-Hanafiah & Nor Liza Abdullah & Mohd Helmi Ali & Muhammad Shahar Jusoh, 2021. "Industry 4.0 Readiness of Technology Companies: A Pilot Study from Malaysia," Administrative Sciences, MDPI, vol. 11(2), pages 1-18, May.
    4. Mariani, Marcello M. & Nambisan, Satish, 2021. "Innovation Analytics and Digital Innovation Experimentation: The Rise of Research-driven Online Review Platforms," Technological Forecasting and Social Change, Elsevier, vol. 172(C).
    5. Culot, Giovanna & Orzes, Guido & Sartor, Marco & Nassimbeni, Guido, 2020. "The future of manufacturing: A Delphi-based scenario analysis on Industry 4.0," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    6. Marco Savastano & Carlo Amendola & Francesco Bellini & Fabrizio D’Ascenzo, 2019. "Contextual Impacts on Industrial Processes Brought by the Digital Transformation of Manufacturing: A Systematic Review," Sustainability, MDPI, vol. 11(3), pages 1-38, February.
    7. Adam Jabłoński & Marek Jabłoński, 2020. "Business Models in Water Supply Companies—Key Implications of Trust," IJERPH, MDPI, vol. 17(8), pages 1-27, April.
    8. Bashir, Muhammad Farhan & MA, Benjiang & Hussain, Hafezali Iqbal & Shahbaz, Muhammad & Koca, Kemal & Shahzadi, Irum, 2022. "Evaluating environmental commitments to COP21 and the role of economic complexity, renewable energy, financial development, urbanization, and energy innovation: Empirical evidence from the RCEP countr," Renewable Energy, Elsevier, vol. 184(C), pages 541-550.
    9. Mariani, Marcello & Borghi, Matteo, 2019. "Industry 4.0: A bibliometric review of its managerial intellectual structure and potential evolution in the service industries," Technological Forecasting and Social Change, Elsevier, vol. 149(C).
    10. Buhari Doğan & Oana M. Driha & Daniel Balsalobre Lorente & Umer Shahzad, 2021. "The mitigating effects of economic complexity and renewable energy on carbon emissions in developed countries," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(1), pages 1-12, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kairys Jr., Joseph P., 2010. "Maximizing the Wealth of a Nation: A Paradigm for Political Economy," Working Papers in Economics 477, University of Gothenburg, Department of Economics.
    2. Willis, Geoff, 2011. "Why money trickles up – wealth & income distributions," MPRA Paper 30851, University Library of Munich, Germany.
    3. repec:bap:eebook:02 is not listed on IDEAS
    4. Hideyuki Kamiryo, 2014. "Earth Endogenous System: To Answer the Current Unsolved Economic Problems (Second Edition)," Earth Endogenous System: To Answer the Current Unsolved Economic Problems (Second Edition), Better Advances Press, Canada, edition 2, volume 2, number 01 edited by Dr. Yisheng Huang, May.
    5. repec:bap:ees2th:01 is not listed on IDEAS
    6. Hideyuki Kamiryo, 2014. "Earth Endogenous System: To Answer the Current Unsolved Economic Problems (Second Edition)," Earth Endogenous System: To Answer the Current Unsolved Economic Problems (Second Edition), Better Advances Press, Canada, edition 2, volume 2, number 02 edited by Yisheng Huang, May.
    7. Tölö, Eero, 2019. "Predicting systemic financial crises with recurrent neural networks," Bank of Finland Research Discussion Papers 14/2019, Bank of Finland.
    8. Dani Rodrik, 2018. "Populism and the economics of globalization," Journal of International Business Policy, Palgrave Macmillan, vol. 1(1), pages 12-33, June.
    9. Caruso, Alberto & Reichlin, Lucrezia & Ricco, Giovanni, 2019. "Financial and fiscal interaction in the Euro Area crisis: This time was different," European Economic Review, Elsevier, vol. 119(C), pages 333-355.
    10. Daisuke Ikeda & Toan Phan & Timothy Sablik, 2020. "Asset Bubbles and Global Imbalances," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 20, pages 1-4, January.
    11. Karen K. Lewis, 2011. "Global Asset Pricing," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 435-466, December.
    12. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "Recovery from Financial Crises: Evidence from 100 Episodes," American Economic Review, American Economic Association, vol. 104(5), pages 50-55, May.
    13. Claudio Borio, 2013. "On Time, Stocks and Flows: Understanding the Global Macroeconomic Challenges," National Institute Economic Review, National Institute of Economic and Social Research, vol. 225(1), pages 3-13, August.
    14. Ibrahim Ari & Muammer Koc, 2018. "Sustainable Financing for Sustainable Development: Understanding the Interrelations between Public Investment and Sovereign Debt," Sustainability, MDPI, vol. 10(11), pages 1-25, October.
    15. Steven J. Davis & John C. Haltiwanger & Kyle Handley & Ben Lipsius & Josh Lerner & Javier Miranda, 2021. "The economic effects of private equity buyouts," Jena Economics Research Papers 2021-013, Friedrich-Schiller-University Jena.
    16. Lamperti, Francesco & Bosetti, Valentina & Roventini, Andrea & Tavoni, Massimo & Treibich, Tania, 2021. "Three green financial policies to address climate risks," Journal of Financial Stability, Elsevier, vol. 54(C).
    17. Manuel Funke & Moritz Schularick & Christoph Trebesch, 2023. "Populist Leaders and the Economy," American Economic Review, American Economic Association, vol. 113(12), pages 3249-3288, December.
    18. Enrico Perotti & Magdelena Rola-Janicka, 2019. "Funding Shocks and Credit Quality," Tinbergen Institute Discussion Papers 19-060/IV, Tinbergen Institute.
    19. Roos, Michael W. M., 2015. "The macroeconomics of radical uncertainty," Ruhr Economic Papers 592, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    20. Roy, Saktinil & Kemme, David M., 2012. "Causes of banking crises: Deregulation, credit booms and asset bubbles, then and now," International Review of Economics & Finance, Elsevier, vol. 24(C), pages 270-294.
    21. Christoph Trebesch, 2019. "Resolving sovereign debt crises: the role of political risk," Oxford Economic Papers, Oxford University Press, vol. 71(2), pages 421-444.
    22. Mr. Marco Arena & Serpil Bouza & Ms. Era Dabla-Norris & Mrs. Kerstin Gerling & Lamin Njie, 2015. "Credit Booms and Macroeconomic Dynamics: Stylized Facts and Lessons for Low-Income Countries," IMF Working Papers 2015/011, International Monetary Fund.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:tefoso:v:132:y:2018:i:c:p:34-39. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.sciencedirect.com/science/journal/00401625 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.