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Unprecedented rapid changes in global business environments have brought
tremendous challenges to government officials and corporate executives. They need a
new conceptual framework to understand these challenges and set appropriate strategies
and policies. Since 1960s, because of low labor costs and technology transfers from
developed countries, Korea has experienced extremely high economic growth. However,
past success becomes what March call a “success trap” and a veil to cover us from
identifying the right way. We have wasted our valuable time without accumulating
required knowledge and skill. Thus, during the past 15 years, our economy has fallen
into periodic difficulties. Changes in global business environment demand new policies to
boost employment and establishment of business. Also, instead of managing for cost
control, business managers need to help establish new leadership for creating
entrepreneurship and innovation.
In this article, we try to interpret the content and the meaning of global business
environment changes. Based on the recognition of future trends from a global
perspective, we try to suggest entrepreneurial strategies and innovation policies that
could be applicable to new economy and society contexts,
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