• Title/Summary/Keyword: Product Diversification

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A Study on the Design of Data Collection System for Growing Environment of Crops (작물 근권부 생장 환경 Data 수집 시스템 설계에 관한 연구)

  • Lee, Ki-Young;Jeong, Jin-Hyoung;Kim, Su-Hwan;Lim, Chang-Mok;Lee, Sang-Sik
    • The Journal of Korea Institute of Information, Electronics, and Communication Technology
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    • v.11 no.6
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    • pp.764-771
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    • 2018
  • Domestic and foreign agricultural environments nowadays are undergoing various changes such as aging of agricultural population, increase of earned population, rapid climate change, diversification of agricultural product distribution structure, depletion of water resources and limited cultivation area. In order to respond to various environmental changes in recent agriculture, practical use of Smart Greenhouse to easily record, store and manage crop production information such as crop growing information, growth environment and agriculture work log, Interest is growing. In this paper, we propose a system that collects the situation information necessary for growth such as temperature, humidity, solar radiation, CO2 concentration, and monitor the collected data, which can be measured in the rhizosphere of the crop. We have developed a system that collects data such as temperature, humidity, radiation, and growth environment data, which are measured by data obtained from the rhizosphere measuring section of a growing crop and measured by a sensor, and transmitted to a wireless communication gateway of 400 MHz. We developed the integrated SW that can monitor the rhythm environment data and visualize the data by using cloud based data. We can monitor by graph format and data format for visualization of data. The existing smart farm managed crops and facilities using only the data within the farm, and this study suggested the most efficient growth environment by collecting and analyzing the weather and growth environment of the farms nationwide.

A Theoretical Review on the Untact Marketing of the COVID-19 Period Hospitality Industry Services (코로나 시대 환대산업 서비스의 언택트 마케팅에 관한 고찰)

  • Kang, Hee-Seog;Lee, Youn-Oak
    • Journal of Korea Entertainment Industry Association
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    • v.14 no.7
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    • pp.161-173
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    • 2020
  • In-depth interview in the field of hospitality industry services was conducted in COVID- 19. Introduction of kiosks for non-face-to-face services using untact technology, reservation, pay systems, self-service, service improvement using room service should be carried out. It is also necessary to implement Instagram, Facebook, YouTube, P-blogs, online broadcasting and live commerce through the establishment of m-channel system through untact marketing sales channels in the hospitality industry now that the product composition to solve the pro -blem of untact marketing is drawing attention due to diversification of online sales channe -ls. Now, the recognition of important elements of service education and a establishment of differentiated system of untact marketing, expansion of untact sale channel, implementation of non-face-to-face counseling service and introduction of pre-booking, telecommuting were recognized as urgent parts. In particular, a service differentiation and importance of human services, which were recognized free of charge, have re-recognized as premium, and quality service aspect of the hospitality industry in untact and the direction to diversify marketing channels are presented.

The Future of NVH Research - A Challenge by New Powertrains

  • Genuit, Ing. K.
    • Proceedings of the Korean Society for Noise and Vibration Engineering Conference
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    • 2010.05a
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    • pp.48-48
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    • 2010
  • Sound quality and NVH-issues(Noise, Vibration and Harshness) of vehicles has become very important for car manufacturers. It is interpreted as among the most relevant factors regarding perceived product quality, and is important in gaining market advantage. The general sound quality of vehicles was gradually improved over the years. However, today the development cycles in the automotive industry are constantly reduced to meet the customers' demands and to react quickly to market needs. In addition, new drive and fuel concepts, tightened ecological specifications, increase of vehicle classes and increasing diversification(increasing market for niche vehicles), etc. challenge the acoustic engineers trying to develop a pleasant, adequate, harmonious passenger cabin sound. Another aspect concerns the general pressure for reducing emission and fuel consumption, which lead to vehicle weight reductions through material changes also resulting in new noise and vibration conflicts. Furthermore, in the context of alternative powertrains and engine concepts, the new objective is to detect and implement the vehicle sound, tailored to suit the auditory expectations and needs of the target group. New questions must be answered: What are appropriate sounds for hybrid or electric vehicles? How are new vehicle sounds perceived and judged? How can customer-oriented, client-specific target sounds be determined? Which sounds are needed to fulfil the driving task, and so on? Thus, advanced methods and tools are necessary which cope with the increasing complexity of NVH-problems and conflicts and at the same time which cope with the growing expectations regarding the acoustical comfort. Moreover, it is exceedingly important to have already detailed and reliable information about NVH-issues in early design phases to guarantee high quality standards. This requires the use of sophisticated simulation techniques, which allow for the virtual construction and testing of subsystems and/or the whole car in early development stages. The virtual, testing is very important especially with respect to alternative drive concepts(hybrid cars, electric cars, hydrogen fuel cell cars), where complete new NVH-problems and challenges occur which have to be adequately managed right from the beginning. In this context, it is important to mention that the challenge is that all noise contributions from different sources lead to a harmonious, well-balanced overall sound. The optimization of single sources alone does not automatically result in an ideal overall vehicle sound. The paper highlights modern and innovative NVH measurement technologies as well as presents solutions of recent NVH tasks and challenges. Furthermore, future prospects and developments in the field of automotive acoustics are considered and discussed.

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Analysis of Cosmetic Technology and Industry Trends Companion Animals (반려동물용 화장품 기술 및 산업 동향 분석)

  • Hyungbum, Park;Jeongyeon, Park
    • Journal of Industrial Convergence
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    • v.21 no.2
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    • pp.133-138
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    • 2023
  • Due to social phenomena such as rapid aging in Korea, nuclear familyization, single marriage, and low birth rate, the number of Companion animals and the number of households with Companion animals are increasing due to the increase in single-person households. In fact, one out of every four households has a pet, and the scale of the industry is expected to reach 6 trillion won in 2027. In particular, in a situation where the Companion animal cosmetics market is in the spotlight amid the diversification of the pet industry, there is a great lack of research on related research and industry development methods. Accordingly, this study attempted to search and analyze academic data, patented technologies, and the latest data related to pet cosmetics and provide them as basic data for the Companion animal cosmetics industry, and the results are as follows. Academic data included verification of the effectiveness of natural materials to improve the skin condition of dogs, analysis of the pet cosmetics industry, and research on ICT-converged pet cosmetics, and the industry was mainly cleaning cosmetics, with pet shampoo launches in Amorepacific, LG Household & Healthcare, and Aekyung. In the patented technology for pets, a patent has been registered for natural product material composition and formulation ratio for skin moisturizing, skin improvement, thinning, and inflammation symptom relief. As a result of this award, it was confirmed that research and development are still insufficient compared to the consumption demand of the pet cosmetics market, and it is believed that industry analysis and development research in related fields should be actively carried out.

International Comparison of Decoupling of Greenhouse Gas Emissions in the Steel Industry (철강산업의 온실가스 배출 탈동조화 국제비교)

  • Kim, Dong Koo
    • Environmental and Resource Economics Review
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    • v.31 no.1
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    • pp.113-139
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    • 2022
  • The iron and steel industry is a manufacturing industry with the largest greenhouse gases emissions and has a great ripple effect on the national economy as a core material industry. This study internationally compared the decoupling patterns of greenhouse gases emissions in the iron and steel industry from 1990 to 2019, focusing on Korea, Japan, and Germany. In particular, unlike previous studies that considered only fuel combustion emissions, this study considered all fuel combustion emissions, industrial process emissions, and indirect emissions from the use of electricity and heat. As a result of the analysis, Korea is interpreted as expansive coupling, Japan as decoupling, and Germany as unclear. Therefore, the decoupling path that the Korean iron and steel industry should take should not be in Germany, but in the form of seeking a decoupling method similar to Japan or more effective than Japan. In addition, this study considered the characteristics of the iron and steel industry as much as possible and presented the causes of the decoupling analysis results and implications for the Korean iron and steel industry through comparison with Japan and Germany. In particular, four factors were suggested as factors which has promoted decoupling in Japan: high value-added of Japanese iron and steel products, development of energy efficiency technology in the Japanese iron and steel industry, strategic M&A of the Japanese iron and steel industry, and maintaining competitiveness according to the closed distribution structure of Japanese iron and steel products. The Korean iron and steel industry should also use the case of Japan as a benchmark to further increase added value through quality uprade and product diversification of iron and steel products, while at the same time making efforts to fundamentally reduce greenhouse gas emissions through the development of new technologies.

What is an Appropriate Promotion Strategy for Korean Wheat Consumption? - Find Out in the Sensory Evaluation of Rice Meal Versus Rice Containing Wheat Meal by Age Groups-

  • Kyunsik Lee;Sehwa Lim;Kyeonghoon Kim;Jinhee Park
    • Proceedings of the Korean Society of Crop Science Conference
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    • 2022.10a
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    • pp.321-321
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    • 2022
  • Wheat was brought to solve food scarcity with aid from the United States caused by the Korean War. The Korean government launched a campaign to encourage mixed rice and wheat meals due to shortage of rice production in the 1960s, Wheat consumption began in earnest. However, it is difficult to rebuild the domestic wheat production base devastated by the Korean War with the technology at the time. Thus, wheat was mainly consumed from imported in the past. Since then, as wheat consumption has increased due to westernization and diversification of dietary life, wheat became the second staple grain in Korea. In this situation, the government enacted the Wheat Industry Promotion Act to create a basis for sustainable production and consumption of wheat in Korea. This study sought to improve the self-sufficiency of domestic wheat by examining the possibility of using "Ariheuk", a variety of new Korean wheat, as a rice supplement in the same context as the govemment's policy. Wheat has been used as a raw material for the processed food, such as noodles and bread. However, we approached it by using whole wheat as a nutritional grain. Participants were recruited from the agri-food consumer panel conducted by Rural Development Administration. We set a final sample of 525 consumer panels based on the age of census household heads. The experiment was conducted in such a way that participants cooked and ate 100% rice meal and rice containing 20% whole wheat meal. Participants completed the sensory evaluation questionnaire with online. For this experiment, all participants were given same whole wheat product. The sensory evaluation questionnaire consisted of color, glossiness, stickiness, aroma, chewing, sweetness, nuttiness, chewiness, softness, bursting, flavor, texture and swallowability. The sensory evaluation results were analyzed by giving -3 points to +3 points. The former points were given to the response that 100% rice meal is very superior to the response that rice containing 20% whole wheat meal. The latter points were given vice versa. Zero point was given to the response that they are similar each other. As a result, rice with 20% whole wheat meal was better than 100% rice meal in terms of color, aroma, chewiness, bursting and flavor. In case of sweetness and glossiness, there didn't exist significantly different. On the other hands, 100% rice meal was better in terms of softness and swallowability. As a result of ANOVA by age groups, from 30s or younger to 60s or more, there was significant difference among the groups in terms of color, chewiness and bursting. As a result of post-hoc analysis with Duncan's multiple range test (p < 0.05), 50s were evaluated to be significantly superior in color, chewiness and bursting compared to other age groups. In conclusion, it is appropriate to use whole wheat as a supplement to rice in order to improve the self-sufficiency of domestic wheat. As a strategy to promote domestic wheat consumption, in case of Ariheuk, it is necessary to provide an experience through whole wheat tasting and to establish a marketing strategy segmented by age groups.

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Establishment of Bank Channel Strategy using Correspondence Analysis : Based on the Customer's Choice Factors of Bank Channel (대응분석을 이용한 은행 채널전략 수립연구 : 고객의 은행채널 선택요인을 바탕으로)

  • Park, Un Hak;Park, Young Bae
    • Journal of Korea Society of Industrial Information Systems
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    • v.28 no.6
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    • pp.151-171
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    • 2023
  • For the efficient establishment of a channel strategy for banks, this study aims to propose a channel model by classifying channels into types, and carrying out a correspondence analysis per type. A survey of bankers was conducted to visualize categorical data and create a positioning map. As a result, first, 12 banking channels were classified into 4 types based on business processing subjects and places, which were then, further grouped into the categories of full-banking and self-banking. Second, a correspondence analysis according to the classified types was carried out, and it was found that the branch-type is suitable for product description and customer management, while the banking-type is suitable for efficient business processing without time and space constraints. Furthermore, the analysis also showed that the machine-type and banking-type are inappropriate for customer management, and the mobility-type demonstrates low operational effectiveness due to a lack of awareness. The aforementioned findings suggest the need for a hybrid convergence channel that reflects the characteristics of banking tasks and fills in the gaps between the different channels. Third, a channel model was derived by adding a common area to the 2×2 model consisting of the business processing subjects and places. Therefore, this study is meaningful in that it examines the diversification of channels and factors in the division of roles by channel type based on customers' banking channel selection factors, and presents basic research findings for future channel strategy establishment and efficient channel operation.

A Study on the Born Global Venture Corporation's Characteristics and Performance ('본글로벌(born global)전략'을 추구하는 벤처기업의 특성과 성과에 관한 연구)

  • Kim, Hyung-Jun;Jung, Duk-Hwa
    • Journal of Global Scholars of Marketing Science
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    • v.17 no.3
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    • pp.39-59
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    • 2007
  • The international involvement of a firm has been described as a gradual development process "a process in which the enterprise gradually increases its international involvement in many studies. This process evolves in the interplay between the development of knowledge about foreign markets and operations on one hand and increasing commitment of resources to foreign markets on the other." On the basis of Uppsala internationalization model, many studies strengthen strong theoretical and empirical support. According to the predictions of the classic stages theory, the internationalization process of firms have been recognized and characterized gradual evolution to foreign markets, so called stage theory: indirect & direct export, strategic alliance and foreign direct investment. However, termed "international new ventures" (McDougall, Shane, and Oviatt 1994), "born globals" (Knight 1997; Knight and Cavusgil 1996; Madsen and Servais 1997), "instant internationals" (Preece, Miles, and Baetz 1999), or "global startups" (Oviatt and McDougall 1994) have been used and come into spotlight in internationalization study of technology intensity venture companies. Recent researches focused on venture company have suggested the phenomenons of 'born global' firms as a contradiction to the stages theory. Especially the article by Oviatt and McDougall threw the spotlight on international entrepreneurs, on international new ventures, and on their importance in the globalising world economy. Since venture companies have, by definition. lack of economies of scale, lack of resources (financial and knowledge), and aversion to risk taking, they have a difficulty in expanding their market to abroad and pursue internalization gradually and step by step. However many venture companies have pursued 'Born Global Strategy', which is different from process strategy, because corporate's environment has been rapidly changing to globalization. The existing studies investigate that (1) why the ventures enter into overseas market in those early stage, even in infancy, (2) what make the different international strategy among ventures and the born global strategy is better to the infant ventures. However, as for venture's performance(growth and profitability), the existing results do not correspond each other. They also, don't include marketing strategy (differentiation, low price, market breadth and market pioneer) that is important factors in studying of BGV's performance. In this paper I aim to delineate the appearance of international new ventures and the phenomenons of venture companies' internationalization strategy. In order to verify research problems, I develop a resource-based model and marketing strategies for analyzing the effects of the born global venture firms. In this paper, I suggested 3 research problems. First, do the korean venture companies take some advantages in the aspects of corporate's performances (growth, profitability and overall market performances) when they pursue internationalization from inception? Second, do the korean BGV have firm specific assets (foreign experiences, foreign orientation, organizational absorptive capacity)? Third, What are the marketing strategies of korean BGV and is it different from others? Under these problems, I test then (1) whether the BGV that a firm started its internationalization activity almost from inception, has more intangible resources(foreign experience of corporate members, foreign orientation, technological competences and absorptive capacity) than any other venture firms(Non_BGV) and (2) also whether the BGV's marketing strategies-differentiation, low price, market diversification and preemption strategy are different from Non_BGV. Above all, the main purpose of this research is that results achieved by BGV are indeed better than those obtained by Non_BGV firms with respect to firm's growth rate and efficiency. To do this research, I surveyed venture companies located in Seoul and Deajeon in Korea during November to December, 2005. I gather the data from 200 venture companies and then selected 84 samples, which have been founded during 1999${\sim}$2000. To compare BGV's characteristics with those of Non_BGV, I also had to classify BGV by export intensity over 50% among five or six aged venture firms. Many other researches tried to classify BGV and Non_BGV, but there were various criterion as many as researchers studied on this topic. Some of them use time gap, which is time difference of establishment and it's first internationalization experience and others use export intensity, ration of export sales amount divided by total sales amount. Although using a mixed criterion of prior research in my case, I do think this kinds of criterion is subjective and arbitrary rather than objective, so I do mention my research has some critical limitation in the classification of BGV and Non_BGV. The first purpose of research is the test of difference of performance between BGV and Non_BGV. As a result of t-test, the research show that there are statistically efficient difference not only in the growth rate (sales growth rate compared to competitors and 3 years averaged sales growth rate) but also in general market performance of BGV. But in case of profitability performance, the hypothesis that is BGV is more profit (return on investment(ROI) compared to competitors and 3 years averaged ROI) than Non-BGV was not supported. From these results, this paper concludes that BGV grows rapidly and gets a high market performance (in aspect of market share and customer loyalty) but there is no profitability difference between BGV and Non_BGV. The second result is that BGV have more absorptive capacity especially, knowledge competence, and entrepreneur's international experience than Non_BGV. And this paper also found BGV search for product differentiation, exemption strategy and market diversification strategy while Non_BGV search for low price strategy. These results have never been dealt with other existing studies. This research has some limitations. First limitation is concerned about the definition of BGV, as I mentioned above. Conceptually speaking, BGV is defined as company pursue internationalization from inception, but in empirical study, it's very difficult to classify between BGV and Non_BGV. I tried to classify on the basis of time difference and export intensity, this criterions are so subjective and arbitrary that the results are not robust if the criterion were changed. Second limitation is concerned about sample used in this research. I surveyed venture companies just located in Seoul and Daejeon and also use only 84 samples which more or less provoke sample bias problem and generalization of results. I think the more following studies that focus on ventures located in other region, the better to verify the results of this paper.

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Social division of labor in the traditional industry district - foursed on Damyang bamboo ware industry of Damyang and Yeoju pottery industry of Yeoju, South Korea (우리나라 재래공업 산지의 사회적 분업 - 담양죽제품과 여주 도자기 산지를 사례로 -)

  • ;;;Park, Yang-Choon;Lee, Chul-Woo;Park, Soon-Ho
    • Journal of the Korean Geographical Society
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    • v.30 no.3
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    • pp.269-295
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    • 1995
  • This research is concerned with the social division of labor within the traditional industry district: Damyang bamboo ware industry district and Yeoju pottery industry district in South Korea, Damyang bamboo ware and Yeoju pottery are well known of the Korean traditional industry. The social division of labor in an industry district is considered as an important factor. The social division of labor helps the traditional industry to survive today. This summary shows five significant points from the major findings. First, Damyang bamoo ware industry and Yoeju pottery industry have experienced the growth stages until 1945, the stagnation in the 1960s, and the business recovery in the 1980s. Most Korean traditional industries had been radically declined under the Japanese colonization; while, Damyang bamboo ware industry and Yeoju pottery industry district have been developed during above all stages. The extended market to Japan helped the local government to establish a training center, and to provide financial aids and technical aids to crafts men. During the 1960s and 1970s, mass production of substitute goods on factory system resulted in the decrease of demand of bamboo ware and pettery. During the 1980s, these industries have slowly recovered as a result of the increased income per capita. The high rate of economic growth in the 1960s and 1970s was playing an important role in the emerging the incleased demand of the bamboo ware and pottery. Second the production-and-marketing system in a traditional industry district became diversified to adjust the demand of products. In Damyang bamboo ware industry district, the level of social division of labor was low until the high economic development period. Bamboo ware were made by a farmer in a small domestic system, The bamboo goods were mainly sold in the periodic market of bamboo ware in Damyang. In the recession period in the 1960s and 1970s, the production-and-marketing system were diversified; a manufacturing-wholesale type business and small-factory type business became established; and the wholesale business and the export traders in the district appeared. In the recovery period in the 1980s, the production-and-marketing systems were more diversified; a small-factory type business started to depend On subcontractors for a part of process of production; and a wholesale business in the district engaged in production of bamboo ware. In Yeoju pottery industry district, the social division of labor was limited until the early 1970s. A pottery was made by a crafts man in a small-business of domestic system and sold by a middle man out of Yeoju. Since the late 1970s, production-and-marketing system become being diversified as a result of the increased demand in Japan and South Korea. In the 1970s, Korean traditional craft pottery was highiy demanded in Japan. The demand encouraged people in Yoeju to become craftsmen and/or to work in the pottery related occupation. In South Korea, the rapid economic growth resulted in incline to pottery due to the development of stainless and plastic bowls and dishes. The production facilities were modernized to provide pottery at the reasonable price. A small-busineas of domestic system was transformed into a small-factory type business. The social division of labor was intensified in the pottery production-and-maketing system. The manufacturing kaoline began to be seperated from the production process of pottery. Within the district, a pottery wholesale business and a retail business started to be established in the 1980s. Third the traditional industry district was divided into "completed one" and "not-completed one" according to whether or not the district firms led the function of the social division of labor. The Damyang bamboo ware industry district is "completed one": the firm within the district is in charge of the supply of raw material, the production and the marketing. In the Damyang bamboo ware district, the social division of labor w and reorganized labor system to improve the external economics effect through intensifying the social division of labor. Lastly, the social division of labor was playing an important role in the development of traditional industry districts. The subdivision of production process and the diversification of business reduced the production cost and overcame the labor shortage through hiring low-waged workers such as family members, the old people and housewives. An enterpriser with small amount of capital easily joined into the business. The risk from business recession were dispersed. The accumulated know-how in the production and maketing provided flexiblility to produce various goods and to extend the life-cycly of a product.d the life-cycly of a product.

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The Concentration of Economic Power in Korea (경제력집중(經濟力集中) : 기본시각(基本視角)과 정책방향(政策方向))

  • Lee, Kyu-uck
    • KDI Journal of Economic Policy
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    • v.12 no.1
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    • pp.31-68
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    • 1990
  • The concentration of economic power takes the form of one or a few firms controlling a substantial portion of the economic resources and means in a certain economic area. At the same time, to the extent that these firms are owned by a few individuals, resource allocation can be manipulated by them rather than by the impersonal market mechanism. This will impair allocative efficiency, run counter to a decentralized market system and hamper the equitable distribution of wealth. Viewed from the historical evolution of Western capitalism in general, the concentration of economic power is a paradox in that it is a product of the free market system itself. The economic principle of natural discrimination works so that a few big firms preempt scarce resources and market opportunities. Prominent historical examples include trusts in America, Konzern in Germany and Zaibatsu in Japan in the early twentieth century. In other words, the concentration of economic power is the outcome as well as the antithesis of free competition. As long as judgment of the economic system at large depends upon the value systems of individuals, therefore, the issue of how to evaluate the concentration of economic power will inevitably be tinged with ideology. We have witnessed several different approaches to this problem such as communism, fascism and revised capitalism, and the last one seems to be the only surviving alternative. The concentration of economic power in Korea can be summarily represented by the "jaebol," namely, the conglomerate business group, the majority of whose member firms are monopolistic or oligopolistic in their respective markets and are owned by particular individuals. The jaebol has many dimensions in its size, but to sketch its magnitude, the share of the jaebol in the manufacturing sector reached 37.3% in shipment and 17.6% in employment as of 1989. The concentration of economic power can be ascribed to a number of causes. In the early stages of economic development, when the market system is immature, entrepreneurship must fill the gap inherent in the market in addition to performing its customary managerial function. Entrepreneurship of this sort is a scarce resource and becomes even more valuable as the target rate of economic growth gets higher. Entrepreneurship can neither be readily obtained in the market nor exhausted despite repeated use. Because of these peculiarities, economic power is bound to be concentrated in the hands of a few entrepreneurs and their business groups. It goes without saying, however, that the issue of whether the full exercise of money-making entrepreneurship is compatible with social mores is a different matter entirely. The rapidity of the concentration of economic power can also be traced to the diversification of business groups. The transplantation of advanced technology oriented toward mass production tends to saturate the small domestic market quite early and allows a firm to expand into new markets by making use of excess capacity and of monopoly profits. One of the reasons why the jaebol issue has become so acute in Korea lies in the nature of the government-business relationship. The Korean government has set economic development as its foremost national goal and, since then, has intervened profoundly in the private sector. Since most strategic industries promoted by the government required a huge capacity in technology, capital and manpower, big firms were favored over smaller firms, and the benefits of industrial policy naturally accrued to large business groups. The concentration of economic power which occured along the way was, therefore, not necessarily a product of the market system. At the same time, the concentration of ownership in business groups has been left largely intact as they have customarily met capital requirements by means of debt. The real advantage enjoyed by large business groups lies in synergy due to multiplant and multiproduct production. Even these effects, however, cannot always be considered socially optimal, as they offer disadvantages to other independent firms-for example, by foreclosing their markets. Moreover their fictitious or artificial advantages only aggravate the popular perception that most business groups have accumulated their wealth at the expense of the general public and under the behest of the government. Since Korea stands now at the threshold of establishing a full-fledged market economy along with political democracy, the phenomenon called the concentration of economic power must be correctly understood and the roles of business groups must be accordingly redefined. In doing so, we would do better to take a closer look at Japan which has experienced a demise of family-controlled Zaibatsu and a success with business groups(Kigyoshudan) whose ownership is dispersed among many firms and ultimately among the general public. The Japanese case cannot be an ideal model, but at least it gives us a good point of departure in that the issue of ownership is at the heart of the matter. In setting the basic direction of public policy aimed at controlling the concentration of economic power, one must harmonize efficiency and equity. Firm size in itself is not a problem, if it is dictated by efficiency considerations and if the firm behaves competitively in the market. As long as entrepreneurship is required for continuous economic growth and there is a discrepancy in entrepreneurial capacity among individuals, a concentration of economic power is bound to take place to some degree. Hence, the most effective way of reducing the inefficiency of business groups may be to impose competitive pressure on their activities. Concurrently, unless the concentration of ownership in business groups is scaled down, the seed of social discontent will still remain. Nevertheless, the dispersion of ownership requires a number of preconditions and, consequently, we must make consistent, long-term efforts on many fronts. We can suggest a long list of policy measures specifically designed to control the concentration of economic power. Whatever the policy may be, however, its intended effects will not be fully realized unless business groups abide by the moral code expected of socially responsible entrepreneurs. This is especially true, since the root of the problem of the excessive concentration of economic power lies outside the issue of efficiency, in problems concerning distribution, equity, and social justice.

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