My essay on Korea 2020 featured in the JoonAng Daily:
South Korea has clawed its way out of poverty by becoming a manufacturing powerhouse. But to stay a world-class economy will require the country to draw on a different set of skills. In the future, it will be the ability to create – as distinct from the ability to produce – that will foster innovation, and with it, sustainable economic growth.
Whether it is new ideas, new business models, new cultural forms, new technologies or new industries, it is creative capital that will drive the world economy. The ability to harness creativity will be the biggest challenge, as well as the biggest opportunity, for Korea.
Our analysis of data from 45 countries shows that the following four key factors – we call them the “4Ts” – drive economic growth and prosperity: technology, talent, tolerance and territory assets. Each is critical to generate the social and cultural conditions forming the ecosystem of an enduring, successful creative economy.