Korea’s strength in the creative industries, together with the strength of their multinational brands, is regarded as a model by other Asian countries. How did this model come about?
The Korean Ministry of Trade, Energy and Industry was at the heart of Korea’s industrial and economic development efforts. It was initially modeled after the Japanese Ministry of International Trade and Industry (Tsusho sangyo sho or MITI), Japan’s central institution for industrial policy, research, investment and development. MITI supervised and led economic policy together with the Bank of Japan, the Economic planning agency and other ministries. Created after World War II in response to Japan’s problems with rising inflation and falling productivity, MITI was a supra-institution influencing all aspects of domestic and foreign economic policy, holding close ties to Japanese companies. Its advantages were largely organizational: Instead of disconnected units with differing agendas and different layers of red tape, MITI was one integrated organization with one goal.