A Study of Smart Convergence Strategies for Enhancing a Creative Economy: Lessons from Korea

Abstract

One of the core policies recently implemented by the Korean government is the introduction of a creative economy, a concept that integrates ICT with the existing economic structure in order to create new growth factors and jobs. In June of 2013, the National Assembly passed a bill for the institutional practice of a creative economy. The concept of a creative economy is to integrate industries centered on ICT in order to form a new-concept industry paradigm that creates new values and services that exceed past industrial categories. In other words, smart convergence, which integrates ICT with various industries, is evaluated as a core factor for boosting the creative economy. Thus, based on the definition of 'smart convergence', this study predicted the economic effects and sociocultural changes that will ensue due to the future era of smart convergence. Also, this study proposes policies for enhancing the creative economy in various ways. More specifically, in-depth interviews with convergence industry experts were carried out and quantitative analyses were performed employing a Solow Model. Furthermore, as a means to revitalize the creative economy, this study underscores the significance of the preemptive institutionalization of legislations and suggests several policy proposals regarding smart convergence rooted in market supply and the demand chain, smart convergence through selective focus, and smart work. This study is differentiated from previous studies that have only focused in establishing theories in that it offers quantitative research with a consideration of the feasibility of proposed policies. The leading experience of Korea regarding smart convergence can provide important lessons to other countries that hope to promote a creative economy as a means to create new growth factors and jobs. PU - Korean Society For Internet Information