The German model and the Korean model: how two special cases of world economic history can learn from one another

12 May 2016 | 12:15 | C 12.006

Drawing on the opinions of experts in the field, General Consul Chang started by outlining various global trends that are currently affecting business systems across the world, for example the impact of digitalisation. Digitalisation is currently leading to a reduction in trade volume as interconnecting flows of data is becoming ever more important compared to the actual exchange of physical goods (Prof. Dr. Thomas Straubhaar). General Consul Chang also addressed current re-nationalisation developments (for example Brexit) and the implications of instability in certain Middle Eastern countries and so-called "failed states" (Dr. Wolfgang Ischinger).

He then explored the specificities of the German and Korean business models, the factors for success in each and the challenges they face in the future. Korea, he explained, is currently faced with the challenge of addressing "over-academisation" (a tertiary enrolment rate of up to 80 %) by developing training systems and changing the Korean approach to favour radical innovation.