The K-pop sensation BTS is producing a whopping $4.65 billion of gross domestic product
be distracting. As the BTS economy booms, the broader one is producing precious few hits of its own, reform-wise, to sustain growth in a $1.7 trillion trading power facing headwindsThis is not to dismiss the contributions of the “Korean Wave.” In the 2000s, pop singers BoA and Rain turned heads everywhere. So did wildly popular soap operas like “Winter Sonata,” which morphed actor Bae Yong-joon into an Asia superstar.
Yet those giants–which BTS is now rivaling, economic-contribution-wise—came to monopolize the nation. In 1997, their debt excesses helped topple the entire economy. Since then, a succession of Korean leaders pledged to support the small-to-midsize enterprises and step up anti-trust efforts. In a sense, Seoul sought to lower the profile of its corporate celebrities. and Park Geun-hye both came to office with a similar political set-list.
Real progress requires wrestling power away from Korea’s corporate stars, the chaebols. Unfortunately, Moon took his eye off the ball by pivoting to peace talks with North Korea. A worthy goal, but one drowned out by for Kim Jong Un. While feigning friendship with the U.S. leader, Kim is ramping up his ability to deliver short-range missiles. Seoul and Tokyo are now less safe than when Moon took office.
Moon must create more economic space for startups and smaller, scrappier enterprises in general. That means tightening anti-monopoly laws and making proactive use of tax policies. To realize his “” pledge, Moon should offer tax holidays to would-be tech “unicorns.” Seoul should help develop a bigger and more risk-friendly venture capital industry.
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