Economists and business scholars have long tried to construct theoretical models that can explain economic growth and development in emerging economies, but Western models have not always been fully applicable to developing economies, particularly in Asia, due to differences in political, economic and social systems. Created to address this gap, the ABCD framework of K-Strategy is a more nearly universal approach showing how inherent disadvantages can be overcome and competitive advantages achieved. Using the ABCD framework, the lecturer will analyze Korea’s success at both national and corporate levels since the 1960s and discuss the framework’s implications for Korea’s future government policies and corporate strategies. He will also demonstrate the ABCD framework’s applicability to other countries. Hwy-Chang Moon, dean of Seoul National University’s graduate school of international studies, has done extensive research and theoretical work on the ABCD framework.

Hwy-Chang Moon received his PhD from the University of Washington and is currently a professor of international business and strategy in the graduate school of international studies at Seoul National University. Professor Moon has taught at the University of Washington, University of the Pacific, State University of New York at Stony Brook, Helsinki School of Economics, Kyushu University, Keio University, Hitotsubashi University, and other executive and special programs in various organizations. On topics such as international business strategy, foreign direct investment, corporate social responsibility, and cross-cultural management, Professor Moon has published numerous journal articles and books. He is currently the editor-in-chief of the Journal of International Business and Economy, an international academic journal. Professor Moon has conducted consulting and research projects for several multinational companies, international organizations (APEC, World Bank, and UNCTAD), and governments (Malaysia, Dubai, Azerbaijan, and Guangdong Province of China). For interviews and debates on international economy and business, he has been invited by international newspapers and media, including New York Times and NHK World TV.

This event is made possible through the generous support of the Koret Foundation.

Neo-liberalism, which became a dominant ideology in policy-making in many countries from the early 1980's, is now blamed for worsening inequality and the 2008 world financial crisis. As the recovery process is moving very slowly due to lingering uncertainties from the Euro crisis, going back to the European model of a welfare state is not a feasible policy direction for most countries. Thus, now is the time to seek a new paradigm for a sustainable capitalism and welfare state, Dr. Sang-Mok Suh argues. He proposes 'welfarenomics,' implying a better balance between economics and welfare.

Welfarenomics means promoting a sustainable calitalism through modifying the neo-classical market economy model in three ways: (1) strengthening the role of government in the areas of formulating & implementing national strategy; (2) increasing social values of business activities through developing new CSV (Creating Shared Value) activities; and (3) creating a habitat for co-development through activating civil society. Welfarenomics also implies promoting a sustainable welfare state through modifying the European welfare state model in three ways: (1) building a foundation for 'workfare' through developing customized job programs for welfare beneficiaries; (2) utilizing various welfare programs as means for social innovation; and (3) improving the effectiveness of welfare programs through applying various management concepts to the field of social welfare.

The presentation will cite some of the recent experiences in Korea, but the concept of welfarenomics can be applied to any country in need of achieving both economic growth and social equity.

For the past four decades, Dr. Sang-Mok Suh has been a policy-making expert in both economics and social welfare. After receiving his PhD in economics from Stanford University in 1973, Professor Suh worked at the World Bank for five years and at the Korea Development Institute (KDI), a top South Korean think tank, for ten years as a researcher. His doctoral dissertation was on the relationship between economic growth and income distribution. In 1986, he led the research team at KDI for formulating the National Pension Scheme for Korea. He was vice president of KDI, 1984–1988. As a Korea National Assembly member, 1988–2000, Dr. Suh played the key role of coordinating economic and welfare policies between the ruling party, on the one hand, and the government and opposition parties, on the other. While he was Minister of Social Welfare, 1993–1995, Dr. Suh formulated a comprehensive welfare strategy for Korea for the first time and initiated the Osong Bio Industrial Complex.