Can East Asia Compete : Innovation for Global Markets
East Asian economies are at different stages of development, but to preserve-and to increase-their competitiveness through innovation and the opportunities presented by information and communication technologies (ICT), they need to move quickly to...
| Main Authors: | , |
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| Language: | English en_US |
| Published: |
Washington, DC: World Bank and Oxford University Press
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/09/2034207/can-east-asia-compete-innovation-global-markets http://hdl.handle.net/10986/15226 |
| Summary: | East Asian economies are at different
stages of development, but to preserve-and to increase-their
competitiveness through innovation and the opportunities
presented by information and communication technologies
(ICT), they need to move quickly to frame and implement
policies in five areas. Reform and restructuring of the
banking system are matters of priority: Second, corporate
governance in East Asia has lagged where management skills
have fallen behind, and the pressure on managements to
pursue strategies aimed at maximizing shareholder value are
often weak. Policies to build institutions, both legal and
financial, that shore up shareholders' rights and
sharpen the market for corporate control would significantly
augment management capabilities. Third, in an increasingly
knowledge-based economy, the supply of workers with the
requisite skills and penchant for creativity will determine
how much innovation takes place and how it is used to
enlarge market shares. The situation requires reinforcing
secondary and tertiary education, which influence analytical
skills and the aptitude to innovate. Fourth, although
computer use in East Asia is spreading and
telecommunications facilities are improving daily,
e-business and e-commerce are greatly hampered by the
inadequacy of supporting services such as secure credit card
transactions, fulfillment, logistics, and legal services.
Finally, trade liberalization, preferably multilateral trade
reform, needs to be actively pursued. |
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