March 04, 2015 10:15
The Spanish daily El País in a recent column urged Spain to learn from Korea.
In the column, Javier Santiso of the prestigious ESADE Business School said Spain should pay attention to Korea, which overcame the Asian financial crisis and acquired global competitiveness.
"While Spain boasted World Cup wins and had world-renowned soccer clubs, Korea scored goals against Spain on the economic front," he said.
Santiso compared the two countries because of their similar population size and lack of natural resources. But he said Korea now boasts the fastest broadband speed and a world-class digital infrastructure.
"Samsung alone has more patents than all of Spain's businesses, while Korea ranks at the top of the OECD in terms of education, while Spain ranks below 30," Santiso wrote.
He said Spain should compete with newly emerging countries like Korea rather than with Germany or the U.S.
The academic pointed out that Korea kept investing in education and innovation even during the Asian financial crisis, while Spain is mired in austerity to jumpstart its economy.
"Korea used to be poorer than Spain and Latin American countries in the 1960s but has outpaced Spain in terms of per-capita GDP purchasing power," he added.
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