A Study on the Four Iron Principles for Realizing an Innovative Country Enhancing Entrepreneurship

Abstract

This paper defines the concept of an “innovative country enhancing entrepreneurship” and discusses what principles should be taken firmly to achieve it. Freedom, openness, fairness and co-prosperity are selected as “four iron principles” for realizing an innovative country enhancing entrepreneurship. This paper also presents evidence and reasoning why four iron principles are critical in realizing an “innovative country enhancing entrepreneurship.” Korea fell behind in the trend of the industrial revolution, which began in earnest around the 18th century, and suffered from colonialism and division from the mid-19th century to the first half of the 20th century, forcing it to remain a marginal country on the world stage. Korea has achieved economic growth and social development in the process of modernization that began in the late 20th century, and from 2020s, Korea has moved beyond its status as a developing country and has entered the position of 10 major economic powers and advanced countries. Nevertheless, Korea has been falling in the structure of political, economic, and cultural confusion and conflict due to ultra-fast compression growth. In order to enable Korea to develop into more advanced country that can become a model for the world, it has to advocate an “innovative country enhancing entrepreneurship” as the Korea's future vision. The “innovative country enhancing entrepreneurship” aims to be a country that realizes a virtuous cycle of economic growth and social development by solving social problems and conflicts creatively and innovatively. For this, the four core values of 'freedom', 'openness', 'fairness', and 'co-prosperity' should be the iron principles.