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Why has the ‘creative economy’ failed

Nov 21,2016
As a political reporter during the last presidential election, I asked a key pro-Park figure, “What is creative economy?” The initial explanation was that it was a “Smart New Deal” integrating traditional industries with the latest technologies. When I asked for a more specific explanation, he said that an example would be using GPS technology to expand the navigation industry. When I asked a few days later, he said that farmers growing raisin trees provide major beverage makers ingredients in a creative economy.

Now, Psy’s “Gangnam Style” has become a successful example of a creative economy.

The same ambiguity was found for the basic pension, one of the campaign promises for economic democratization. Park promised to pay 200,000 to all senior citizens over age 65, but after the election, the plan was faced with a resources problem. The officials said, “Further discussion is needed as a lot has changed from the original plan.” They also excused themselves, “I didn’t create the plan. It was made by someone who is now abroad.”

Sometimes, I wondered why the “creative economy” and the “economic democratization” that the Park administration consistently emphasized are still so vague four years into the administration. In retrospect, there has never been a clear concept, plan or consensus.

Most of all, the Park Geun-hye administration advocated “principles and trust” that it never had.

The relationship with industries lack principles and trust. Circumstantial evidence and testimonies are emerging that Park “forcibly raised”
funds from conglomerates using the Mi-R and K Sports foundations. The government extorted money from SK, Lotte and CJ by using the owners. The companies knew the sinister nature all along as they were forced to make contributions. Who would respect an administration that takes advantage of its position to extort money while emphasizing principles and trust on the surface? The fundamental cause of the years of economic slump are not the economic vitalization bill pending in the National Assembly but the fallen trust in the government.



Lee So-a,
Business news reporter of the JoongAng Ilbo




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