Earlier this year, Australian Treasurer Wayne Swan claimed inspiration from US crooner Bruce Springsteen. Now, his South Korean counterpart is getting in on the musical act. Bahk Jae-Wan has hailed K-Pop star Park Jae-Sang (better known by his stage name, Psy) as an inspiration for his nation. Psy’s ‘Gangnam Style’ has been a surprise hit of the year, with its video clip generating millions of YouTube views around the world. In the process, Psy has brought attention to South Korea’s music scene like no one else.
As William Pesek writes, Bahk wants South Korea to translate Psy’s success to other parts of the South Korean economy. The finance minister is urging his countrymen to be provocative and creative. In particular, Bahk identifies that a key weakness in South Korea’s economy is its services sector. South Korean manufacturing is solid enough: its cars, televisions, mobile phones and other high-tech devices are sold around the world. But its ability to add value through ‘intangibles’ is limited. This requires South Koreans to pursue a new wave of innovation.
One of South Korea’s problems in this regard is the country’s cosy corporate climate: dominated by a handful of family-owned conglomerates (the chaebol), and resistant to entrepreneurial spirit. And while South Korean society has been a force for transformation in the past, nowadays it is undermined by complacency. Its education system is, like in other Asian countries, strong on drilling facts and figures into its students. But children are discouraged from exploring their creative sides. The consequence is an all too homogeneous workforce that is unlikely to rock the boat.
Psy may fade from the public spotlight: a one-hit wonder. But if South Korea can be remodelled in ways hinted at by Bahk, it would deliver long-lasting benefits. Producing a viral video is easy by comparison.