Examining Korea's international science and business belt project through an evolutionary economic geography lens

Abstract

In February of 2008, South Korea began planning a massive, multi-regional project, the International Science and Business Belt (ISBB) and Institute for Basic Science (IBS) that formally opened in mid-2018. This article examines the genesis of the ISBB/IBS vis-a-vis contemporary advances in Evolutionary Economic Geography (EEG) theory. Facets of EEG such as scale, government, and policy; the potential for non-firm organizations to contribute to innovation; and the importance of related and non-related variety help to assess current progress and future areas of potential as well as concern. Possible limitations to EEG theorizing along with corresponding suggestions for future inclusion are ventured. It is shown that Korea has a resiliency agenda spurred on by anticipatory need motivated by a steady deterioration of the country’s technology trade balance. In terms of policy, Korea is pursuing a devolution of power from the state to the regional level while deploying a revolutionary type policy with evolutionary characteristics. Spinoffs are envisioned from basic science research institutes. EEG should more firmly embrace this possibility, along with the fact that innovation policy potential may be bifurcated or multi-faceted depending on place-based realities. Possible applications for other NICs seeking to reposition their own economies are forwarded.