Korea, once a typical post-war underdeveloped country, has achieved significant economic growth, becoming one of the G20 economies. In particular, during the past decades, the information technology (IT) sector (including telecommunications, consumer electronics, and computer games) has occupied a great portion of Korea’s economy and the use of IT in non-IT sectors (such as manufacturing, logistics, banking, non-profit sectors, and retail services including e-commerce and m-commerce) has grown substantially [3]. Korea’s early economic success in 1970s and 1980s were mainly due to the development in heavy industries. In early 1990s, Korea experienced 80–10 % GDP growth rates. Then, the Asian financial crisis initiated in Thailand in the mid-1990s affected the Korean economy significantly. The unemployment rate reached up to 6.8 % in 1998 as several large Korean conglomerates including Hanbo, Sammi, Jinro, and Halla went bankrupt and financial sectors reported large loses. As a result of the crisis, the nominal GDP of Korea fell from USD 532.3 billion in 1997 to USD 358.2 billion in 1998. Korea’s real GDP also decreased 5.7 % in 1998. Since then, however, Korean economy has been growing again at a steady rate of around 6 % except in 2008 and 2009 when Korea’s real GDP decreased due to the global financial crisis (See Fig. 1). Korea’s international trade figures support Korea’s GDP trend since 1998. The trade balance has swung back to a surplus since 1998 as exports jumped substantially. In 1998, Korea had a trade surplus of USD 39.0 billion in contrast to 1997s USD 8.5 billion trade deficit. Though Korea experienced difficulties due to the global financial crisis in 2008, the trade balance moved from a deficit of USD 13.3 billion in 2008 to surpluses of USD 40.4 billion in 2009, and USD 41.2 billion in 2010 (See Fig. 2). Moreover, Korea’s trade volume exceeded the USD 1 trillion in 2010. It was the world’s 8th largest economy in the trade volume. Such fast economic growth of Korea has been due increased exports of IT equipment, electronics, shipbuildings, chemicals, and automobiles. In particular, the IT industry has grown tremendously since the 1990s. The Korean government has consistently introduced policies promoting the IT industry such as Cyber Korea 21, e-Korea Vision 2006, Broadband IT Korea 2007, and many others in order to create new growth initiatives [2] (See Table 1). As the results of the government’s policies and firms’ research and development in IT, Korea achieved the highest figure in the ICT (Information and Communications Technology) Development Index in 2010. Korea was ranked the first in the ICT usage category, the second in the ICT competency category, and the tenth in ICT accessibility category. Korea’s government-driven ICT policies have promoted the innovative development of IT products such as semiconductors, LCD panels, and mobile phones. Korea has currently become an important player in the global IT market. For example, the global DRAM market share of Korean Y. U. Ryu School of Management, University of Texas at Dallas, Richardson, TX, USA e-mail: ryoung@utdallas.edu