A Series of Designated Papers. Total Quality Management in the Aerospace Defense Industry. Economic Impact of Defense Budget Cuts. Korea Incorporated: A Case Study of a Newly Industrializing Nation
Abstract
This document presents an assessment of progress to date of firms within the Aerospace Defense Industry in implementing successful Total Quality Management programs. TQM is a long-run corporate strategy that takes time to produce results. The initial results are very positive. A study of the impact of defense spending cuts on the U.S. economy in the decade of the 1990s is discussed. The idea of a peace dividend in the U.S., as a result of defense cuts made possible by the fall of communism in East Europe, is a myth. The fact that the nation faces huge budget deficits, and still has valid national defense needs which cannot be ignored, makes such an idea implausible. There are many misconceptions about actual defense spending levels, which are vastly overstated, and the size of possible future savings, which this study attempted to reveal in a common sense, logical approach. This chapter provides an assessment of the economic development of the Republic of Korea using a strategic management framework. The Republic of Korea achieved phenomenal economic development by exploiting national competitive advantages based on factor conditions. Their ability to sustain those advantages, and to compete solely on factor conditions, has greatly eroded, however. To their advantage, they have invested heavily in their future, particularly in knowledge and infrastructure resources. Yet, their future success is still in jeopardy as they face the challenges of the 1990s.
Document Details
- Document Type
- Technical Report
- Publication Date
- Aug 01, 1992
- Accession Number
- ADA259779
Entities
People
- Christopher J. Addison
Organizations
- East Tennessee State University