Doing it will not be easy, because the top chaebol remain powerful (the four biggest account for a third of domestic output) and because competition will accelerate bankruptcies and lay-offs, bringing large-scale unemployment to the country for the first time in 20 years.

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Competition for Netflix in the U.S. has started to accelerate and the company will need to step on the gas pedal of innovation and content acquisition in order to stay ahead.

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In a world where competition is high and resources are scarce, the pace of change will continue to accelerate.

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And the move does nothing to ensure what is most needed: increased competition to reduce prices and accelerate technological progress.

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