International Journal of Advanced Culture Technology

The International Promotion Agency of Culture Technology (국제문화기술진흥원)
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The Road to "The Third Party Economics": Attention to the Existence on the First and the Second Party

  • Byeon, Hyeonsu (Division of Public Administration, Korea National University of Transportation)
  • Received : 2022.01.31
  • Accepted : 2022.03.08
  • Published : 2022.03.31
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Abstract

In the environment in which business is conducted, all companies will most likely have competitors, but of equal importance to the relationship between a company and its competitors is the existence of other entities that can influence the market at any time. This entity could be an emerging company that develops a new methodology rendering current approaches obsolete, or it could be a diplomatic circumstance with another country. It is critical to develop corporate strategies and economic policies to consider the possibility that such third party effects may continue to occur in the future. It is essential to move away from focusing only on bilateral relationships, and to thoroughly examine the third one and prepare countermeasures. This contribution is expected to be expanded into "The Third Party Economics" that explores considerations that have remained outside of contemporary discussions. The author proposes that all economic agents should deeply recognize not only competitors but also the existence of a third party as another axis.

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