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Science and technology policies attempting to correct for market failure in R&D efforts are now one of the most important areas of political economy. This paper focuses specifically on government-funded public-private R&D collaboration in Korea and Taiwan, making it clear that the existing East Asian developmental state discourse is no longer sufficient. Indeed, Korea and Taiwan are growing as a function of an innovation-based developmental state, confirmed with macro-level data analysis (OECD and USPTO) and comparative case study analysis. These two countries are not entirely similar, however. Comparative micro-level analysis using the unique KORTAI R&D dataset shows divergence between Korea and Taiwan in terms of industrial targeting of public research funds. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]