Economic Development of Korea (ePub)

The purpose of this book is to provide a systematic and policy-focused analysis of Korea's development performance from a historical perspective. The book begins with post-war reconstruction efforts and extends to recent developments in the Korean economy. Through a comprehensive analysis of Korea's development performance over the last six decades, the book examines in detail how development strategies and policies evolved over time, what were their consequences and underlying factors, and what lessons can be drawn from the Korean experience. A wide range of issues are discussed, including the role of government, capital accumulation, growth and structural change, industrial development and concentration, economic liberalization, human resource and technology development, social development and income distribution. The important features of the Korean development model are highlighted to draw lessons from the Korean experience.

• A Historical Overview
• Role of Government
• Capital Accumulation
• Growth and Structural Change
• Industrial Development and Structural Transformation
• Industrialization and SME Development
• Industrialization and Concentration of Economic Power
• Liberalization Policy and Process
• Financial Crisis and Policy Response
• Education and Human Resource Development
• Industrialization and Science and Technology Policy
• Social Development and Income Distribution
• Growth Driving Forces and Growth Prospects
• The Korean Development Model: Characteristics and Lessons

• This book differs in several aspects from similar publications written on the development of the Korean economy. First, the role of government, which was usually loosely treated, is singled out as a separate domain considering its decisive role in Korea's development process. The role of government which underwent several major changes in the past half century is analyzed in terms of its response to changing policy environments and policy consequences
• Second, efforts are made to analyze capital accumulation, which is often neglected despite its overriding importance in growth and development of the economy, in terms of how savings and investment grew so rapidly, what underlying forces were, as well as the efficiency of investment which is essential for sustained accumulation process
• Third, this book departs from a neoclassical view that Korea's rapid growth was export-led. Instead, it contends the investment-led growth based on Korea's dual approach to industrialization in which exports and import substitution policies were simultaneously pursued, leading to high investment and income growth