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The Korean economy has experienced astoundingly rapid growth during the period 1960-90 and is now able, despite its late start, to compete with mature industrialised economies. This book focuses on the underlying economic factors behind this unprecedented growth performance examining the failures as well as the undoubted successes of such development.
Author : Sun Cho Publisher : Peterson Institute for International Economics Page : 244 pages File Size : 54,9 Mb Release : 1994 Category : Business & Economics ISBN : STANFORD:36105016285509
Democracy and the Korean Economy by Jongryn Mo,Chung-In Moon Pdf
South Korea has been one of the great success stories of postwar economic development, rising from one of the poorest nations on earth in the 1960s to become the world's eleventh-largest economy by 1996. But Korea's model of economic development began to unravel in 1987. When the authoritarian rule that helped propel economic performance gave way to increasing public pressure for democracy, the Korean economy was confronted with fundamental transformations. With democracy came increasing consumption, labor activism, and rising wages. Yet many of the old policies of the export-oriented, pro-business authoritarian rule remained in place. The complex and multifaceted economic effects brought about by democratic change have defied analysis—until now. Democracy and the Korean Economy is an authoritative study of the new model of Korean political economy and the first book to analyze the economic impact of democratic change in South Korea. In addition to analyzing patterns of change in major policy areas, authors Jongryn Mo and Chung-in Moon closely examine specific industries—such as automobiles—and the family-controlled industrial conglomerates known as chaebols to analyze their market positions and political influence under both the authoritarian and democratic regimes. They show how conflicts in key policy areas have evolved, identify the political and economic factors that have been important to resolving those conflicts, and reveal the wide range of effects, both subtle and significant, of democratization on the Korean economy and on its economic policy.
East Asia's Dynamic Development Model and Teh Republic of Korea's Experiences by Ho-chʻŏl Yi,Mary McNulty Pdf
No region has been more dynamic in recent years than East Asia. Despite its successful economic development, evaluations of the East Asian development model have often been capricious, shifting from "miracle" to "cronyism." How can we explain East Asia's ups and downs consistently? To respond to this challenge, it is necessary to study the progress of East Asian development and to trace the influence of Asian cultural values. This study mainly focuses on cultural aspects of economic progress and analyzes East Asia's philosophical and historical backgrounds to explain the dynamic process. East Asians believe that balance between opposite but complementary forces, Yin and Yang, will ensure social stability and progress. Through repeated rebalancing to maintain harmony, the society comes to maturity. In traditional East Asian societies, a balance was maintained between Confucianism (Yang) and Taoism, Buddhism, and other philosophies (Yin). In modern societies, the challenge is to balance traditional systems (Yang) and Western style capitalism (Yin). This East Asian development model explains the Republic of Korea's rise, fall, and recovery. Korea was a poor country until the early 1960s, during the time when spiritualism (Yang) dominated. From the 1960s through the 1980s, Korea achieved rapid growth by finding a new balance and moving toward materialism (Yin) from spiritualism (Yang). But the failure to maintain a harmonious balance between cooperatism and collectivism (Yang) and individualism (Yin) led to major weaknesses in labor and financial markets that contributed significantly to the financial crisis in 1997. As Korea arrived at a new balance by instituting reform programs, the venture-oriented information and communication technology (ICT) industry blossomed and led to a rapid economic recovery. Since 2000, domestic financial scandals and political corruption have emerged as new social issues. Korea's next challenge is to find a new harmonization between moralism (Yang) and legalism (Yin). This paper-a product of the Office of the Senior Vice President and Chief Economist, Development Economics-is part of a larger effort in the Bank to examine institutional and cultural foundations of development across regions and countries.
Discusses the recent economic development of South Korea into the world's fifteenth largest economy, including how it opened itself to capitalism and multiculturalism while maintaining a distinct Korean perspective.
The Quality of Life in Korea by Doh Chull Shin,Conrad P. Rutkowski,Chong-Min Park Pdf
This is the first volume ever published to examine the objective and subjective qualities of Korean life from both comparative and dynamic perspectives. It presents non-Western policy alternatives to enhancing the quality of citizens' lives, distinguishing Korea as an Asian model of economic prosperity and political democracy. It is intended for academics and policymakers interested in recent developments in Korea.
Economic Dynamism in the Asia-Pacific by Grahame Thompson Pdf
This broad-ranging student textbook examines the rise of the Asia-Pacific as an important economic region. It looks at the sources of that rise, its future development and the possible consequences for the global economy. The analysis is divided into three sections considering: * how far the Asia-Pacific has developed as a regional system, looking at the patterns of integration of the principal economies * the relationship between the key individual economies of Japan, Korea, China and the United States * how the rise of the Asia-Pacific economy has affected the international economic system. In so doing it provides much-needed insights not only into the growth of this powerful economic region, but also the international context of Asia-Pacific development.
This contributor volume is the first effort to examine the management practices behind Korea's successful transformation from an underdeveloped nation into a major player in world trade. Reasons behind this success story include the economic policies of government, a well-disciplined labor force, and a homogeneous culture. But these factors should not overshadow the important roles played by corporate managers and entrepreneurs. Divided into five parts, this volume addresses the Korean business environment, the corporate ownership structure, corporate strategies, managerial practices, and human resource management.
The Economic Development of South Korea by Seung-hun Chun Pdf
How did a country with a dearth of natural resources, a sprawling population congested in a limited arable land transform itself to a modern industrial state within a generation? How could these have been achieved given the lingering geopolitical threats to its very survival as a state, as evidenced by the Korean War and the internecine aggressive posturing of its neighbor from the north? This book looks at strategies, institutional arrangement, role of entrepreneurs and workers in this odyssey, and on how those factors have worked together through effective leadership to transform South Korea’s economic fortunes.
Economic Catch-up and Technological Leapfrogging by Keun Lee Pdf
'The Korean experience has fascinated scholars around the world as one of the most remarkable stories of ''catch-up'' from very low to high levels of development. This book, by one of the leading Korean experts on industrial policy, argues that catch-up is not about following the paths of frontrunners but rather about finding new path to technologically ''leap-frog''. The application of this fundamental insight into the Korean story will be recognized as a landmark in this debate.' - Jose Antonio Ocampo, Columbia University, US and Formerly United Nations Under-Secretary-General for Economic and Social Affairs, and Minister of Finance of Colombia 'This book gives a full picture of the factors that made it possible for South Korea to move from being a poor economy to become close to Japan in terms of income per capita. It shows that earlier debates on the role of respective market and state are misleading and that the key to understand economic catching-up lies in specific technological strategies that were outcomes of an interplay between state policies and firm strategies. It is demonstrated that a key to understand catching-up in South Korea is 'technological leap-frogging' where dominant firms enter into technologies that are both new and in a process of rapid change. The book studies the phenomenon of leap-frogging and catching-up at respectively macro, meso and micro-level. It is thus of great interest for those who are involved in designing national, sectoral and enterprise strategies aiming at economic development and especially when the aim of the strategy is to take the step beyond a middle-income country. The combination of macro-economic analysis with sectoral and enterprise perspectives gives a more adequate understanding of economic dynamics than what traditional textbooks can offer.' - Bengt-Ake Lundvall, Aalborg University, Denmark and Founder of Globelics This book elaborates upon the dynamic changes to Korean firms and the economy from the perspective of catch-up theory. The central premise of the book is that a latecomer's sustained catch-up is not possible by simply following the path of the forerunners but by creating a new path or 'leapfrogging'. In this sense, the idea of catch-up distinguishes itself from traditional views that focus on the role of the market or the state in development. The author provides a comprehensive account of the micro and macro level changes, deals with both firm- and country-level capabilities, and explores the issue of macroeconomic stability to overcome financial crisis. The book demonstrates that at the firm level the focus is on innovation capabilities, diversification, internationalization and job creation. It goes on to examine the rise and upgrading of big businesses, such as Samsung, as well as the global success of SMEs. Comprehensive and illuminating, this is an ideal book for students, academics and researchers interested in the economics of development and technological innovation. It will also be a valuable source book for policy makers in international development agencies, governments and the public sector.
Economic Dynamism of Asia in the New Millenium by Yoshinori Shimizu Pdf
This book is a compendium of papers on various new movements that emerged after the Asian financial crisis, which lead to Asia becoming the enhanced growth center of the world. Beginning with the analysis of the Asian crisis and the subsequent capital flight, the book goes on to study the impact of these events on the Hong Kong economy, the role of the government in Indonesia and financial restructuring in Thailand. The book then explores the new movement of regional cooperation, such as Free Trade Agreement, and financial cooperation and integration. On the real side of the economy, the book delves into issues such as cooperation between Japan and China, development of the Greater Mekong sub-region, growth of China, fiscal coordination in Korea, technological network in East Asia, and growth and inequality in Vietnam.
Hwang analyses the Koreas' traditional interdependence and the economic consequences of the fratricidal war, giving a comparison of the two economies in terms of both the macroeconomic index and of living standards.
