What Made Korea’s Rapid Growth Possible?: 1st Edition (Hardback) book cover

What Made Korea’s Rapid Growth Possible?

1st Edition

By Jungho Yoo

Routledge

128 pages | 10 B/W Illus.

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Hardback: 9781138801264
pub: 2020-03-31
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Description

Korea’s experience of rapid economic growth represents both hope and challenge to many developing countries. The conventional wisdom inside and outside Korea has been that the government’s policies such as export promotion, industrial targeting, etc. made the rapid growth possible.

This book investigates the effects of the policies and concludes that Korea’s growth experience does not corroborate the view. Rather, it points to the world market growing tremendously in size as an important factor that has been overlooked in the discussion of nations’ economic growth in the post-World War II era. It was roughly 100 times bigger in the early 1960s than it was in the middle of the First Industrial Revolution. The potential "gains from trade" were that much greater. The Korean economy had not been realizing the potential gains but began to as soon as a major reform of foreign exchange system in 1961 removed the impediments to foreign trade. Explosive export expansion and rapid growth of the economy immediately followed. The "Korean Miracle" may better be understood as a process whereby the economy realized the huge, unrealized potential it had had.

Table of Contents

1. The Economy and Policies in the 1950s

2. Rapid Export Expansion in the 1960s and 1970s

3. Transformation of the Korean Economy

4. Industrial Policy in the 1970s

5. The World Market Size and Pace of Industrialization

6. Concluding Remarks

About the Author

Jungho Yoo is Visiting Professor at the KDI School of Public Policy and Management. He was previously Fellow at the KDI (Korea Development Institute).

About the Series

Routledge Studies in the Modern World Economy

In an increasingly interdependent world, many of the most important issues are driven by economic forces. This series applies newly developed economic techniques to some of the most pressing contemporary problems. The aim of the series is to demonstrate the relevance of modern economic theory to the modern world economy, and to provide key reading for researchers and policy-makers.

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS068000
BUSINESS & ECONOMICS / Development / Economic Development
BUS069000
BUSINESS & ECONOMICS / Economics / General