The Politics of Economic Reform in South Korea: A Fragile Miracle

Abstract

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From technological catch-up to innovation-based economic growth: South Korea and Taiwan compared

“…The Korean state was overwhelmed by the economic nationalism that intended to build a strong economy based on domestic ownership (Woo, 1991;Kong, 2000). In order to promote 'big push' industrialisation, the Korean state mobilised financial resources through domestic and foreign savings to nurture the chaebol through the mediation of state-owned banks.…”

“…These elements were also regarded as essential ingredients that helped to constitute Korea Inc. (Kong, 2000).…”

“…As one of the exemplars of the East Asian developmental state model, South Korea's economic development was characterised by three major elements before the 1990s: the state's strong leadership; the state-owned banking system; and the dominance of the chaebol in the industrial structure (Amsden, 1989;Woo, 1991;Fields, 1995; Growth in South Korea and Taiwan 1089 Kim, 1998;Kong, 2000). These elements were also regarded as essential ingredients that helped to constitute Korea Inc. (Kong, 2000).…”

Economic Crisis and the Construction of a Neo-Liberal Regulatory Regime in Korea

“…As has been well documented by a wide range of scholars the basic objective of the Korean developmental state project was to develop industrial self-sufficiency and independent exporting capacity across a range of major global industries (Amsden 1989;Woo 1991;Kong 2000). In order to achieve this objective the state placed selected firms on a steroid diet of cheap state directed credit.…”

Does Korea Restrict its Imports of the Primary Agricultural Products?

“…There is more than 50 million a population living in its limited total territory of 0.37 million square kilometers, making a high population density. The rapid economic growth of Korea from 1960s to 1980s is often named the Korean miracle [1], and many scholars attribute this success to the Korean government dominated economy featured with trade policy interference [2][3].…”