Korean Economic Development

Over the past three decades, South Korea's economic performance has bordered on a miracle. Few economies have achieved such spectacular growth in such a short period of time. Korea's development process provides a sharp contrast to the lackluster growth experienced by many other developing economies and represents several unique characteristics even in comparison with its neighbors Japan and Taiwan. At the same time, certain aspects of its development remain minor mysteries requiring further examination and scrutiny. At the very least, the meteoric rise of a small economy and its people to international prominence after centuries of obscurity, disenfranchisement,and privation, deserves careful investigation and worldwide attention.

This collection of 24 original essays focuses on the economic policies that led to the rapid transformation of the Korean economy. Among the salient features of the Korean experience dealt with by the contributors are development policies and the record of development; export policies--exchange rate, import liberalization, factor price distortions, and changing comparative advantage; production technology and total factor productivity; macroeconomic perspectives; conglomeration, business concentration and management practices; income distribution and labor issues, and urban and regional policies. Throughout the book, the role of the government in the development process and the dominance of large businesses in the economic sphere are analyzed extensively. In seeking to trace the relationships among various economic factors and to provide some insight into the process of economic development, this volume marshalls a considerable array of statistics and institutional descriptions as a background for analysis. This book will be welcomed by those studying economic development in general and the East Asian economy in particular as well as by those currently engaged in dealing with Korea.

List of contents

Preface
Introduction
Assessment of Development Policies and Development Record
Korea's Development Strategy by Bela Balassa
"Why Is South Korea Succeeding?" A Heterodox Perspective by Young Chin Kim
The Uncommon Characteristics of Korea's Economic Development by Jene K. Kwon
Trade Policies and Development
Korean Trade as Outlier: An Economic Anatomy by Peter A. Petri
Exchange Rate Policy in Korea by Bon Ho Koo and Won Am Park
Import Liberalization and Its Impact in Korea by Kwang Suk Kim
Market Distortions and Polarization of Trade Patterns: Korean Experience by Wontack Hong
Changing Comparative Advantage and Productivity Growth in the Manufacturing Industries by David Dollar and Kenneth Sokoloff
Factor Substitution and Productivity Growth
Analyis of Factor Substitution and Productivity Growth in Korean Manufacturing, 1961-1981 by Jene K. Kwon and Kyhyang Yuhn
Factor Demand and Production Technology in Korean and Taiwanese Manufacturing by Jeong Pyo Choi
MacroDynamics: Financial System and Monetary Aggregates
Korea's Financial Evolution, 1961-1986 by Pyung Joo Kim
Monetary Aggregates in the Presence of a Curb Market by Tong Hun Lee
The Financial Policy and Financial Sector Developments in Korea and Taiwan by Yoon Je Cho
Fiscal Management
Tax Policy and Resource Allocation in Korea by Kwang Choi and Taewon Kwack
Government Spending and Economic Growth by Jisoon Lee
The Output Effects of Fiscal Policy in Korea by Paul Evans
Labor Market
Labor Market Developments in Macroeconomic Perspective by Choongsoo Kim
The Big Businesses (Jaebuls) and Management Styles
Conglomeration and Business Concentration in Korea by Young Ki Lee
Financing Korean Corporations: Evidence and Theory by E. Han Kim
The Rise of Salaried Management by Alice H. Amsden
Income Distribution and Collective Bargaining
Income Distribution in Korea by Jong Goo Yoo
Industrial Relations Policy in Korea: Its Features and Problems by Se-Il Park
Urbanization and Regional Development
Urbanization and Regional Korea by Kyung-Hwan Kim and Edwin S. Mills
Changing Location Patterns of Industries and Urban Decentralization Policies in Korea by Kyu Sik Lee and Sang-Chuel Choe
Name Index
Subject Index

About the author

JENE K. KWON is Professor of Economics at Northern Illinois University. He is the author of many articles in journals including Journal of Development Economics, Journal of Finance, Kylos, and Applied Economics.

Product details

• Authors: Jene Kwon
• Assisted by: Jene K. Kwon (Editor)
• Publisher: Bloomsbury
• Languages: English
• Product format: Hardback
• Released: 28.08.1990
• EAN: 9780313263439
• ISBN: 978-0-313-26343-9
• Subjects: Social sciences, law, business > Business > Miscellaneous; Economics, BUSINESS & ECONOMICS / Development / General, POLITICAL SCIENCE / Public Policy / Economic Policy, POLITICAL SCIENCE / World / Asian, BUSINESS & ECONOMICS / Development / Economic Development, SOCIAL SCIENCE / Developing & Emerging Countries, South Korea, c 1960 to c 1970, c 1950 to c 1959, c 1970 to c 1979, c 1960 to c 1969, Central / national / federal government policies, Development Studies, Development economics & emerging economies, c 1970 to c 1980, C 1980 To C 1990, c 1980 to c 1989, Development economics and emerging economies, C 1945 To C 1960, Central government policies