The Dynamics of Korean Economic DevelopmentOne of Korea's most distinguished economists and teachers offers a new and critical appraisal of his country's postwar development. Dr. Cho argues that Korea's development strategy since 1960 achieved extraordinary growth rates, but it also contributed to structural imbalances that will impede Korea's entry into the ranks of the advanced industrial countries unless they are corrected. These structural problems include concentration of economic and political power in large industrial conglomerates, retarded development of small and medium-sized enterprises essential for entrepreneurship and technological innovation, an inadequate private financial services sector, and costly labor strife. Dr. Cho concludes that Korea must undertake a "great transition" in order to sustain growth and democratization. He recommends policies to reduce industrial concentration, establish a competitive pricing system (particularly in the financial sector), promote small and medium-sized enterprises, improve labor-management relations, and encourage investment in human capital. |
Contents
Introduction | 1 |
Korean Economic Development in the 1950s and 1960s | 11 |
An Overview | 27 |
Copyright | |
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achieve advanced countries agricultural balance of payments bank loans Bank of Korea basic billion CALIFORNIA SAN DIEGO chemical industries commercial banks competitive condensed growth conglomerates current account decades deficit demand developing countries DIEGO THE LIBRARIES domestic economic development economic growth Economic Planning Board economic policy established exchange rate expansion export promotion financial market financial sector firms five-year plan foreign capital Fred Bergsten funds growth rate heavy and chemical import liberalization income industrial policy inflation innovations interest rates ISBN paper Japan Japanese Japanese yen John Williamson Korean economy Korean exports Korean government Korean workers labor disputes LIBRARIES SAN DIEGO macroeconomic manufacturing medium enterprises ment National nomic nonbank financial institutions percent percentages plan period policy loans problems ratio real sector real wages share of GNP small and medium SMEs Source South Korea strategy surplus Table Taiwan tion United wage rates workers