What Made Korea's Rapid Growth Possible?

Name: What Made Korea's Rapid Growth Possible?
Brand: Taylor & Francis
SKU: 9781138801264
Price: 14551.0 INR
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by Jungho Yoo

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ISBN13: 9781138801264
Binding: Hardcover
Subject: N/A
Publisher: Taylor & Francis
Publisher Imprint: Routledge
Publication Date: March 6, 2020
Pages: 128
Original Price: GBP 171.99
Language: English
Edition: N/A
Item Weight: 300 grams
BISAC Subject(s): Economics / General and Development / Economic Development

About The Book

Korea's experience of rapid economic growth represents both hope and a 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, and so on, 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 tremendous growth in size of the world market 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; while the Korean economy had not been realizing the potential gains, it began to as soon as a major reform of the 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 be better understood as a process whereby the economy realized its huge potential.

About The Author

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

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