Economic development of Korea / Chuk Kyo Kim.

Format:

Book

Author/Creator:

Kim, Chŏk-kyo, author.

Language:

English

Subjects (All):

Economic development--Korea (South)--History.

Economic development.

History.

Korea (South)--Economic conditions.

Korea (South).

Economic conditions.

Korea (South)--Economic policy.

Economic policy.

Economic history.

Genre:

History.

Physical Description:

xviii, 289 pages ; 24 cm

Place of Publication:

Singapore ; Hackensack, NJ : World Scientific Publishing Co. Pte. Ltd., [2019]

Contents:

1 A Historical Overview p. 1

1.1 Post-War Reconstruction and Foreign Aid (1950s) p. 1

1.2 Outward-Oriented Industrial Development (1960s) p. 7

1.3 Industrial Upgrading and a Big Push for Rural Development (1970s) p. 10

1.4 Market Opening and Liberalization (1980s) p. 15

1.5 Globalization, Financial Crisis, and Structural Reform (1990s) p. 17

2 Role of Government p. 25

2.1 Two Competing Views p. 25

2.2 The Changing Role of Government p. 27

2.2.1 Laying the Groundwork for Development (1950s) p. 28

2.2.2 State-Led Development (1960s-1970s) p. 32

2.2.3 Transition to Market-Oriented Development (1980s) p. 34

2.2.4 Toward Market-Led Development (1990s) p. 37

3 Capital Accumulation p. 41

3.1 Savings and Investment Rates p. 41

3.2 Accumulation Process p. 44

3.2.1 Investment, Growth, and Increase in Savings p. 44

3.2.2 Role of Financial Institutions p. 50

3.2.3 Efficiency of Investment p. 53

3.3 Characteristics of the Accumulation Process p. 55

4 Growth and Structural Change p. 59

4.1 Investment-Led Growth p. 59

4.2 The Slowing Growth Rate p. 64

4.3 Structural Changes p. 66

4.4 Sources of Growth p. 67

4.5 Institutional and Policy Factors p. 70

4.5.1 Strong Leadership Commitment p. 70

4.5.2 Transforming Import Substitution Industries into Export Industries p. 74

5 Industrial Development and Structural Transformation p. 79

5.1 Evolution of Industrial Development Policy p. 79

5.1.1 Easy Import Substitution (1950s) p. 80

5.1.2 Export Drive and Selective Import Substitution (1960s) p. 83

5.1.3 HCI Promotion and Second-Stage Import Substitution (1970s) p. 88

5.1.4 Structural Adjustment and Technology-Oriented Industrial Policy (1980s) p. 93

5.1.5 Globalization and Promotion of High-Tech Industries (1990s) p. 96

5.2 Industrial Growth and Structural Transformation p. 99

5.2.1 Growth of Manufacturing Sector p. 99

5.2.2 Structural Changes p. 105

5.3 Industrialization Process p. 107

5.3.1 Nondurable Consumer Goods p. 107

5.3.2 Durable Consumer Goods and Intermediate Goods p. 109

5.3.3 Capital Goods p. 119

6 Industrialization and SME Development p. 123

6.1 An Overview of the SME Development Policy p. 123

6.2 Growth and Structural Change of SMEs p. 127

6.3 Problems Facing SMEs and Policy Implications p. 131

7 Industrialization and Concentration of Economic Power p. 137

7.1 Rapid Industrial Growth and Concentration of Economic Power p. 137

7.2 Economic Concentration and Chaebol Policy p. 143

8 Liberalization Policy and Process p. 151

8.1 Evolution of Liberalization Policy: An Overview p. 152

8.1.1 Export Promotion and Liberalization Efforts (1960s) p. 152

8.1.2 Heavy and Chemical Industry Promotion and Setback in Liberalization (1970s) p. 154

8.1.3 Policy Shift toward Market-Oriented Development and Renewed Liberalization Efforts (1980s) p. 156

8.1.4 Globalization and Accelerated Liberalization (1990s) p. 161

8.2 Major Features and Sequencing of the Liberalization Policy p. 166

9 Financial Crisis and Policy Response p. 173

9.1 Causes of the Crisis p. 173

9.1.1 Structural Weaknesses p. 174

9.1.2 Failed Reform Attempts p. 178

9.1.3 Origins of the Crisis p. 180

9.2 Policy Response and Achievements p. 182

9.2.1 Macroeconomic Policies p. 182

9.2.2 Structural Reforms p. 185

9.2.3 Achievements p. 191

10 Education and Human Resource Development p. 195

10.1 Rapid Expansion of Education p. 195

10.2 Human Capital Formation and Economic Growth p. 202

11 Industrialization and Science and Technology Policy p. 207

11.1 Evolution of Science and Technology Policy p. 207

11.1.1 Export Promotion and Skilled Manpower Development (1960s) p. 208

11.1.2 HCI Promotion and Local Technological Capability Building (1970s) p. 210

11.1.3 Technology-Oriented Industrial Policy and Strengthened R&D Incentives (1980s) p. 214

11.1.4 High-Tech Industry Promotion and Policy Shift from Imitation to Innovation (1990s) p. 218

11.2 R&D Activities and Performance p. 220

11.3 Features of Science and Technology Policy p. 224

12 Social Development and Income Distribution p. 227

12.1 Evolution of Social Policy: An Overview p. 227

12.1.1 Building Social Security System (1960s-1970s) p. 228

12.1.2 Policy Shift toward Improving Social Welfare (1980s-1990s) p. 230

12.1.3 Expansion of Social Welfare Programs (2000s) p. 232

12.2 Trends of Income Distribution p. 234

12.3 Indicator Distribution and Perceived Distribution p. 240

13 Growth Driving Forces and Growth Prospects p. 245

13.1 The Falling Potential Growth Rate p. 245

13.2 Policy Directions for Raising Potential Growth p. 251

13.2.1 Increasing Labor Supply and Stimulating Investment p. 251

13.2.2 Upgrading Human Capital Formation p. 252

13.2.3 Enhancing the Efficiency of R&D Activities p. 254

13.2.4 Promoting New Growth Industries p. 256

13.2.5 Promotion of Service Sector p. 259

14 The Korean Development Model: Characteristics and Lessons p. 263.

Notes:

Includes bibliographical references and index.

ISBN:

9789813274907

9813274905

OCLC:

1048947266