By Sung-Hee Jwa
Sung-Hee Jwa bargains analyses of quite a lot of earlier and present reform efforts in Korea. The coverage classes are designed to appreciate Korea's transformation from the government-led improvement version to a industry approach. Jwa argues that Korea's fiscal destiny relies solely upon the profitable integration of market-oriented platforms.
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Additional resources for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)
The volume ends with a word on the future of the Korean economy toward the twenty-first century. Emphasis is laid on intellectual capital and superior human resources as the primary engines for new growth and development. Our main conclusion here is that in order to benefit from the changing economic environment, Korea must not only comply with global requirements but also strive to become more liberalized and attain economic flexibility. In addition, a brief discussion of Korea’s long-term growth prospects is presented.
In the early 1960s, the government allocated 55 per cent of foreign loans to the strategically selected industries. In the second half of the decade, 60 per cent of investments in the manufacturing sector were allocated to three strategic industries – petrochemicals, steel, and machinery. In addition, the government applied low interest rates on loans to firms entering the selected industries, reinforcing private sector dependency on the government. Even after the industrial restructuring program of the late 1960s, many of the surviving firms (selected and helped by the government) experienced financial difficulties.
Therefore, market failure on its own cannot be considered as an automatic justification for direct government intervention. 6 Furthermore, in most cases of apparent market failures, it should not go unnoticed that government regulation or its practices of preferential treatment usually turn out to be the major causes of those failures. 3. 1 Korea’s experiences Patterns of economic management Korea has achieved a remarkably high level of economic growth over the last thirty years. Its economic development process during this period has generally been described as following a government-led export promotion strategy.