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Reform Unleashed Korean Growth

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  • Henry Y. Wan, Jr.

    ()
    (Cornell University, New York)

Abstract

Before the reform in the 1960s, twin vicious circles perpetuated the shortages of foreign exchange and labor skill, and prevented the Korean economy from realizing its considerable growth potential. The breakthrough came when the Japanese labor shortage facilitated Korean exports, after economic normalization between the two countries. The reformed institutions reduced rent--seeking and refocused Korean managerial efforts to pioneering activities. The Korean takeoff scenario is a shared theme among all four Asian newly industrialized economies cited by Lucas (1988) as showcases. Copyright Verein für Socialpolitik and Blackwell Publishing Ltd 2003

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Bibliographic Info

Article provided by Verein für Socialpolitik in its journal German Economic Review.

Volume (Year): 4 (2003)
Issue (Month): 1 (February)
Pages: 19-34

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Handle: RePEc:bla:germec:v:4:y:2003:i:1:p:19-34

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  1. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  2. Bhagwati, Jagdish N. & Brecher, Richard A. & Srinivasan, T. N., 1984. "DUP activities and economic theory," European Economic Review, Elsevier, vol. 24(3), pages 291-307, April.
  3. Lee, Jong-Wha, 1996. " Government Interventions and Productivity Growth," Journal of Economic Growth, Springer, vol. 1(3), pages 391-414, September.
  4. Erik Thorbecke & An-Chi Tung & Henry Wan, Jr, 2002. "Industrial Targeting: Lessons from Past Errors and Successes of Hong Kong and Taiwan," The World Economy, Wiley Blackwell, vol. 25(8), pages 1047-1061, 08.
  5. Edward C. Prescott, 1997. "Needed: a theory of total factor productivity," Staff Report 242, Federal Reserve Bank of Minneapolis.
  6. Levy, Brian, 1990. "Transactions costs, the size of firms and industrial policy : Lessons from a comparative case study of the footwear industry in Korea and Taiwan," Journal of Development Economics, Elsevier, vol. 34(1-2), pages 151-178, November.
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