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South Korea's economic future: Industrial policy, or economic democracy?

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  • Holcombe, Randall G.

Abstract

Many South Koreans believe that the country's remarkable economic successes over the past half-century are the product of an industrial policy that made Korean industry competitive in world markets. While there is widespread sentiment in favor of maintaining the emphasis on industrial policy, others believe industrial policy has generated benefits for some Koreans at the expense of the welfare of working-class Koreans. This has resulted in a push toward economic democracy to more equitably distribute the gains from increased productivity. Neither industrial policy nor economic democracy are in the best interest of Koreans. Rather, a laissez faire policy of minimal government interference will provide the best environment to foster South Korea's continued economic progress.

Suggested Citation

  • Holcombe, Randall G., 2013. "South Korea's economic future: Industrial policy, or economic democracy?," Journal of Economic Behavior & Organization, Elsevier, vol. 88(C), pages 3-13.
    • Handle: RePEc:eee:jeborg:v:88:y:2013:i:c:p:3-13
    DOI: 10.1016/j.jebo.2011.07.021
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    References listed on IDEAS

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    1. Heo,Uk & Roehrig,Terence, 2010. "South Korea since 1980," Cambridge Books, Cambridge University Press, number 9780521743532.
    2. Berggren, Niclas, 2003. "The Benefits of Economic Freedom: A Survey," Ratio Working Papers 4, The Ratio Institute.
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    4. James D. Gwartney & Randall G. Holcombe & Robert A. Lawson, 2004. "Economic Freedom, Institutional Quality,and Cross-Country Differences in Income and Growth," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 205-233, Fall.
    5. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
    6. Heo,Uk & Roehrig,Terence, 2010. "South Korea since 1980," Cambridge Books, Cambridge University Press, number 9780521761161.
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    More about this item

    Keywords

    Korea; Industrial policy; Economic democracy; Economic development;
    All these keywords.

    JEL classification:

    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform

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