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Lessons From Korea And Singapore

In: Capitalism in the 21st Century Why Global Capitalism Is Broken and How It Can Be Fixed

Author

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  • Donghyun Park

Abstract

To sum up, the experiences of South Korea and Singapore do not, in any way, shape or form, suggest that government bureaucrats can substitute private sector entrepreneurs as the engines of economic progress, and creators of jobs and wealth. Only an extremely biased interpretation of the experiences of the two exceptionally successful countries, among the rare group of countries that went from Third World to First World, would produce that conclusion. This is not a knock against South Korean and Singapore government bureaucrats, who are among the world’s best. But taking big risks, making bold decisions, and thinking outside the box are not part of their DNA or job description…

Suggested Citation

  • Donghyun Park, 2019. "Lessons From Korea And Singapore," World Scientific Book Chapters, in: Capitalism in the 21st Century Why Global Capitalism Is Broken and How It Can Be Fixed, chapter 54, pages 248-250, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813274242_0054
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    More about this item

    Keywords

    Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market;
    All these keywords.

    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • N2 - Economic History - - Financial Markets and Institutions
    • A1 - General Economics and Teaching - - General Economics
    • F00 - International Economics - - General - - - General

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