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Evolution of Industrial Policies and Economic Growth in Korea: Challenges, Crises and Responses

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  • Yangmi Koo

    (SNU - Seoul National University [Seoul])

Abstract

This paper examines the evolution of industrial policies andeconomic growth in Korea by focusing on the effects of twoeconomic crises in 1997 and 2008. Korea successfully surpassed thetwo big economic crises with the support of the industrialrestructuring policies and the appropriate responses of privateand public actors. Past Korean economic growth resulted from thedevelopment of manufacturing for export, which were driven by thehigh growth of Korean conglomerates, chaebols. Activeinfrastructure investment, such as social overhead capitals andindustrial complexes played pivotal roles at the beginning of theeconomic development. Although input-driven growth strategy ledduring the initial stage of economic development, innovation-driven industrial policies were magnified later in the focus onR&D and technological progress. In addition, the implementation ofregion-based industrial innovation policies, such as industrialcluster policies, obtained relatively successful results.

Suggested Citation

  • Yangmi Koo, 2013. "Evolution of Industrial Policies and Economic Growth in Korea: Challenges, Crises and Responses," Post-Print hal-03470146, HAL.
    • Handle: RePEc:hal:journl:hal-03470146
    Note: View the original document on HAL open archive server: https://hal.science/hal-03470146
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    Citations

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    Cited by:

    1. Mario Cimoli & Jose Antonio Ocampo & Gabriel Porcile & Nunzia Saporito, 2020. "Choosing sides in the trilemma: international financial cycles and structural change in developing economies," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 29(7), pages 740-761, October.
    2. Eum, Wonsub & Lee, Jeong-Dong, 2022. "The co-evolution of production and technological capabilities during industrial development," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 454-469.
    3. Seungwoo Han, 2022. "Identifying the roots of inequality of opportunity in South Korea by application of algorithmic approaches," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-10, December.
    4. Agosin, Manuel & Retamal, Yerko, 2021. "A model of diversification and growth in open developing economies," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 455-470.
    5. Cimoli, Mario & Pereima, João Basilio & Porcile, Gabriel, 2019. "A technology gap interpretation of growth paths in Asia and Latin America," Research Policy, Elsevier, vol. 48(1), pages 125-136.

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