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Export-Led Industrialisation and Growth - Korea's Economic Miracle 1962-89

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Abstract

The period 1962-89 witnessed a remarkable transformation of the South Korean economy, from being poverty ridden to the attainment of the status of newly industrialised nation. This transformation was achieved through the adoption of an outward oriented industry led strategy, based, particularly during the period of the 1970s, upon the development of large-scale industrial conglomerates and the attainment of economies of scale and technology to achieve international competitiveness. By the early 1980s this strategy had resulted in major structural imbalances, a weakened financial section, heavy concentration in domestic markets, and a repressed development of small and medium enterprises. By the end of the 1980s, despite attempts at economic reform during this decade, the structural and financial problems remained which were to prove the country’s undoing during the financial and economic crisis of 1997-98. This issue of whether Korea’s performance during this period can be described as an economic miracle is also reviewed. The empirical evidence on this issue is mixed and no conclusive evidence can be drawn. However, despite this, the achievements of the Korean economy during the period under discussion should not be underestimated.

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Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp03-01.

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Length: 25 pages
Date of creation: 2003
Date of revision:
Handle: RePEc:uow:depec1:wp03-01

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Keywords: TRIPS; legitimacy; World Trade Organization;

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  1. Paul Cook & Yuichiro Uchida, 2002. "Productivity growth in east Asia: a reappraisal," Applied Economics, Taylor & Francis Journals, vol. 34(10), pages 1195-1207.
  2. Fischer, Stanley, 1993. "The role of macroeconomic factors in growth," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 485-512, December.
  3. Chan Huh & Sun Bae Kim, 1994. "Financial regulation and banking sector performance: a comparison of bad loan problems in Japan and Korea," Economic Review, Federal Reserve Bank of San Francisco, pages 18-29.
  4. Page, John M., 1994. "The East Asian miracle: An introduction," World Development, Elsevier, vol. 22(4), pages 615-625, April.
  5. Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64 National Bureau of Economic Research, Inc.
  6. Susan M. Collins & Barry P. Bosworth, 1996. "Economic Growth in East Asia: Accumulation versus Assimilation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 135-204.
  7. repec:sae:niesru:v:145:y::i:1:p:43-63 is not listed on IDEAS
  8. Michael Sarel, 1997. "Growth and Productivity in Asean Countries," IMF Working Papers 97/97, International Monetary Fund.
  9. Felipe, J., 1997. "Total Factor Productivity Growth in East Asia: A Critical Survey," Papers 65, Asian Development Bank.
  10. Romer, Paul, 1993. "Idea gaps and object gaps in economic development," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 543-573, December.
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Cited by:
  1. Harvie, Charles & Lee, Hyun-Hoon, 2005. "Korea's Fading Economic Miracle 1990-97," Economics Working Papers wp05-09, School of Economics, University of Wollongong, NSW, Australia.

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