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Secrets Of The South-Korean Economic Miracle

  • Ioan Ciobanu

    (Alexandru Ioan Cuza University of Iasi, Faculty of Economics and Business Administration, Iasi, Romania)

  • Ruxandra Ciulu

    ()

    (Alexandru Ioan Cuza University of Iasi, Faculty of Economics and Business Administration)

This paper proves that, in order to accomplish the highest economic development at mac-roeconomical level, it is necessary to maintain and manage imbalances, so that they do not become unbearable. For this purpose, South-Koreans have created the ‘South-Korean essentials’, an ex-tremely complex concept, which involves multiple factors that together create the targetted effect. The South-Korean miracle challenges even the neoclassical model. State intervention in the economy is one of the key factors for success due to a planning system based on strict regulations. To these must be added the planning – market relationship, the agriculture – industry nexus and the ‘two feet’ eco-nomic theory.

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Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi.

Volume (Year): 2010SE (2010)
Issue (Month): (july)
Pages: 191-198

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Handle: RePEc:aic:journl:y:2010:v:se:p:191-198
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