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Law and Development: Lessons from South Korea

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  • Lee Yong-Shik

    (The Law and Development Institute, Decatur30033, GA, USA)

Abstract

South Korea has achieved unprecedented economic and social development in history. This country, which had been among the poorest in the world until the early 1960s, became one of the world’s leading economies by the mid-1990s as demonstrated by high per-capita income and world-class industries. In the early 1960s, Korea had much of the characteristics shared by many developing countries today, such as prevalent poverty, low economic productivity, low levels of technology and entrepreneurship in society, insufficient capital, poor endowment of natural resources, over-population in a relatively small territory, and internal political instability and external threats to its security. Korea has successfully overcome these obstacles and achieved economic development within a single generation. Korea’s success in economic development was also accompanied by the advancement of the rule of law and elective democracy by the 1990s. What are the causes of this unprecedented success? This article, applying a recently developed theory of law and development, explores the legal and institutional dimensions of Korea’s development and draws lessons from its successful development.

Suggested Citation

  • Lee Yong-Shik, 2018. "Law and Development: Lessons from South Korea," The Law and Development Review, De Gruyter, vol. 11(2), pages 433-465, December.
  • Handle: RePEc:bpj:lawdev:v:11:y:2018:i:2:p:433-465:n:8
    DOI: 10.1515/ldr-2018-0026
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    References listed on IDEAS

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    1. Pranab Bardhan, 1993. "Economics of Development and the Development of Economics," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 129-142, Spring.
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    7. Westphal, Larry E, 1990. "Industrial Policy in an Export-Propelled Economy: Lessons from South Korea's Experience," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 41-59, Summer.
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    Cited by:

    1. Lee Yong-Shik, 2019. "A Note on Economic Development in North Korea: Call for a Comprehensive Approach," The Law and Development Review, De Gruyter, vol. 12(1), pages 247-259, January.
    2. Lee Yong-Shik, 2019. "South Korean Economy at the Crossroads: Structure Issues under External Pressure – An Essay from a Law and Development Perspective," The Law and Development Review, De Gruyter, vol. 12(3), pages 865-885, October.
    3. Lee Yong-Shik, 2019. "Political Governance, Law, and Economic Development," The Law and Development Review, De Gruyter, vol. 12(3), pages 723-759, October.
    4. Lee Yong-Shik, 2020. "Law and Development: Three Irreconcilable Interests – Call for a New Beginning," The Law and Development Review, De Gruyter, vol. 13(1), pages 321-333, January.

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