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South Korea’s Catching-Up Process

In: The Economic Rise of East Asia

Author

Listed:
  • Linda Glawe

    (University of Hagen)

  • Helmut Wagner

    (University of Hagen)

Abstract

In the 1960s, about two decades after Japan’s economic takeoff, also South Korea underwent a period of extended growth and managed to rise to the ranks of high-income countries. This Chapter sheds light on the factors that enabled the “Miracle on the Han River”. It analyzes the South Korean export promotion strategy as well as the subsequent HCI drive (including the associated building up of macroeconomic imbalances), and the role that chaebols and industrial policies played in this context. In addition, the Chapter discusses why South Korea was hit so hard by the Asian Financial Crisis, which drastic (IMF imposed) reforms had to be undertaken, and in how far the economic situation and policy reactions differed during the Global Financial Crisis.

Suggested Citation

  • Linda Glawe & Helmut Wagner, 2021. "South Korea’s Catching-Up Process," Contributions to Economics, in: The Economic Rise of East Asia, chapter 0, pages 67-142, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-87128-4_3
    DOI: 10.1007/978-3-030-87128-4_3
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