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High Economic Growth

In: Korean Economic Growth, 1876 - 2022

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  • Nak Nyeon Kim

    (The Academy of Korean Studies)

Abstract

This chapter examines the rapid economic growth under Park Chung Hee’s leadership, particularly driven by his export-oriented industrialization strategy. The chapter explores the development and key components of this approach, including the government’s strategic allocation of financial resources to boost exports and foster heavy and chemical industries. Private enterprises played a crucial role in implementing these export- and industry-promoting initiatives, significantly contributing to economic expansion. The Park administration also normalized diplomatic relations with Japan, dispatched troops to Vietnam, and promoted large-scale construction projects in the Middle East. Renewed ties with Japan facilitated the emergence of a processing trade system, wherein imported machinery and intermediate goods were combined with Korean labor to produce export-oriented goods, primarily for the U.S. market. In the 1970s, the authoritarian regime intensified selective industrial policies targeting the heavy and chemical sectors. This chapter critically evaluates the achievements and limitations of these industrialization efforts in shaping Korea’s long-term economic trajectory.

Suggested Citation

  • Nak Nyeon Kim, 2025. "High Economic Growth," Studies in Economic History, in: Korean Economic Growth, 1876 - 2022, chapter 0, pages 235-259, Springer.
    • Handle: RePEc:spr:stechp:978-981-96-4832-0_10
    DOI: 10.1007/978-981-96-4832-0_10
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