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Manufacturing Revolutions: Industrial Policy and Industrialization in South Korea

Author

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  • Nathan Lane

    (University of Oxford)

Abstract

I study the impact of industrial policies on industrial development by considering an important episode during the East Asian miracle: South Korea's heavy and chemical industry (HCI) drive, 1973--1979. Based on newly assembled data, I use the introduction and termination of industrial policies to study their impacts during and after the intervention period. (1) I reveal that heavy-chemical industrial policies promoted the expansion and dynamic comparative advantage of directly targeted industries. (2) Using variation in exposure to policies through the input-output network, I demonstrate that the policy indirectly benefited downstream users of targeted intermediates. (3) The benefits of HCI persisted even after the policy ended, as some results were slower to appear. The findings suggest that the temporary drive shifted Korean manufacturing into more advanced markets and supported durable change. This study helps clarify the lessons drawn from the East Asian growth miracle. JEL Codes: L5, O14, O25, N6. Keywords: industrial policy, East Asian miracle, economic history, industrial development, Heavy-Chemical Industry Drive, Heavy and Chemical Industry Drive.

Suggested Citation

  • Nathan Lane, 2024. "Manufacturing Revolutions: Industrial Policy and Industrialization in South Korea," Working Papers hal-04722757, HAL.
    • Handle: RePEc:hal:wpaper:hal-04722757
    DOI: 10.31235/osf.io/6tqax
    Note: View the original document on HAL open archive server: https://hal.science/hal-04722757v2
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    Keywords

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    JEL classification:

    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L6 - Industrial Organization - - Industry Studies: Manufacturing
    • N6 - Economic History - - Manufacturing and Construction
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy

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