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The Dynamics of Korean Economic Development
Provides an analysis of the Korean economic development and its future outlook. Covers the period from 1960 to 1992.
Financial Liberalization and Economic Development in Korea, 1980-2020
Since the early 1980s, Korea’s financial development has been a tale of liberalization and opening. After the 1997 financial crisis, great strides were made in building a market-oriented financial system through sweeping reforms for deregulation and the opening of financial markets. However, the new system failed to steer the country away from a credit card boom and bust in 2003, a liquidity crisis in 2008, and a run on its savings banks in 2011, and has been severely tested again by the ongoing COVID-19 pandemic crisis. Financial liberalization, clearly, has been no panacea. This study analyzes the deepening of and structural changes in Korea’s financial system since the early 1980s and...
Human Capital and Development
During recent decades, Korea has been one of only a handful of countries that have made the successful transformation to become a developed nation by simultaneously achieving persistent economic growth combined with a democratic political system. Experts and political leaders worldwide have attributed this achievement to investments in people or, in other words, the power of education. Whilst numerous books have highlighted the role of industrial policies, technological growth, and international trade in Korea’s development process, this is one of the first to focus on the role of human capital. It shows how the accumulation of human capital aided transformation and helps explain the policies, strategies and challenges that Korea faces now and in the future.
The Korean Economy
"South Korea has been held out as an economic miracle—as a country that successfully completed the transition from underdeveloped to developed country status—and as an example of how a middle-income country can continue to move up the technology ladder into the production and export of more sophisticated goods and services. But with these successes have come challenges, among them poverty, inequality, long work hours, financial instability, and complaints about the economic and political power of the country’s large corporate conglomerates, or chaebol. The Korean Economy provides an overview of Korean economic experience since the 1950s, with a focus on the period since democratization...
Development Centre Studies Industrial Policy and Territorial Development Lessons from Korea
This report reviews the Korean catching up and it analyzes the recent reforms which have been put in place to address the territorial dimension in the design and implementation of industrial policies, with a view to share knowledge and policy ...
Innovative Korea
The Republic of Korea today is a highly industrialized, global leader in innovation and technology. It is the 10th largest economy in the world and has a per capita income approaching the average of OECD countries. In the 1950s, however, it was one of the world’s poorest countries, with decidedly bleak prospects. Its transformation has made Korea a well-known case study of successful development.Innovative Korea: Leveraging Innovation and Technology for Development summarizes the sources of Korea’s remarkable growth and the policies and institutional reforms that made it possible. The report focuses on Korea’s successful transition from a middle-income to a high-income economy. Korea e...
Shifting Paradigms
Addressing the big questions about how technological change is transforming economies and societies Rapid technological change—likely to accelerate as a consequence of the COVID-19 pandemic—is reshaping economies and how they grow. But change also causes disruption, creates winners and losers, and produces social stress. This book examines the challenges of digital transformation and suggests how creative policies can make it more productive and inclusive. Shifting Paradigms is the second book on technological change produced by a joint research project of the Brookings Institution and the Korea Development Institute. Contributors are experts from the United States, Europe, and Korea. Th...
Re-Inventing Africa's Development
This open access book analyses the development problems of sub-Sahara Africa (SSA) from the eyes of a Korean diplomat with knowledge of the economic growth Korea has experienced in recent decades. The author argues that Africa's development challenges are not due to a lack of resources but a lack of management, presenting an alternative to the traditional view that Africa's problems are caused by a lack of leadership. In exploring an approach based on mind-set and nation-building, rather than unity – which tends to promote individual or party interests rather than the broader country or national interests – the author suggests new solutions for SSA's economic growth, inspired by Korea's successful economic growth model much of which is focused on industrialisation. This book will be of interest to researchers, policymakers, NGOs and governmental bodies in economics, development and politics studying Africa's economic development, and Korea's economic growth model.
The Korean Developmental State
This book analyzes, from a historical comparative perspective, the Korean economic development model, the extent to which it has changed from its classical model, and what constitutes its changes and continuity. Unlike studies claims the dissolution of Korean developmentalism, the book holds that the Korean state maintains its characteristics of state-led capitalism despite significant changes in policies and instruments rather than converge toward an AngloSaxon-style free market system. It emphasizes that the continuity of state-led capitalism is compatible with institutional change. Some institutionalists insist that the continuity of Korean developmentalism is based on path dependency. In contrast, this book argues that Korean capitalism could sustain its state developmentalism by changes in policies and instruments to improve national industrial competitiveness in the changed context of international competition. This book will be of interest to East Asian scholars, comparative economists, and those curious about the future of the Korean peninsula.
Growth in a Time of Change
Growth in a Time of Change: Global and Country Perspectives on a New Agenda is the first of a two-book research project that addresses new issues and challenges for economic growth arising from ongoing significant change in the world economy, focusing especially on technological transformation. The project is a collaboration between the Brookings Institution and the Korea Development Institute. Part I of the book looks at key elements of change from a global perspective. It analyzes how technological change, shifts in investment, and demographic transition are affecting potential economic growth globally and across major groups of economies. The contributors explore possible scenarios for th...
