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Examines how primary social ties fueled economic growthSouth Korea's rapid industrialization occurred with the rise of powerful chaebǒl (family-owned business conglomerates) that controlled vast swaths of the nation's economy. Leader Park Chung Hee's sense of backwardness and urgency led him to rely on familial, school, and regional ties to expedite the economic transformation. Late Industrialization, Tradition, and Social Change in South Korea elucidates how a country can progress economically while relying on traditional social structures that usually fragment political and economic vitality. The book proposes a new framework for macro social change under late industrialization by analyzing the specific process of interactions between economic tasks and tradition through the state's mediation.Drawing on interviews with bureaucrats in the Ministry of Commerce and Industry as well as workers and others, Yong-Chool Ha demonstrates how the state propelled industrialization by using kinship networks to channel investments and capital into chaebǒl corporations. What Ha calls'neofamilism'was the central force behind South Korea's economic transformation as the state used preindustrial social patterns to facilitate industrialization. Ha's account of bureaucracy, democratization, and the middle class challenges assumptions about the universal outcomes of industrialization.Late Industrialization, Tradition, and Social Change in South Korea is also available in an open access edition, DOI 10.6069/9780295753249

Challenging mainstream nation-centred theories of economic development, Nicolás Grinberg examines the specificities of capitalist development in Brazil and South Korea by starting from their modes of participation in the international division of labour and hence in the production of surplus value on a global scale. Contrary to those theories, he does not consider these as resulting simply from the economic policies of nation states and their associated political institutions; nor from local class-struggle dynamics or geopolitical developments. Rather, drawing on key insights from Marx's critique of political economy, his analysis begins by recognising that the process of capitalist development is global in terms of its economic dynamics and historical trends, and national only in its political and institutional forms of realisation. State-mediated patterns of economic development and institutional change in Brazil and Korea, as well as the intra- and inter-state political processes through which these have come about, are then considered mediations in the conformation and reproduction of the nationally differentiated, uneven process of capital's valorisation on a global scale.

North Korea's Nuclear Cinema examines why and how North Korea has transitioned to an image-based nuclear power in the changing context of a post-Cold War world. What exactly is the North Korean nuclear threat? Why is North Korea engaging in hostilities when its erstwhile adversaries have offered a diplomatic exit ramp? Chapter by chapter, it explains how North Korea's footage-based nuclear politics is presented as military practice, but ultimately traces its lineage to cinematic propaganda, a tradition that blurs the line between image and reality. By leveraging cinematic resources in place of physical military mobilization, North Korea continues to move international political actors with the mere suggestion of nuclear power. At a moment when North Korea is enhancing media representation, this book dives into a timely exploration of how the regime is projecting state power as South Korean televisual media challenges the North Korean communist spectacle that has held a captive audience for decades.

This book provides an insightful analysis of Korea's remarkable economic growth and the role of international trade in this process. The book traces the economic development of Korea, from being one of the poorest countries in the 1960s to becoming a global leader in high-tech industries. The authors analyze the changes in Korea's industrial structure and how they have shifted the economy from an agricultural-based to a manufacturing and high-tech industry. The book also provides a critical review of different theories and perspectives that explain Korea's rapid growth, including the role of R&D, technology spillover, and productivity. Additionally, the book explores the implications for developing countries seeking economic development and the need for technological innovation to sustain long-term growth. This book is a must-read for researchers, policymakers, and students interested in the Korean economy and the nexus between international trade and economic growth.

Korea was one of the poorest countries in the world up to the mid to late 20th century, but within less than half a century she emerged as an economic and cultural powerhouse. The US and World Report recently ranked Korea as 6th in global power. In terms of GNP and per capita income Korea became one of the most advanced countries in the world. This has been dubbed as the ‘Korean Miracle'. There may be several factors that could explain this outcome and this book argues that one of the most compelling reasons is the concept of speed in Korean society and its people, which is quite different from other countries. This take on speed can be considered from the perspective of anthropological and/or social DNA, tradition, cultural heritage. Therefore, this book names ‘K-speed'as an unexpected factor which brought on the so-called ‘miraculous'Korean economic growth. This book belongs to the field of economic development theory and applications. Written in an empirical and descriptive format, the book provides insights into economic and cultural development for students and scholars in international affairs, economics, politics, business, and Asian studies. Governments, international agencies and senior staff in large organizations will also find this book a useful reference.

This book explores how small nations can mobilise and use productive activities to generate inclusive growth and rapidly move up the economic ladder. In this study, Dr. Wong explores how Korea and Taiwan came to balance between commanding critical technological competencies and driving inclusive-economic agendas and ultimately culminates decades of moving up the value chain for the two Asian dynamos. In a world dominated by superpowers, Dr. Wong demonstrates how agile, nimble mid-sized economies can move fast, innovate and achieve post industrial catch-up development. This book will interest scholars of the Asian manufacturing sector, those with an interest in the role semiconductors play in the global economy, and scholars of Asian development.

By tracing the evolution of South Korean state-led capitalism and comparing it with other economies, this book critiques prevalent theories including neoliberalism, the developmental state, and institutionalism, and proposes a theoretical alternative focusing on endogenous changes through elites'competition within and outside the state. Unlike the arguments of neoliberals, this volume asserts that the state can still play an active role in reconstituting the national economy through globalization. The Korean state successfully fosters economic growth by nurturing industrial commons through globalization, rather than by adopting a neoliberal free-market system. This volume exerts that the Korean economy has successfully grown over the past 50 years because it has moved toward a new version of state-led developmentalism. In order to better account for the evolution of state-led developmentalism, this book proposes changes by competition within, as well as outside, the state, in order to bring about changes in developmentalism and the ability to adjust to new contexts. Unlike prevalent accounts of developmental state theory, Changes by Competition argues that the state is neither unitary nor cohesive, but a locus of competition.

A detailed examination of the “Korean development model” from its urban dimension, evaluating its sociopolitical contexts and implications for international development cooperation.There is an increasing tendency to use the development experience of Asian countries as a reference point for other countries in the Global South. Korea's condensed urbanization and industrialization, accompanied by the expansion of new cities and industrial complexes across the country, have become one such model, even if the fruits of such development may not have been equitably shared across geographies and generations. The chapters in this book critically reassess the Korean urban development experience from regional policy to new town development, demonstrating how these policy experiences were deeply rooted in Korea's socioeconomic environment and discussing what can be learned from them when applying them in other developmental contexts.This book will be of great interest to scholars and researchers in the field of urban studies and developmental studies in general, and in Korea's (urban) development experience in particular.Chapters 1, 2, 4, and 12 of this book are freely available as downloadable Open Access PDFs at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.

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 presents the empirical results of the effects of financial development on economic growth, stability, and the distribution of income. It finds that, contrary to conventional wisdom, financial liberalization has contributed little to fostering the growth and stability of the Korean economy and has exacerbated income distribution problems. Are there any merits in financial liberalization? The authors answer this query through empirical examinations of the theories of finance and growth. They point to a clear need to further improve the efficiency, soundness, and stability of Korean financial institutions and markets.

Since the 1980s, Spain and South Korea have experienced a dramatic transformation from middle-income to advanced economies. While market liberalization and globalization were important forces for change, and while states continue to be central in the organization of the Spanish and South Korean economies, the liberal and the developmental state perspectives do not provide an understanding of critical elements of these transformations. Building on a combination of historical institutionalism and international business literature, this book shows that upgrading was underpinned by cooperative models based on interdependencies and quid pro quo exchanges between national governments and large firms. The negotiated nature of these arrangements opened the door to institutional variation and enabled Spain and South Korea to pursue different strategies. Spain pursued an integrational approach based on foreign direct investment, technological outsourcing, and regional integration. South Korea pursued a techno-industrial strategy that prioritized self-sufficiency and the development of local technological capacity. Both strategies enabled Spanish and South Korean firms across multiple complex sectors to reach the efficiency frontier, but resulted in different productive specializations in complex services and manufacturing respectively. Through a comparative study this book shifts our perspective on the political economy of economic transformation: from markets or states, to state-firm coordination, as a driver for economic transformation; from one, to at least two, different pathways to upgrading; and from a world divided into emerging economies and world leaders, to a more nuanced perspective that recognizes the perspective of new advanced economies.

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: 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 the global economy as the digital revolution drives rapid technological change, including impacts on growth, jobs, income distribution, trade balances, and capital flows. Technology is changing the global configuration of comparative advantage and globalization increasingly has a digital dimension. The implications of these developments for the future of sectors such as manufacturing and for international trade are assessed.Part II of the book addresses new issues in the growth agenda from the perspective of an individual major economy: South Korea. The chapters in this section analyze how macroeconomic developments and technological change are influencing the behavior of households and firms in terms of their decisions to consume, save, and invest. Rising income and wealth inequalities are a major concern globally. Against this backdrop, trends in the labor income share and wage inequalities in South Korea are analyzed in terms of the role played by technology, industrial concentration, shifts in labor demand and supply, and other factors.Throughout the book, the contributors, in their analysis of both global and Korea-specific trends and prospects, place emphasis on drawing implications for policy.

This book explores two contradictory aspects of the Korean culture: competitiveness and collectivism. These two major concepts describe the dynamics of Korean public organizations, which explain the Hangang River Economic Miracle and political democratization. However, not many studies have focused on how competition within the central government, that is, competition among different agencies, has led to an overall competitive government. This book attempts to do so and explains how competition contributed to the rapid economic growth of Korea.

This book explores the economic development trajectories of South Korea and Vietnam, focusing on the role of the state in economic success amidst similarities and differences in their experiences. The central role of the state in generating economic development is certainly evident in both cases, but are the paths, institutions, policies and environments the same? These are among the matters that this book explores through a systematic comparative analysis of economic development and the role of the state in South Korea and Vietnam. The results of this analysis provide lessons that will be useful for other developing countries as well as deepen our understanding of the development experiences of South Korea and Vietnam. This book is a remarkable and timely contribution. First, this book provides new insights into the understanding of the dynamics and diversity of economic development across the world and Asia as well as in Korea and Vietnam in particular. While it does not aim to offer a comprehensive study of the economic intervention policies by either country's government and their impacts, it provides broad and qualitative perspectives on how these policies are selected, implemented and developed at different stages of economic development and in different social and political contexts. Secondly, by tracing the historical trajectories of the changes to the extent of government involvement in economic development in Korea and Vietnam presently, this book contributes to the debate on the efficacy and continuity of the well-worn East Asian model of economic development and gives a line of empirical evidence. Finally, it will help lay out the blueprint of the Vietnamese development model as envisioned by the Korean development model. The innovative nature of this book can be summarized as follows: First, this book engages a historical perspective in order to explore and understand the dynamics of the role of the government; this approach will be valuable to examine how the government has adapted to changes in environmental conditions during the process of development, industrialization and globalization. Thus, the development trajectories of each country have been examined according to three key stages. Secondly, the book uses a comparative method, comparing a wide range of economic, social and political development indicators between the two countries. The comparison between two very different East Asian countries with distinctive social, economic and political systems and at different stages of development can be instructive to show whether the state-led East Asian model has changed, evolved, diminished, or is in terminal decline. Finally, the book uses a qualitative method to generate comprehensive country case studies that are essential to uncover the specific dynamics underlying different development trajectories and outcomes.

The Korean Economy: From Growth to Maturity takes an in-depth, amalgamated look at the evolution of Korea's globalization drive from the early 2000s (Kim Dae-jung regime, 1998–2003) to the present period (Park Geun-hye, 2013–2017). The book discusses the role of foreign companies on the sustainability of Korea's economic growth, the relationship between the chaebol and the MNCs, the evolution of Korea's nation brand, and the role of the state in Korea's new economic trajectory (globalization) since the 2000s.With data collected from fieldwork, the book provides both empirical and qualitative insights (economic, socio-cultural and political economic analysis) into the Korean political economy and would be a very useful reference to other emerging economies experiencing similar globalization paths.

This book examines how some growing countries are experiencing economic development, while others are falling behind. It addresses the fundamental issues of development strategies by examining country-specific policies that have resulted in success or failure. The author focuses on Peru and makes comparisons with Chile and South Korea, exploring the question of why the latter two countries have been more successful, while Peru has lagged behind, despite bountiful natural resources and the potential to develop into a robust economy. The central question is to understand why some countries achieve economic development, while others face enormous challenges, and fail to do so.

This book studies the sources of inequality in contemporary South Korea and the social and political contention this engenders. Korean society is becoming more polarized. Demands for ‘economic democratization'and a fairer redistribution of wealth occupy centre-stage of political campaigns, debates and discourse. The contributions offer perspectives on this wide-ranging socio-political change by examining the transformation of organized labour, civil society, the emergence of new cleavages in society, and the growing ethnic diversity of Korea's population. Bringing together a team of scholars on Korea's transition and democratization, the story the books tells is one of a society acutely divided by the neo-liberal policies that accompanied and followed the Asian financial crisis. Taken together, the contributions argue that tackling inequalities are challenges that Korean policy-makers can no longer postpone. The solution, however, cannot be imposed, once again, from the top down, but needs to arise from a broader conversation including all segments of Korean society. The book is intended for a readership interested in South Korean politics specifically, and global experiences in transition more generally.

This book purports to investigate and compare the economic development experiences in both Taiwan and South Korea in last two decades. Taiwan and South Korea's economic development after WWII is a well-known story. However, their development after the successful post-war industrialization has not been comprehensively studied. The book examines whether the three factors —the role of private business, government policy, and foreign influence—that had contributed to Taiwan's and Korea's post-war development, are still relevant during the post-industrial development era.Researchers in the fields of global political economy, Asian economic development and East Asian studies will find this book a fresh and invaluable contribution to the literature. The book will also be of value to policy makers in developing countries in drafting their national development policies, diplomats conducting economic diplomacy with Taiwan and South Korea, and business people planning to expand their business interests in Asia.

Under the global hegemony of the West, societies have interpreted the world and defined their identities through the frameworks of Eurocentric discourses. Since the mid-twentieth century, Eurocentrism has tended to be associated with economic developmentalism. The discourse of seonjinguk (developed country) has been a dominant Eurocentric developmental discourse in Korea.However, in what historical contexts have the Koreans set seonjinguk as their national goal and yardstick to judge nations? What roles have been played by the concept of seonjinguk in Korea? What discursive frameworks did the Koreans use for their national identities and worldviews before the developmental era? Eurocentrism and Development in Korea is the first scholarly approach to those questions. Through a chronological analysis of Korea's dominant discourses from the late nineteenth century to the present, Kim demonstrates the historical nature of developmentalism and seonjinguk discourse for Korea's developmental era, and traces their genealogy to gaehwa (enlightenment) and munmyeong (civilization) discourses from a sociological historical perspective.Providing essential knowledge about Korea's history of Eurocentrism, developmentalism and national change, this enlightening monograph will appeal to undergraduate and postgraduate students, as well as postdoctoral researchers, interested in fields such as Korean Studies, Development Studies and Global Sociology.

Focusing on the sinking of the Sewol, a commercial ferry which capsized off the South Korean coast in April 2014, this book considers key issues of disaster, governance, civil society and the ideational transformation of human agents and their empowerment. Providing a lens through which to re-examine South Korean institutions, laws and practices, the volume examines the impact of the Sewol incident and what it reveals about the fault lines of South Korean society and governance. It addresses the repercussions of South Korea's turn to a liberal democracy and neoliberal economy and reflects on the multilayered implications of the disaster in respect to the potential human costs of the country's state-driven development policy and high stress modernisation. The book also highlights the relevance of the Korean experience for other societies on a similar developmental trajectories and facing similar challenges.

Economic Development of Emerging East Asia presents economic studies of Taiwan and South Korea, compares them chiefly with Japan and the United States and finds that these East Asian countries are still in the process of emerging in the world economy. A timely quantitative and econometric analysis of the regional economies of emerging East Asia, the volume examines development indicators, effects of the 1997 Asian financial crisis, productivity growth, catching up and convergence of long run real GDP per capita growth, the time required for a country to catch up, colonialism and economic development in Taiwan and India. Arranged in increasing complexity of economic analyses, the chapters in this book provide a comprehensive understanding of emerging East Asian economies. In addition to serving as a handy reference for regional economists, policy analysts and researchers, Economic Development of Emerging East Asia can also be used as a textbook on economics and business.

Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea's economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.

This book provides a unique and refreshing look at the Korean economy over the past 60 years. While most books and articles on the Korean economy would be technical or specifically address some aspect of Korea, this book takes an overarching view of Korea's economic development. It assesses Korea's economic take-off in the 1960s and 1970s, but also views the problems of ‘economic egalitarianism'since the late-1980s to today. The book begins by listing and dispelling a number of important myths of the Korean economy and concludes by providing eight important ‘lessons'derived from Korea's experiences for developed as well as developing countries.

This book explores the historical and economic development of South Korea, its culture, as well as the benefits, opportunities and challenges that German companies have faced in their cooperation with South Korean enterprises. More specifically, it juxtaposes economic-miracle markets such as Japan and West Germany, which rose from the ashes after the Second World War with the help of a century of bustling industrial age, with South Korea, which developed from virtually nothing. The book also addresses why South Korea's history, geography, society, culture and economic capabilities remain widely unknown and unnoticed among westerners, despite South Korean companies being among the global market leaders in a number of industries, particularly in the automobile and hardware segments. Written from the point of view of a seasoned business expert on the country, Economic Miracle Market South Korea is essential reading for business and economics research academics looking to improve their knowledge of this relatively unknown “success story”, as well as for practitioners in industry looking to optimize their dealings with South Korean business partners.

'The Korean experience has fascinated scholars around the world as one of the most remarkable stories of''catch-up''from very low to high levels of development. This book, by one of the leading Korean experts on industrial policy, argues that catch-up is not about following the paths of frontrunners but rather about finding new path to technologically''leap-frog''. The application of this fundamental insight into the Korean story will be recognized as a landmark in this debate.'- Jose Antonio Ocampo, Columbia University, US and Formerly United Nations Under-Secretary-General for Economic and Social Affairs, and Minister of Finance of Colombia'This book gives a full picture of the factors that made it possible for South Korea to move from being a poor economy to become close to Japan in terms of income per capita. It shows that earlier debates on the role of respective market and state are misleading and that the key to understand economic catching-up lies in specific technological strategies that were outcomes of an interplay between state policies and firm strategies. It is demonstrated that a key to understand catching-up in South Korea is'technological leap-frogging'where dominant firms enter into technologies that are both new and in a process of rapid change. The book studies the phenomenon of leap-frogging and catching-up at respectively macro, meso and micro-level. It is thus of great interest for those who are involved in designing national, sectoral and enterprise strategies aiming at economic development and especially when the aim of the strategy is to take the step beyond a middle-income country. The combination of macro-economic analysis with sectoral and enterprise perspectives gives a more adequate understanding of economic dynamics than what traditional textbooks can offer.'- Bengt-Ake Lundvall, Aalborg University, Denmark and Founder of GlobelicsThis book elaborates upon the dynamic changes to Korean firms and the economy from the perspective of catch-up theory. The central premise of the book is that a latecomer's sustained catch-up is not possible by simply following the path of the forerunners but by creating a new path or'leapfrogging'. In this sense, the idea of catch-up distinguishes itself from traditional views that focus on the role of the market or the state in development.The author provides a comprehensive account of the micro and macro level changes, deals with both firm- and country-level capabilities, and explores the issue of macroeconomic stability to overcome financial crisis. The book demonstrates that at the firm level the focus is on innovation capabilities, diversification, internationalization and job creation. It goes on to examine the rise and upgrading of big businesses, such as Samsung, as well as the global success of SMEs. Comprehensive and illuminating, this is an ideal book for students, academics and researchers interested in the economics of development and technological innovation. It will also be a valuable source book for policy makers in international development agencies, governments and the public sector.

Korea's economic success has inspired numerous studies and research projects in past decades. Despite good efforts to analyze the strategy of Korea, earlier studies have not been able to comprehensively and systematically explain the country's'miraculous'growth. After thorough analysis of these earlier studies, a new model has been developed by showing that a country or firm does not have to be more innovative or possess more resources to have a competitive advantage over others. In The Strategy for Korea's Economic Success, Hwy-Chang Moon details four factors that comprise the ABCD model and illustrates how the Korean government, corporations, and people have exemplified these factors in achieving their current level of success. The four factors are agility (speed + precision), benchmarking (learning + best practices), convergence (mixing + synergy), and dedication (diligence + goal-orientation). Together, these factors have enabled Korea's economic success and will continue to drive the next level of growth. Anyone can become more competitive with proper implementation of the ABCDs. Korea's development strategy holds special value, because it is more practical and appropriate for many developing countries. For more developed countries, on the other hand, the ABCDs can be used to fast-track the next phase of growth. Moon also highlights the role of internationalization in broadening the scope of strategic choices, and shows how the combined implementation of internationalization and the ABCDs deepens the pool of strategic resources.

The South Korean economic development trajectory has been widely studied and is well understood. From an impoverished war-torn nation, the country has progressed on all fronts, including a ten-fold increase in per capita income over a 40 year period. It stands out internationally when it comes to education and politically it has moved away from authoritarianism to a more spirited democratic system. In short, it seems to have achieved it all. The question then is, what does a country do after it has attained development? This volume examines Korea's strategic engagement with Asia as a response to the limits of the home market. Access to new markets and resources in Asia through exports and foreign investment are critical. Additionally, with Korea's ongoing demographic crisis, its engagement with foreign workers is also inevitable. After-Development Dynamics explores how Korea is responding through regional integration, strategic industrial upgrading of exports, foreign markets and resources, and coping with migrants, including unskilled workers, students, and professionals. The transfer of Korean business and employment practices through investment to other countries and accommodating foreigners is not trouble-free. Further, prosperity imposes demands for increased social welfare, while the workings of contemporary global capitalism introduce new sources of inequality. Sharing that prosperity with small firms, irregular workers, and women becomes critical. This volume presents the key internal challenges facing Korean society and suggests multiple ways to address them as a related response to Korea's after-development prosperity.

Since the 2008 global financial crisis, policymakers as well as academicians have been seeking to fathom why subsequent recoveries remain tenuous. Other outstanding issues that they have been trying to understand include: why do some economies grow faster than others? How should the exchange rate volatility be understood and what factors make an economy more likely to fall into an exchange rate crisis? What policies need to be taken during tranquil periods, and how should they be changed once the crisis is triggered? As a partial effort to meet such interests, this book provides insights into these issues. This book examines growth and convergence (Part I), exchange rate volatility and the Asian crisis (Part II), and the global crisis (Part III). In addition, the book also draws lessons from South Korea's experiences - a country which has undergone three different crises and brisk recoveries (Part IV). The book also includes some practical and policy-oriented analysis. This is a truly comprehensive book bringing together varied topics and diversity under one common theme - economic growth and crisis.

'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 in 1987. Successive chapters analyze the Korean experience from the perspectives of political economy, the growth record, industrial organization and corporate governance, financial development and instability, labor and employment, inequality and social policy, and Korea's place in the world economy. A concluding chapter describes the country's economic challenges going forward and how they can best be met. The volume also serves to summarize the findings of companion volumes in the Harvard–Korean Development Institute series on the Korean economy, also published by the Harvard University Asia Center.'

This volume explores South Korea's successful transition from an underdeveloped, authoritarian country to a modern industrialized democracy. South Korea's experience of foreign aid gives a unique perspective on how to use foreign aid for economic development as well as how to build a strong partnership between developed and developing countries.

Innovation continues to drive economic development and business competitiveness. In the past centuries, innovation has been focused around national and international business development. But in the twenty-first century, innovation is occurring in a global context, with the factors of innovation changing for success in global competitiveness. While many innovation theories abound, the real test of validity is an empirical success in using innovation to enter and succeed in global markets. While Japan was the principle success story for innovation and competitiveness in the second half of the twentieth century, Korea now has become the exemplar of global success. What strategies and factors have successful Korean firms implemented to achieve global stature? In 2012, Samsung became the largest electronics company in the world, dominating markets in memory semiconductors and displays and smart phones. Hyundai became the fifth largest automobile manufacturer in global markets. Posco had emerged from a national steel company into a global company. We review modern innovation theory and examine its practices in cases of successful Korean companies which have attained global stature. We will learn from the Korean experience in global competition, six important principles about the interaction between the economy and innovation: (1) a dynamic firm capability in both innovation and capital commitment, (2) an industrial economy-of-scale of innovative production capabilities (3) an industrial economy-of-speed in innovating new products, (4) a strong national research & development capability for advancing technology, (5) a strong national university system for developing educated human resources, and (6) a strong national infrastructure capability for fostering commercialization of new business. Also, we learn that in the global marketplace for any competitive nation, there is no such thing as a'post-industrial economy'.

This analysis of South Korea's development experience can present lessons for development in the 21st century. Situating the development experience of South Korea within the framework of the capability enhancing state, this volume examines the empowering institutions and policies of South Korea between 1945 and 2000.

Gibt es Wirtschaftswunderländer? Dazu fallen einem Japan ein oder Westdeutschland. Beide Nationen stiegen nach dem 2. Weltkrieg im wahrsten Sinne des Wortes wie Phönix aus der Asche empor – auch sank des Wissen und die Erfahrungen aus fast hundert Jahren Industriegeschichte. Südkorea hingegen startete aus dem Nichts. Heute zählen südkoreanische Unternehmen in vielen Bereichen zu den Weltmarktführern, siehe zum Beispiel Automobil- oder Hardware-Industrie. Und trotz eines bereits rege florierenden Handelsverkehrs sind Geschichte, Geografie Gesellschaft, Kultur und die wirtschaftliche Potenz Südkoreas vielen Menschen in West- und Mitteleuropa weitgehend unbekannt. Dabei bieten sich gerade in der Wirtschaft zahlreiche attraktive und lukrative Anknüpfungspunkte für deutsche Unternehmen. Kenntnisreich beschreibt der Autor die historische und die wirtschaftliche Entwicklung des Landes, die Kultur, die Werte und die Chancen und Herausforderungen, die sich deutschen Unternehmern in der Kooperation mit südkoreanischen Unternehmen bieten. ​

This book defines the Korean development as the moral economy of growth derived from a synergy between strong state and strong society and argues that Confucian cultural orientation has played a critical role in the process.

'The economic growth of South Korea has been a remarkable success story. After the Korean War, the country was one of the poorest economies on the planet; by the twenty-first century, it had become a middle-income country, a member of the Organization of Economic Cooperation and Development (the club of advanced economies), and home to some of the world's leading industrial corporations. And yet, many Koreans are less than satisfied with their country's economic performance, given the continuing financial volatility and sluggish growth since the Korean economic crisis of 1997–1998. From Miracle to Maturity offers a comprehensive qualitative and quantitative analysis of the growth of the Korean economy, starting with the aggregate sources of growth (growth of the labor force, the stock of capital, and productivity) and then delving deeper into the roles played by structural change, exports, foreign investment, and financial development. The authors provide a detailed examination of the question of whether the Korean economy is now underperforming and ask, if so, what can be done to solve the problem.'

The Korean economy is slowing in the face of strong global headwinds. It is projected to bottom out during the course of 2012, regaining momentum towards the end of the year, in line with the global recovery. The main short-term risk to the outlook is a further intensification of the euro area crisis and its spillover. Parliamentary elections took place in April and the presidential election is scheduled for December, making 2012 a year of political transition.

The Northeast Asian security environment is closely linked to Korea's growth perspectives for the future. The spectacular rise of the South Korean economy in the past half century, also known as “Miracle on the Han River,” has been duly highlighted as one of the most successful cases of economic development worldwide. However, among the factors curbing South Korea's growth perspectives has been, from the very beginning of its rise, the coexistence of the difficult neighbour to the North, Democratic People's Republic of Korea. While in the cold war this coexistence has been taken as inevitable, after the end of the cold war there were hopes to overcome this obstacle to further growth either through collapse or enhanced cooperation with the North, neither of which became reality. North Korea's unprecedented aggressiveness and development of long-range ballistic missiles and nuclear devices, made this threat truly an international question with multilateral talks coming into existence as ad-hoc measures to cope with the nuclear crisis. It was then that the idea of a Northeast Asian Security Community was born. The contributions in this book discuss how a peaceful solution of the security problems could not only enhance stability of Korea's economy and reduce the defense burden considerably (the so-called peace dividend), but would facilitate regional investments safer and regional solutions for common economic problems. When discussing the possibilities of a security framework or, in an institutionalized form, security community, in Northeast Asia, the authors in this volume are realistic as to not fall into the trap of wishful thinking, which so often has characterized approaches to North Korea resulting in disappointment. The past two years again saw the rising of tensions in Northeast Asia and the masterful way in which even an impoverished and isolated country can play its cards. While it seems a new ice age between the two Koreas is possible,nevertheless and maybe even more than ever the search for a stable security framework for Northeast Asia as a precondition for peaceful economic cooperation and development will go on. The chapters in this volume contribute to the ongoing debate to secure peace and development in Northeast Asia, making this book of interest to both academics and policy-makers alike.

South Korea is often cited as a case of miraculous transformation from poverty to prosperity. Korea's achievement of moving from one of the world's poorest countries as recently as the early 1960s to the ranks of the ten biggest economies only four decades later has rightly attracted interest from policymakers and scholars alike.This book identifies the factors that shaped relations between the state and big business in Korea, the ‘developmental alliance'. These factors offer a cogent framework in which to identify and predict changes in power relations between government and business. Rather than merely offering a means of explaining the rapid-growth phase of Korean development, the politics of the developmental alliance also help us understand how and why the Korean miracle turned to crisis in 1997 and why the subsequent recovery has been so uneven. In this way, the book highlights the political power of business, which is often underplayed in discussions of the development of Korea. It also sheds light on the constraints on policymakers during modernisation, and how power is shared among a small number of powerful parties.Illustrating the tumultuous politics of the ‘developmental alliance'between business and government during the rise and decline of South Korea's economic miracle, this book is an essential read for anyone interested in Korean politcs, economics and development,