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The paper aims to investigate the transformation of South Korean economy from strict state regulation to liberalization and to fill in the gap in the historical analysis of the transition from import-substitution to export-oriented economy of South Korea. The study relies on the methods of comparative-historical, historical-typological, and historical-genetic analysis to consider the evolution of South Korean economic system, the change in economic development model, and the transition to a new economic strategy. The study also implies the use of interdisciplinary methods to systematize the empirical material, applying political-geographic, economic, and complex approaches. The paper gives periodization of South Korean economic development and investigates the reasons of country's successful modernization and transition to export-oriented economy. Large corporations began to emerge in South Korea in the mid-1960s due to the active support from the state. They established the production of steel, marine vessels, automobiles, and electronic devices. The well thought-out government program brought notable success by the late 1990s, and South Korea gained the developed industrial base and powerful export potential. The afflux of foreign investments and the competitiveness of Korean products were mostly provided by low wages, traditional diligence, and Confucian education. Since the Korean strategy of economic development happened to be successful, there is a need for examining the experience of modernization as it can be useful for developing countries., Author(s): Egnara G. Vartanyan [sup.1] Author Affiliations: (Aff1) 0000 0000 9000 3133, grid.26083.3f, Department of General History and International Relations, Kuban State University, , 149, Stavropolskaya St., 350040, Krasnodar, Russia [...]

Between 2005 and 2012 Australia underwent the most dramatic mining boom since the Victorian gold rush. Investment in the sector, broadly defined, quadrupled (ABS, 2012). The boom also fuelled growth [...]

Following President Obama's announcement of a rapprochement with the Cuban regime, US government officials have offered three basic avenues to the economic reforms they say will ultimately result in greater [...]

INTRODUCTION Resource endowment ought to be source of blessing and a platform for sustainable national development. This scenario has been true of resource rich countries. Generally, the disposition of states [...]

INTRODUCTION International development economics arose to address the problems of misery and suffering of the 'underdeveloped areas' of the world as part of the 'Fair Deal' that President Harry Truman [...]

Byline: Amal Kanti Ray (1) Keywords: India's economic reforms; Economic growth; Indicators of development; Human development index (HDI); Physical quality of life index (PQLI); Social development index (SDI) Abstract: The economic reforms initiated in India in 1991 have brought about visible upliftment of economic conditions of the country. This paper examines if the economic process is associated with an enhancement of India's social development in equal measure in the reform decade of nineties. Ray (1989) considered thirteen social indicators of India and constructed the country's social development index (SDI) as a certain weighted average of the selected indicators, for the years between 1950--51 and 1975--76. The present work broadly follows Ray (1989) in tracking the social development in the decade of economic reforms from 1990--91 to 1999--2000. The movement of SDI in nineties has been compared with the movements of India's per capita income and plan expenditure on the social sector. The results show that though there has been growth in the social sector, it is not by far quite encouraging and perhaps more needs to be done in the social sector. Author Affiliation: (1) Department of Statistical Analysis and Computer Analysis, Reserve Bank of India, C8 Bandra-Kurla Complex, Bandra(E), Mumbai, Maharashtra, 400 051, India Article History: Registration Date: 15/05/2007 Received Date: 20/03/2007 Accepted Date: 14/05/2007 Online Date: 05/07/2007 Article note: The views expressed in the article are those of the author and not of the institution he serves.

The possible effects of economic openness on the tax policies of governments and their ability to generate funds for social welfare programs are discussed.

Fiscal reforms in government are continually proposed, frequently adopted, and usually assessed as failing to achieve their desired outcomes. This paper develops a broad contingency framework that focuses on the third step--the assessment of fiscal reforms. The value of the framework is that it provides researchers as well as reformers a lens to assess the net benefits of reforms. Not only does it provide the lens, but it also suggests the accuracy or clarity of the lens in different circumstances. Our framework is contingent on two dimensions: type of fiscal reform (rules vs. judgment) and life cycle (innovators, early adopters, maturity). Our framework is broad in that it combines prior research from the budgeting and accounting literature. Recent budgeting research has suggested that an outcomes view of reform can be replaced with a process view. In addition to these viewpoints, we also analyze the monitoring and signaling viewpoints from accounting research. We believe the four viewpoints are complementary rather than mutually exclusive, and both accounting and budgeting researchers can learn from each other. We argue that signaling may be the best viewpoint for two reasons: (a) It provides insights into the net costs and benefits of adopting a reform, and (b) it provides insights into policy suggestions that are likely to increase the adoption of beneficial reforms. We then apply the framework to performance budgeting reforms of state governments in the United States. Our analysis suggests that performance measures might not be useful for the legislative decision process of allocating resources among disparate goals but appear to be useful for improving the quality and cost of providing services. Three policy suggestions are (a) legislators should focus on incentives for managers to report performance measures, (b) researchers and reformers should consider how performance budgeting could be done on a comparable basis across states, and (c) influential actors such as legislators and the media should be studied in greater detail. KEYWORDS: accounting, budgeting, fiscal reforms, performance measures, state budgeting reforms

In the wake of 9/11 and the invasion of Afghanistan, then of Iraq, with all the talk of a renewed Clash of Civilizations, came a revival of interest in the lessons from what seemed to be the direct antecedent, namely the Barbary Wars of the late 18th and early 19th centuries. At that time, too, America had seemed to be forced to defend itself economically and militarily against a fanatical foe which rationalized crimes in the name of religion to wage terror against innocents. There are indeed close analogies between the two; but they are almost exactly the opposite of what much popular (and some official) belief holds true. If today it has become clear that most justifications for the current Terror War were fabrications intended to cloak other agendas at home and abroad, when the Barbary Wars are subjected to serious scrutiny, much the same forces advancing much the same agendas appear at work. Nor are the 'politics of fear' new in American history. During the Barbary Wars, carefully cultivated fears of a rising Islamintern served to: divert public attention from domestic political problems; suppress political dissent; provide cover for regressive fiscal changes; cloak offensive militarism in defensive guise; and ride roughshod over both conventions of international diplomacy and normal standards of criminal justice, all rationalized by a sense of Christian mission.

Components of successful economic reforms are identified and described, addressing not only trade, monetary, and fiscal policies, but also protection of individual and property rights and inclusion of public institutions and the financial sector.

An in-depth analysis of Japan's economic situation is presented, including how the current stagnation came about. Suggestions for improving the country's economic situation include credible targeting of inflation, yen depreciation, public investment reallocation, and financial services deregulation.

The reasons for failure of the performance based budgetary reforms implemented in Thailand are analyzed. Thailand attempted result-oriented budgetary reforms after it failed to succeed with other forms of budgetary reforms in late 1990s.

The efficacy of the result-oriented budgetary reforms implemented in the state of Virginia is examined.

The efficacy of the performance based program budgeting implemented in Florida is analyzed. Though such a form of budgeting is found to be useful, it definitely is not a cure to all the problems related to budgeting.

A study showing the effect of result-based reforms on public management is presented. The study is based on the strategic planning implemented in Alabama Department of corrections and the performance measurement thereof. It is observed that result based reforms improved resource allocation apart from improving on effectiveness and efficiency even on tasks hitherto considered impossible.

Byline: Les Worrall The UK economy has been characterised as trapped within the low wage-low skill equilibrium. Resource Based Theory (RBT) is a framework that can be used to develop public policy to encourage firms to break out of this cycle. This paper analyses firms in the West Midlands that have developed strategic, organisational development, management development and broader training initiatives radically to reinvent themselves. This analysis is used to develop a better understanding of the role of RBT as a medium for framing interventions to improve business performance and, ultimately, to improve the economic health of lagging regions.

The article examines the feasibility of adopting Chinese economic reform methods for other countries.

Many transition policies, based on the existing neoclassical economic theories, failed in Eastern Europe, the former Soviet Union, and China. This paper argues that the failure is due to the implicit viability assumption of neoclassical economics. The existing neoclassical economics implicitly assumes that a firm is expected to earn a socially acceptable profit in an open, competitive market as long as the firm has normal management. However, many firms in socialist as well as transitional economies are not viable, that is, they will not be able to earn a socially acceptable profit in an open, competitive market even if they are under normal management because they are in sectors that are inconsistent with their economies' comparative advantages. Under the viability assumption, neoclassical-based reform policies focus on issues related to property rights, corporate governance, government interventions and other issues that may obstruct a firm's normal management. However, many of these issues are in fact endogenous to the firms' viability problem. Therefore, without resolving the firms' viability problem, such reforms fail to achieve their intended goals. Not only in socialist and transition economies but also in many developing economies there exist many nonviable firms. This paper suggests that the viability assumption in neoclassical economics should be relaxed when analyzing socialist, transition and developing economies.

Byline: Demetrios Giannaros In 1989, the world witnessed the beginning of one of the most dramatic changes in economic systems. It was the revolutionary changes in Poland in 1989 that initiated the collapse of the Soviet-style command economic system of Eastern Europe and the Soviet Union. The economic system transformation that followed did not have any precedence or established theories to rely on. Thus, some countries opted for a 'shock therapy' approach while most opted for the 'gradual therapy' approach to economic restructuring. Ten years after, this paper attempts to shed some light on the relative success of these two alternative approaches.

Research on the impact of neoliberal structural adjustment policies in Latin America indicates that nations with more orthodox adjustment policies show lower growth in women's relative employment than nations with less orthodox policies. Data are drawn from surveys performed in the 1980s and 1990s.

The authors advocate the reexamination of economic theory advanced by the German reformer Silvio Gesell in the early 20th century, arguing that his insights and proposals are relevant as the problems they address are still unresolved.

This article seeks to explain why most Latin American countries have expanded market-oriented reforms since the 1980s despite their generally disappointing economic results. To explain deepening liberal economic reform, we test panel data for 15 Latin American countries from 1980 to 1995, using Beck and Katz' panel-corrected standard errors regression. Controlling for several competing explanations, we find that, except under fragmented party systems, high inflation promotes the expansion of economic reforms. We then show how our results are consistent with Weyland's (1996) use of prospect theory as well as Rodrik's (1994) work on the distributional effects of high inflation.

Australia displays high vertical fiscal imbalance (VFI) for historical and constitutional reasons. It also attempts to achieve the highest degree of horizontal fiscal equalization (HFE) to be found in any democratic federation. The Commonwealth Grants Commission (CGC), a non-partisan body at arm's length from politicians, oversees the regime. A recent report claims that equity, efficiency and transparency would all improve if the regime were abolished. Such a change is politically unachievable, but it raises interesting issues in public finance and public administration, which carry over to other federations and union states. An economically efficient system would: minimize perverse incentives, especially incentives to seek rent; encourage states to grow; discourage suboptimal location decisions; minimize transaction costs. An equitable system would maximize equity between relevantly similar individuals. Aspects of the Australian system that should be copied include the non-partisan agency and the target of HFE between component parts of the country. Aspects that should be discussed and perhaps copied include the very extensive equalization, including the feature of equalizing away the effects of grants for special purposes. Aspects that should probably not be copied include the cumbersome formulae and some of the perverse methods of calculating for 'needs'. All abbreviations and acronyms are spelt out in the Appendix on page 37.