The Dynamics of Korean Economic Development - Softcover

Soon, Cho

Softcover

ISBN 10: 0881321621 ISBN 13: 9780881321623

Publisher: Peterson Institute for International Economics, 1994

Synopsis

One of Korea's most distinguished economists and teachers offers a new and critical appraisal of his country's postwar development. Dr. Cho argues that Korea's development strategy since 1960 achieved extraordinary growth rates, but it also contributed to structural imbalances that will impede Korea's entry into the ranks of the advanced industrial countries unless they are corrected. These structural problems include concentration of economic and political power in large industrial conglomerates, retarded development of small and medium-sized enterprises essential for entrepreneurship and technological innovation, an inadequate private financial services sector, and costly labor strife. Dr. Cho concludes that Korea must undertake a "great transition" in order to sustain growth and democratization. He recommends policies to reduce industrial concentration, establish a competitive pricing system (particularly in the financial sector), promote small and medium-sized enterprises, improve labor-management relations, and encourage investment in human capital.

About this title

Review

Cho offers insightful explanations for the 'condensed' growth of the South Korean economy.--Choice

Synopsis

This study presents a new perspective on Korea's economic development since the 1960s in light of domestic and international changes that are forcing Korea to make adjustments in its economic policies. Soon Cho, former deputy prime minister of the Republic of Korea, highlights the challenges facing Korea in the decades to come in its attempt to graduate to the ranks of the developed countries and offers policy prescriptions to deal with these challenges and opportunities.

Edition details

• Publisher: Peterson Institute for International Economics
• Publication date: 1994
• Language: English
• ISBN 10: 0881321621
• ISBN 13: 9780881321623
• Binding: Paperback
• Number of pages: 216