What Made Korea’s Rapid Growth Possible?

Jungho Yoo (KDI School of Public Policy and Management, South Korea)

$284

Hardback

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English

Routledge
06 March 2020

Economic growth; Development economics

Series: Routledge Studies in the Modern World Economy

"Korea’s experience of rapid economic growth represents both hope and a challenge to many developing countries. The conventional wisdom inside and outside Korea has been that the government’s policies such as export promotion, industrial targeting, and so on, made the rapid growth possible.

This book investigates the effects of the policies and concludes that Korea’s growth experience does not corroborate the view. Rather, it points to the tremendous growth in size of the world market as an important factor that has been overlooked in the discussion of nations’ economic growth in the post-World War II era. It was roughly 100 times bigger in the early 1960s than it was in the middle of the First Industrial Revolution. The potential ""gains from trade"" were that much greater; while the Korean economy had not been realizing the potential gains, it began to as soon as a major reform of the foreign exchange system in 1961 removed the impediments to foreign trade. Explosive export expansion and rapid growth of the economy immediately followed. The ""Korean Miracle"" may be better understood as a process whereby the economy realized its huge potential."

By: Jungho Yoo (KDI School of Public Policy and Management South Korea)
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 453g
ISBN: 9781138801264
ISBN 10: 1138801267
Series: Routledge Studies in the Modern World Economy
Pages: 88
Publication Date: 06 March 2020
Audience: College/higher education , Primary , A / AS level
Format: Hardback
Publisher's Status: Active

Jungho Yoo is Visiting Professor at the Korea Development Institute (KDI) School of Public Policy and Management, South Korea. He was previously Fellow at the KDI.

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What Made Korea’s Rapid Growth Possible?

Jungho Yoo (KDI School of Public Policy and Management, South Korea)

$284

Hardback

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