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.
General
Imprint: |
Taylor & Francis
|
Country of origin: |
United Kingdom |
Series: |
Routledge Studies in the Modern World Economy |
Release date: |
June 2022 |
First published: |
2020 |
Authors: |
Jungho Yoo
|
Dimensions: |
234 x 156mm (L x W) |
Format: |
Paperback
|
Pages: |
100 |
ISBN-13: |
978-1-03-233691-6 |
Categories: |
Books >
Business & Economics >
Economics >
Development economics
|
LSN: |
1-03-233691-9 |
Barcode: |
9781032336916 |
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