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South Korea has the tenth largest economy in the world and is one
of only two Asian members of the OECD. It has achieved this
remarkable level of economic development since its independence
from Japan in 1945. Indeed, it has achieved this transformation,
exceptional for any postcolonial state, despite one of the most
brutal fratricidal conflicts fought since the Second World War.
Sunil Kim and Jonson Porteux chart this astonishing economic and
political development and explain the puzzle that is the South
Korean economy. The authors examine how South Korea has developed a
highly innovative economy based on advanced technologies and
infrastructure - counter-intuitively, given its postcolonial legacy
of military leaders and lack of fully developed free markets. The
longstanding family-owned and run industrial conglomerates - the
chaebol - characteristic of the Korean economy are shown to have
been behind the shift to high-tech industrialization, albeit under
the strict influence of the state. The challenges of increased
global interconnectedness, the precarious and fragile relationship
with North Korea, the slowdown of domestic demand, recent assaults
on the chaebol and their families, together with the impact of the
Covid-19 pandemic, are furthermore addressed. The book offers new
insights and frameworks for understanding the fascinating history
and future trajectory of South Korea's political economy as well as
the causes and consequences of industrialization and
democratization more generally.
South Korea has the tenth largest economy in the world and is one
of only two Asian members of the OECD. It has achieved this
remarkable level of economic development since its independence
from Japan in 1945. Indeed, it has achieved this transformation,
exceptional for any postcolonial state, despite one of the most
brutal fratricidal conflicts fought since the Second World War.
Sunil Kim and Jonson Porteux chart this astonishing economic and
political development and explain the puzzle that is the South
Korean economy. The authors examine how South Korea has developed a
highly innovative economy based on advanced technologies and
infrastructure - counter-intuitively, given its postcolonial legacy
of military leaders and lack of fully developed free markets. The
longstanding family-owned and run industrial conglomerates - the
chaebol - characteristic of the Korean economy are shown to have
been behind the shift to high-tech industrialization, albeit under
the strict influence of the state. The challenges of increased
global interconnectedness, the precarious and fragile relationship
with North Korea, the slowdown of domestic demand, recent assaults
on the chaebol and their families, together with the impact of the
Covid-19 pandemic, are furthermore addressed. The book offers new
insights and frameworks for understanding the fascinating history
and future trajectory of South Korea's political economy as well as
the causes and consequences of industrialization and
democratization more generally.
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