By Sung-Hee Jwa
Sung-Hee Jwa deals analyses of a variety of earlier and present reform efforts in Korea. The coverage classes are designed to appreciate Korea's transformation from the government-led improvement version to a marketplace method. Jwa argues that Korea's financial destiny relies completely upon the profitable integration of market-oriented structures.
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Additional resources for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)
Korea's Economic Development, Sung-Hee Jwa Government versus the Market 39 Instead of allowing market competition freely rein as a kind of ‘discovery procedure’, the government has assumed the responsibility of making important allocation decisions. The government has determined the sectors the conglomerates can engage in, and stipulated that the financial institutions can lend only to selected businesses. This pattern of direct intervention in private decision areas has improved somewhat through the liberalization process in recent years, but has generated far-reaching and long-lasting interventionistic mind-set of the policy makers regarding the role of the market.
Korea's Economic Development, Sung-Hee Jwa Korea over the Past Thirty Years 19 In the second half of the 1960s, the government targeted the steel, petrochemical, and general machinery industries. During this period, these three industries absorbed 60 per cent of total investment in the manufacturing industry and 77 per cent of foreign loans. 5 They included iron and steel, nonferrous metals, shipbuilding, general machinery, chemicals and electronics. Once again, tax and financial resources, as well as trade policy, were used to support these industries.
8 The growth of the chaebols The strategy of government-led economic development set the ground for the growth of business conglomerates, called chaebols. As we explained earlier, in the early stages of economic development, the government allowed a few corporations to enter the targeted industries. Since those industries were HCIs subject to economies of scale, the size of the corporations involved could not but grow larger. Afterwards, the government continued to make use of their experience and managerial skills in the course of economic development.
A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy) by Sung-Hee Jwa