By Sung-Hee Jwa
Sung-Hee Jwa bargains analyses of a variety of previous 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 procedure. Jwa argues that Korea's financial destiny relies fullyyt upon the winning integration of market-oriented platforms.
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Additional info for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)
In addition, since the government helped the large enterprises, especially the chaebols, to survive financial difficulties by showering them with preferential measures, the ‘too big to fail’ legacy emerged and moral hazard ensued. Lastly, in a political economic sense, the government’s ability to select and support strategic industries and to enforce restructuring programs generated room for rent-seeking. The corporations lobbied government officials, which raised suspicions of corruption. It also contributed to spreading anti-chaebol sentiment.
After industrial capital began to be accumulated in the 1960s, the government recycled the corporations – in other words, those that had been selected in the 1960s were selected again to participate in the HCI drive of the 1970s. For example, ‘the Promotion Plan for Heavy and Chemical Industries’, announced in June 1973, stated that the companies wishing to enter the HCIs must procure 30 per cent of total investment with their own capital. 6 Along with the promotion of HCIs, in the 1970s the government adopted an export-oriented policy.
Emphasis is laid on intellectual capital and superior human resources as the primary engines for new growth and development. Our main conclusion here is that in order to benefit from the changing economic environment, Korea must not only comply with global requirements but also strive to become more liberalized and attain economic flexibility. In addition, a brief discussion of Korea’s long-term growth prospects is presented. Assuming that the various reform efforts will be successful, the Korean economy will have a potential growth rate of between 4 and 6 per cent into the twenty-first century.