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  • Korean Economic Developments and Prospects

    Author(s)
    Kwon, Oh
    Griffith University Author(s)
    Kwon, Oh Y.
    Year published
    1997
    Metadata
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    Abstract
    South Korea’s economic success is well‐documented. It shows that a country can leap from being one of the poorest in the world to one of the richest (an OECD member) in just one generation. This paper first reviews the broad literature, both in English and Korean, on Korean economic developments and the major contributing factors over the last 33 years (1963–95). It then attempts to shed some light on the prospects for the Korean economy. Major contributing factors for Korea’s rapid economic development include a high accumulation of physical and human capital, a high saving rate, an export‐led development strategy, state ...
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    South Korea’s economic success is well‐documented. It shows that a country can leap from being one of the poorest in the world to one of the richest (an OECD member) in just one generation. This paper first reviews the broad literature, both in English and Korean, on Korean economic developments and the major contributing factors over the last 33 years (1963–95). It then attempts to shed some light on the prospects for the Korean economy. Major contributing factors for Korea’s rapid economic development include a high accumulation of physical and human capital, a high saving rate, an export‐led development strategy, state intervention in the economy, efficient management and conducive culture. The prospects of the Korean economy appear bright but it would be difficult for other developing countries to emulate the Korean model.
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    Journal Title
    Asian-Pacific Economic Literature
    Volume
    11
    Issue
    2
    DOI
    https://doi.org/10.1111/1467-8411.00014
    Subject
    Economics
    Commerce, Management, Tourism and Services
    Publication URI
    http://hdl.handle.net/10072/121127
    Collection
    • Journal articles

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