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Reform Unleashed Korean Growth
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Henry Y. Wan
Veröffentlicht/Copyright:
30. November 2019
Abstract
Before the reform in the 1960s, twin vicious circles perpetuated the shortages of foreign exchange and labor skill, and prevented the Korean economy from realizing its considerable growth potential. The breakthrough came when the Japanese labor shortage facilitated Korean exports, after economic normalization between the two countries. The reformed institutions reduced rent-seeking and refocused Korean managerial efforts to pioneering activities. The Korean takeoff scenario is a shared theme among all four Asian newly industrialized economies cited by Lucas (1988) as showcases.
Published Online: 2019-11-30
Published in Print: 2003-02-01
© 2019 by Walter de Gruyter Berlin/Boston
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Artikel in diesem Heft
- Economic Development, Trade and Wages
- Reform Unleashed Korean Growth
- Beyond Flying Geese: The Expansion of East Asia’s Electronics Trade
- Walrasian General Equilibrium Allocations and Dynamics in Two-Sector Growth Models
- The Distributional Effects of International Fragmentation
- Inflationary Financing of Government Expenditure in an Endogenous Growth Model
Artikel in diesem Heft
- Economic Development, Trade and Wages
- Reform Unleashed Korean Growth
- Beyond Flying Geese: The Expansion of East Asia’s Electronics Trade
- Walrasian General Equilibrium Allocations and Dynamics in Two-Sector Growth Models
- The Distributional Effects of International Fragmentation
- Inflationary Financing of Government Expenditure in an Endogenous Growth Model
