"Korea's experience of rapid economic growth represents both hope and challenge to many developing countries. The conventional wisdom inside and outside Korea has been that the government's policies such as export promotion, industrial targeting, etc. were the driving forces. This boo...

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Bibliographic Details

Main Author:	Yoo, Jung-ho (Author)
Format:	Electronic eBook
Language:	English
Published:	Abingdon, Oxon Routledge 2020
Series:	Routledge studies in the modern world economy Routledge studies in the modern world economy
Subjects:	Foreign exchange / Korea (South)
Online Access:	Volltext
Summary:	"Korea's experience of rapid economic growth represents both hope and challenge to many developing countries. The conventional wisdom inside and outside Korea has been that the government's policies such as export promotion, industrial targeting, etc. were the driving forces. This book investigates the effects of the policies and concludes that Korea's growth experience does not corroborate the view. Rather, it points to the world market growing tremendously in size as an important factor that has been overlooked in the discussion of nations' economic growth in the post-World War II era. It was roughly 100 times bigger in the early 1960s than it was in the middle of the First Industrial Revolution. The potential "gains from trade" were that much greater. The Korean economy had not been realizing the potential gains but began to as soon as a major reform of foreign exchange system in 1961 removed the impediments to foreign trade. Explosive export expansion and rapid growth of the economy immediately followed. The "Korean Miracle" may better be understood as a process whereby the economy realized the huge, unrealized potential it had had"--
Physical Description:	1 online resource (xii, 87 pages)
ISBN:	9781315755052 131575505X 9781317625957 1317625951 9781317625964 131762596X 9781317625940 1317625943