1980년대 한국의 안정화 정책(Korea’s stabilization policies in the 1980s)

Korea is well-known for its rapid economic development since the 1960s, but it is not as well-known that Korea suffered greatly from high inflation and its side-effects during the same period of the 1960s and 1970s.By the late 1970s, it became obvious that high inflation undermined the growth potential of the Korean economy. Against this backdrop, bold stabilization policies were designed by a group of reform-minded government officials in the Economic Planning Board, but their implementation faced fierce resistance from various groups because such a policy shift had to overhaul the whole economic policy framework that was believed to be indispensible for rapid development until then. There were intense debates among bureaucrats regarding alternative policy frameworks from the mid-1970s, but the camp for stabilization policies could not get over the legacy of the government-led development ideas. Proactive stabilization policies continued to be delayed and the economic situation further deteriorated until 1980. (The rest omitted)

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