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Korea's economic development

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Frame of Image rapid economic growth. The first is a literate population capable of learning skills quickly, which played a key role in export-oriented labor-intensive industrialization during the earlier phases of development. Workers have been hard-working and disciplined in their drive to improve their socio-economic status. Secondly, a strong leadership committed to economic development and capable bureaucrats have also been critical. The military government led by General Park, which came into power by a coup in 1961, promised to Korean people liberation from poverty. With the success of government-initiated economic progress, public confidence in the government has been strong in Korea. Thirdly, credit may also be given to entrepreneurs. Korean entrepreneurs have proved themselves to be very dynamic and forward-looking. They have aggressively exploited overseas markets for trading, local construction and investment more recently. Despite high domestic market concentration, business groups have competed severely among themselves, not incurring much cost to consumers. Finally, Korea's economic performance owes much to government policies. The takeoff of the Korean economy started with the export-oriented industrialization strategy in the early 1960s. This strategy enabled Korea to utilize its available resources to its fullest potential which was mainly labor, and overcome the limitation of the small domestic market. Since the mid-1980s, a favorable external environment, particularly th


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Title Korea's economic development
Similar Titles
Material Type Proceedings
Author(English)

Kang, Moon-Soo

Author(Korean)

강문수

Date 2001
Pages 30
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Holding KDI School of Public Policy and Management