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Impact of foreign aid on Korea's development

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Frame of Image y and Management
Author
Jun-Kyung Kim, Professor, Korea Development Institute (KDI) School of Public Policy and Management KS KIM, Research Assistant, Korea Development Institute (KDI) School of Public Policy and Management
Advisory Research Management
Dae-Keun Lee, Honorary Professor, Sung Kyun Kwan University Korea Development Institute (KDI) School of Public Policy and 	 Management
Supported by
Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-1051000-000246-01 ISBN 978-89-93695-81-6 94320 ISBN 978-89-93695-27-4 [SET 40] Copyright © 2012 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-1051000-000246-01
Knowledge Sharing Program
2011 Modularization of Korea’s Development Experience
Impact of Foreign Aid on Korea’s Development
Preface
The study of Korea’s economic and social transformation offers a unique opportunity to better understand the factors that drive development. Within one generation, Korea had transformed itself from a poor agrarian society to a modern industrial nation, a feat never seen before. What makes Korea’s experience so unique is that its rapid economic development was relatively broad-based, meaning that the fruits of Korea’s rapid growth were shared by many. The challenge of course is unlocking the secrets behind Korea’s rapid and broad-based development, which can offer invaluable insights and lessons and knowledge that can be shared with the


Full Text
Title Impact of foreign aid on Korea's development
Similar Titles
Project Category Development Cases
Material Type Reports
Author(English)

Kim, Jun-Kyung; Kim, KS

Publisher

Seoul:KDI School of Public Policy and Management

Date 2012
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 978-89-93695-81-6; 978-89-93695-27-4 [SET 40]
Pages 110
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Administration
Holding KDI School of Public Policy and Management
Supervisor KDI School of Public Policy and Management
Organizer Ministry of Strategy and Finance; KDI School of Public Policy and Management
Sponsor Ministry of Strategy and Finance
Project Term 2011-01-01 ~ 2011-12-31

Abstract

This paper is an economic study of the impact of aid on Korea, and the critical role it played in laying the foundations for sustainable development. There is little doubt that foreign assistance was invaluable in aiding Korea’s survival in the tumultuous years following its liberation in 1945 until the years immediately after the Korean War broke out in 1950. But assessing the longer term impact of aid on Korea’s development presents a more complex challenge. At one point, aid had a depilating effect on the economy and the government. Corruption and rent-seeking behavior had taken hold of a government dependent on aid, itself becoming an obstacle to reform and progress.

The lasting effects of aid and development policies on Korea can only be truly understood after taking a broader view of the development process. In this regard, advances in modern economics and the lessons of past reform experiences allow us to better explain Korea’s social and economic transformation. (The rest omitted)