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Korea's economic development : Experiences and Lessons for the late comers

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Frame of Image ) Market is the epitome of economic selection, differentiation and discrimination based on performances of market participants and help motivate them to work harder for their own economic progress. -Market is to help those who help themselves and achieve economic success and to favor them with more resources and wealth centered to them. As a result, the market can motivate every market participants to help themselves and to work harder for their own success, thereby can help promote economic development. -Consumers always favor the best or better suppliers, banks as a lender always favor the best or better credit-worthy borrowers, investors always invest their fund into the most or better promising corporations or entrepreneurs, companies always hire the best or better quality workers, workers on the other hand seek the employment at the best or better (promising) companies, and the assembly companies look for the best quality parts suppliers. The list of the similar stories can go on endlessly. In this way the market consisting of those individual markets collectively plays as a economic discriminator to select, favor and support the best and better economic performers with more purchasing power, more economic resources and more wealth, thereby can motivate every other participants to work harder to catch up those successful development.
1) See the appendix 1, for more extended and detailed exposition of the theory of economic development discussed in the text.
performers. T


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Title Korea's economic development
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Sub Title

Experiences and Lessons for the late comers

Material Type Reports
Author(English)

Jwa, Sung Hee

Publisher

[Seoul]:KDI School of Public Policy Management

Date 2011-08
Pages 49
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 Management

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