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Korea's development experience since the 1960s

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economic disruption; complementarity lost
Lower priority on economic development Import substitution in some industries
3
President Park (1961-79)
Strong Commitment to Economic Development

Coming to power through military coup: with “delivering
people from poverty” as one of the key pledges

New planning machinery: Economic Planning Board
(EPB) & 5-Year Economic Development Plan


Largely free from interest group pressure & corruption
Close monitoring of the economy: monthly meetings for
reviewing economic conditions & export performance

Partnership with big businesses: strong incentives
provided with close monitoring
4
Korea over the Last 5 Decades
1961 2014
Per Capita GNI (USD) Commodity Exports (USD) Employment Share (%) Agriculture, Forestry & Fish.
Mining & Manufacturing Life Expectancy Enrollment Rate (%)
82 41 mil. 63.0 (1963) 8.7 (1963)
55.3 (1960)
28,180 573 bil.
5.7 17.0
27.6 (’90)
81.9 (‘13)
Senior High Schools
Universities/Colleges
29.3 (1970) 9.0 (1970)
93.7 67.8
71.0 (’11)
5
Changes in Industrial Structure
2014 2.3 2010 2005 2000 4.4 1995 1990 8.4 1985 1980 15.9 1975 1970 1965 0%
30.5
67.2
29.3
66.3
28
25.6
63.6
58.4
39.4 20% 40%
20.1 60%
40.5 80% Services
6
100%
Agriculture
Mining & manufacturing
Key Functions of EPB (1961-96)

Development planning: setting investment priorities Coordination of economic policies among “economic ministries” for policy coherence Budget preparation Control of mobilizing & distributing foreign capital (later transfer


Full Text
Title Korea's development experience since the 1960s
Similar Titles
Material Type Proceedings
Author(English)

Nam, Sang-Woo

Publisher

[Sejong]:KDI School of Public Policy and Management

Date 2015-04
Event

Korea Study Tour for Government Officials of SICA

Pages 40
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Social Development < Education
Social Development < Employment
Holding KDI School