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Korea's experience with the development of trade and industry : lessons for Latin America (English)

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  • Korea's experience with the development of trade and industry : lessons for Latin America (English)
  • de Franco, Silvio; Eguren, Alberto; Baughman, David; EDI
  • World Bank (WB)


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Title Korea's experience with the development of trade and industry : lessons for Latin America (English)
Similar Titles
Material Type Reports
Author(English)

de Franco, Silvio; Eguren, Alberto; Baughman, David; EDI

Publisher

World Bank (WB)

Date 1988
ISBN 0-8213-1101-8
Language English
File Type Link
Subject Social Development < General

Abstract

For a majority of Latin American countries, the 1980s have been fraught with economic crisis and politically difficult adjustments. Korea, on the other hand, successfully adjusted to the 1979 oil shock and managed to skirt the depressed international economy of the early 1980s and achieve high growth rates up to the present. An important element of this adjustment can be found in Korea's policy framework and orientation and institutional arrangements. Although Korea's experience is generally associated with "outward oriented" or "export led" growth, the historical review makes clear that initially during the 1950s, Korea had followed import-substitution policies and that it was only in the mid-1960s that the export drive began. The external and internal constraints placed on the modern Latin American economies are different, but nonetheless, the sense of urgency is compelling the governments of the region to assess the outward orientation in a more favorable light, if not actually to launch the required policy reforms.