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The structure of labor markets in LDCs : overview for South Korea, 1953-1984 (English)

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  • The structure of labor markets in LDCs : overview for South Korea, 1953-1984 (English)
  • Richardson, Ray; Kim, Byung
  • World Bank (WB)


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Title The structure of labor markets in LDCs : overview for South Korea, 1953-1984 (English)
Similar Titles
Material Type Reports
Author(English)

Richardson, Ray; Kim, Byung

Publisher

World Bank (WB)

Date 1986
Language English
File Type Link
Subject Territorial Development < Transport/Logistics

Abstract

South Korea is a prime example of an economy which has experienced sudden modernization and profound structural change. General economic policy has been oriented towards maintaining international competitiveness with great emphasis on securing the appropriate supply of educated and trained labour. During the period analyzed in the paper, the underlying tendency is one of labor absorbtion. However, the discussion is organised in three stages: the first, 1953-1966, was a period when industrialization was pursued under conditions of excess labor supply. The second, 1967-1975, displays the beginning of shortages of skilled labor but a continuation of surplus supply for the unskilled and semi-skilled. The third period, post 1975, has clearly seen a significant tightening in the labor market for even the unskilled.