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Korea's trade and industrial policies : 1948-1998-why the era of active policy is over

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  • Korea's trade and industrial policies
  • Sohn, Chan-Hyun; Yang, JunSok; Yim, Hyo-Sung
  • Korea Institute for International Economic Policy


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Title Korea's trade and industrial policies
Similar Titles
Sub Title

1948-1998-why the era of active policy is over

Material Type Reports
Author(English)

Sohn, Chan-Hyun; Yang, JunSok; Yim, Hyo-Sung

Publisher

Seoul:Korea Institute for International Economic Policy

Date 1998-09
Series Title; No KIEP Working Paper / 98-05
ISBN 89-322-4029-9
Pages 83
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Industry and Technology < General
Holding Korea Institute for International Economic Policy

Abstract

Throughout its history, Korea has based its economic policies on ideas of how to best promote exports and control foreign exchange reserve levels. Even during periods of liberalization, more attention was given to promoting exports than liberalizing imports.
The review of Korean trade and industrial policies showed how the trade policy, which began by effectively utilizing international competition, evolved into an industrial policy which encouraged close cooperation between the government and the private sector. Such close ties led to crony-capitalism which is the underlying root of the current economic crisis. Thus, activist industrial policy must no longer be a part of government's policy options. The theoretical justifications are no longer as clear in the 1990s as in the 1960s, and the potential for misuse and the negative effect on the rest of the economy is too high to be tolerated. (The rest omitted)