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On the role of education and culture in economic development : The comparison of Korea and Latin America

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  • On the role of education and culture in economic development
  • Kim, Woo Tack
  • Keimyung University


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Title On the role of education and culture in economic development
Similar Titles
Sub Title

The comparison of Korea and Latin America

Material Type Articles
Author(English)

Kim, Woo Tack

Publisher

[Daegu]:Keimyung University

Date 1998
Journal Title; Vol./Issue Asian Journal of Latin American Studies:vol. 11(Special issue)
Pages 21
Subject Country Central America(Americas)
South America(Americas)
South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Economic Administration
Social Development < Education
Holding Keimyung University

Abstract

The contrasting economic records of Latin American and East Asian countries for the last few decades have motivated vast researches. Many economic policies and development strategies were tested as relevant variables for their successes and failures. This paper intends to explore a less studied aspect, education and culture for the same purpose. One important issue regarding Korean experience in education is how education has played such a significant role in the economic development process with only meager investment. The emphasis given to the primary and secondary education compared to the tertiary was found to be the key both to increase the efficiency of educational investment and to form a virtuous cycle between education and income distribution. And the expansionist strategy even sacrificing material conditions of education was an additional source of increasing returns to educational investment. Another issue is whether the success of East Asian countries can be replicated by other developing nations. If culture matters, the answer will be negative. But the concept of culture is so broad that it cannot be a explanatory variable determining long-run economic growth of a nation. Since many variables, classified as cultural, can be changed by policies, there is no reason why other poor countries should not aspire to the remarkable progress witnessed in East Asia.