콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Economic Administration
Government and Law Public Administration

Print

Did South Korea choose the best growth strategy and can North Korea follow the lessons from the South

Related Document
Frame of Image
  • Did South Korea choose the best growth strategy and can North Korea follow the lessons from the South
  • Kim, Hugo Wheegook
  • The Association of Korean Economic Studies


link
Title Did South Korea choose the best growth strategy and can North Korea follow the lessons from the South
Similar Titles
Material Type Articles
Author(English)

Kim, Hugo Wheegook

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2002
Journal Title; Vol./Issue The Journal of the Korean Economy:vol. 3(no. 1)
Pages 39
Subject Country North Korea(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Government and Law < Public Administration
Holding AKES

Abstract

In the early stages of economic development in South Korea, the export-led growth strategy was successful under President Park Jung Hee in the 1960s. But in the later period, government intervention caused problems in resource allocation, while Park’s authoritarian politics disrupted democratization. Incumbent political power was used to acquire economic power, which made it possible to acquire additional political power. This chain of actions generated monopoly power in politics and economy through the political-economic complex, which reduced efficiency. As a result, the adjustment costs became expensive to fix its economy after the financial crisis in 1997. Thus, it has been persuasive that a balanced development between politics and economy maximizes capitalistic efficiency and democratic equality. On the other hand, the problems of North Korea are based on its socialist system. Openness threatens the survival of the regime, but the economy cannot revive without openness. (The rest omitted)