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Secrets of the South-Korean economic miracle

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  • Secrets of the South-Korean economic miracle
  • Ciobanu, Ioan; Ciulu, Ruxandra
  • Alexandru Ioan Cuza University


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Title Secrets of the South-Korean economic miracle
Similar Titles
Material Type Articles
Author(English)

Ciobanu, Ioan; Ciulu, Ruxandra

Publisher

[Iasi]:Alexandru Ioan Cuza University

Date 2010
Journal Title; Vol./Issue 1.Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi:vol. 2010SE
Pages 8
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding Alexandru Ioan Cuza University

Abstract

This paper proves that, in order to accomplish the highest economic development at macro economical level, it is necessary to maintain and manage imbalances, so that they do not become unbearable. For this purpose, South-Koreans have created the ‘South-Korean essentials’, an extremely complex concept, which involves multiple factors that together create the targeted effect. The South-Korean miracle challenges even the neoclassical model. State intervention in the economy is one of the key factors for success due to a planning system based on strict regulations. To these must be added the planning – market relationship, the agriculture – industry nexus and the ‘two feet’ economic theory.