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Korea's capitalistic planning model : Policy lessons for Mongolia

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  • Korea's capitalistic planning model
  • Kim, Inchul
  • Association of Korean Economic Studies


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Title Korea's capitalistic planning model
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Sub Title

Policy lessons for Mongolia

Material Type Reports
Author(English)

Kim, Inchul

Publisher

[Seoul]:Association of Korean Economic Studies

Date 2010-04
Journal Title; Vol./Issue THE JOURNAL OF THE KOREAN ECONOMY:Vol. 11(No. 1)
Subject Country Mongolia(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Government and Law < Political Systems
Holding Association of Korean Economic Studies

Abstract

Mongolia transitioned from a socialist economy to a free market system in the early 1990s. Its status as a land-locked country with abundant natural resources and but a small population of only 3 million has prompted the growth of livestock herding and mining as the two major industries. This dependence has rendered Mongolia‘s economy susceptible to fluctuations in the world market. This paper analyzes Korea‘s model of long-term planning to highlight the essential conditions for economics success, inclusive of strong political leadership and labor migration from the rural sector to urban sectors. Mongolia is urged to adopt a capitalistic planning model to secure long term development, placing particular emphasis on the development of a proper macroeconomic management strategy to lessen the impact of the 2008 global financial crisis