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Industrial policy in the Republic of Korea : An assessment using cost-benefit methods

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  • Industrial policy in the Republic of Korea
  • Lee, Keon Hyok
  • London School of Economics


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Title Industrial policy in the Republic of Korea
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Sub Title

An assessment using cost-benefit methods

Material Type Articles
Author(English)

Lee, Keon Hyok

Publisher

[London]:London School of Economics

Date 1989-10
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Industry and Technology < General
Holding London School of Economics

Abstract

The identification of the appropriate role for government is a crucial element in the formulation of economic policy for developing countries. During the 1940s and 1950s the balance of opinion rested firmly in favour of substantial intervention, but over the 1960s and 1970s the balance shifted in what Little describes as the "neoclassical resurgence". In the important debate between the proponents of free markets and the supporters of government intervention, South Korea has been a major battle ground. The neoclassical view, which is currently enjoying some prominence, is that the Korean economic miracle happened because government intervention was in some sense 'neutral' and so something approximating free markets was allowed to prevail. In this thesis, we argue that policy incentives in Korea were not 'self-neutralising' and were contributory to Korean economic growth and development. (The rest omitted)