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"The Korean Model" and the political economy of structural adjustment

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  • "The Korean Model" and the political economy of structural adjustment
  • Esho, Hideki
  • The Institute of Comparative Economic Studies


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Title "The Korean Model" and the political economy of structural adjustment
Similar Titles
Material Type Articles
Author(English)

Esho, Hideki

Publisher

[Tokyo]:The Institute of Comparative Economic Studies

Date 1992
Journal Title; Vol./Issue Journal of International Economic Studies:No. 6
Pages 11
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic Administration
Economy < Economic System
Holding The Institute of Comparative Economic Studies

Abstract

Korea's remarkable success in economic development is one of the most widely acknowledged facts among development economists. She stepped very quickly up the ladder of economic development from a poor rural society to a Newly Industrializing Economy. In only 35 years, Korea’s GNP increased more than sevenfold. But even Korea's development was not free from economic crisis. During the two oil crises of the 1970s accompanied by recession and interest rate increases in developed countries, most of the oil-importing developing countries experienced an adverse balance of payments, increased inflation, slowing down of economic growth, and debt crisis. Korea too did not escape from these widespread disasters. Particularly since the late 1970s, Korea has been largely affected by “external shocks” and has experienced the fueling of inflation, mounting current account deficit, and accumulation of foreign debt. (The rest omitted)