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The economics of social regulations : An inquiry into the causes of Korea's economic vulnerability

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  • The economics of social regulations
  • Uttam, Jitendra
  • The Association of Korean Economic Studies


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Title The economics of social regulations
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Sub Title

An inquiry into the causes of Korea's economic vulnerability

Material Type Proceedings
Author(English)

Uttam, Jitendra

Publisher

[Seoul, South Korea]:The Association of Korean Economic Studies

Date 2002-06
Pages 29
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding Kar-yiu Wong website

Abstract

This paper aims to clarify a social regulatory mechanism of national economic vulnerability. In the history of economic development, social values and their regulatory institutions exerted powerful influence. Max Weber systematically chronicled set of value systems behind the rise of capitalism. However, social regulatory norms and values that once power economic dynamism can become vital constraining factors in the changed economic circumstances. The case of Korea presents a classic example where regulatory impact of collective social consciousness became the prime mover of economic juggernaut in the post-World War II era. It would as a facilitating factor to power mass manufacturing industries by motivating, regulating and mobilizing workforce for a collective nationalist developmental cause. This arrangement worked well. It made Korea to achieve rather quickly the status of an OECD country. However, a notable fact of this economic boom was that it sustained a persistent wide gulf between social and economic development. (The rest omitted).

User Note

For First Annual Conference of the AKES, July 21-22, 2002.