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The evolution of infrastructure investment of Korea

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  • The evolution of infrastructure investment of Korea
  • Ko, Kilkon
  • Seoul National University


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Title The evolution of infrastructure investment of Korea
Similar Titles
Material Type Articles
Author(English)

Ko, Kilkon

Publisher

[Seoul, S.Korea]:Seoul National University

Date 2014
Journal Title; Vol./Issue Korean Journal of Policy Studies:vol. 29(no. 1)
Pages 23
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Economy < Direct Investment
Holding Seoul National University

Abstract

Although analysts have explored many facets of economic growth of Korea over the last decades, infrastructure investment policies have been discussed in terms of a simple developmental state framework that emphasizes the role of bureaucracy. This paper claims that infrastructure investment is a function of interactive processes affected by demand, supply, politics, and administrative reaction. While the Korean government did invest in infrastructure in advance of the growth of demand for it in the 1970s, it has made its major infrastructure investment since the 1980s. Also, while strong political leadership is frequently lauded, the problems with the Gyeongbu expressway and the four-rivers project suggest that political leadership without adequate rational planning and policy analysis can have undesirable effects. Finally, facing budget constraints and pressure to make efficient use of limited resources, the Korean government has sought to institutionalize a systematic process for managing infrastructure investment. (The rest omitted)