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Miracle on the Han River : A Regression analysis of the effect of chaebol dominance on South Korea's economic growth

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  • Miracle on the Han River
  • University of Colorado at Boulder


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Title Miracle on the Han River
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A Regression analysis of the effect of chaebol dominance on South Korea's economic growth

Material Type Reports
Publisher

Colorade, U.S. : University of Colorado at Boulder

Date 2015-04
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Economy < Economic Conditions
Economy < Economic System
Holding University of Colorado at Boulder
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Abstract

How did Korea, one of the poorest countries in the world in the 1960s, become a model of success for developing economies just five decades later? This paper analyzes the role that chaebols, large Korean conglomerates, played in bringing about robust economic growth to the country since the conclusion of the Korean War. The broad research question was: What is the effect of chaebols’ dominance in the Korean economy on Korea’s growth rate? I argue that chaebols have had a positive impact on Korea’s growth rate by being the main drivers of Korea’s export-oriented industrialization, achieved through economies of scale. I also discuss two most prominent features of chaebols? diversification and vertical integration? and how they enabled chaebols to achieve overall efficiency in production. Using cross-sectional and time-series data, I perform regression analysis to examine the effect of chaebols’ dominance on Korea’s growth rate, compared with the average growth rate of the rest of the world and with Korea’s own long term average growth rate.