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From potato chips to computer chips : Features of Korea's economic development

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  • From potato chips to computer chips
  • Tcha,MoonJoong
  • Inter-American Development Bank


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Title From potato chips to computer chips
Similar Titles
Sub Title

Features of Korea's economic development

Material Type Reports
Author(English)

Tcha,MoonJoong

Publisher

Washington,D.C : Inter-American Development Bank

Date 2015-06
Pages 41
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Economy < Economic Conditions
Economy < Economic System
Holding Inter-American Development Bank
License

Abstract

When considering countries of phenomenal economic development and growth, Korea is among the top tiers. While there are other economies with similar economic growth, including those of Singapore, Hong Kong, and Taiwan, the economic growth of Korea is exceptional considering that the country lacked basic economic foundation in the past. R. Lucas Jr. (1993), a Nobel Laureate in economics and also a renowned scholar of the respective field, praised the country’s economic success, by stating that “I do not think it is in any way an exaggeration to refer to this continuing transformation of Korean society as a miracle. As an evidence for his argument, he asserted “Never before have the lives of so many people undergone so rapid an improvement over so long a period, nor is there any sign that this progress is near its end.”