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Economic performance of Mexico and South Korea after 2008 crisis

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  • Economic performance of Mexico and South Korea after 2008 crisis
  • The Universidad Autonoma Metropolitan


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Title Economic performance of Mexico and South Korea after 2008 crisis
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Material Type Reports
Publisher

[Mexico City, Mexico] : The Universidad Autonoma Metropolitan

Date 2015-10
Pages 15
Subject Country Mexico(Americas)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Conditions
Economy < Economic Administration
Holding The Hans Boeckler Foundatin
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Abstract

Normally, the economic performance of socialism and capitalism are usually seen as two models that generate in general growth and wealth in a society. However, the comparison between the economic policies of Mexico and South Korea is of great importance due to the economic history of the two countries shows how small the capitalist system, the policy responses to the financial and economic crisis of 2008 had very different results from lack of accompanying policy and the use of conventional or orthodox policies. In every economic system, each nation has the right to choose policies that they feel necessary for better performance of their economies. So, the options for these policies depend heavily on institutions and specifically the leaders representing a class in society where they evolve. Based on this idea, (Djankov Simeon et al 2003) argues: Each capitalist economy has many public and private institutions. These institutions function to select political leaders, to secure property rights, to redistribute wealth, to resolve disputes, to govern firms, to allocate credit, etc. Political economy over the last two centuries, as well as recent empirical research, demonstrates that these institutions differ tremendously and systematically among countries. These differences and their consequences for economic performance are the subject of the new comparative economics.