Some Lessons from Korea's Industrialization Strategy and Experience

Sta. Romana, Leonardo L. (2014): Some Lessons from Korea's Industrialization Strategy and Experience.

Abstract

We look at Korea's industrialization strategy and experience from the 1960s to the mid-1990s. Three elements of the Korean industrial development and structural change are discussed: 1) its outward orientation and export push, 2) its climb up the ladder of comparative advantage, and 3) its economic management of the industrialization effort. Finally, we reflect on the lessons from the Korean experience.

• Item Type: MPRA Paper
• Language: English
• Keywords: South Korea, Industrialisation, Industrial Strategy, Economic Development, Exports, Trade, Economic Planning, Economic Growth, East Asia, Newly Industrialised Countries, Japanese Economic Model
• Subjects: F - International Economics > F1 - Trade; N - Economic History > N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development

References

Lim, W. (2011). Joint Discovery and Upgrading of Comparative Advantage: Lessons from Korea's Development Experience. In S. Fardoust, Y. Kim, & C. Sepulveda (Eds.), Postcrisis Growth and Development: A Development Agenda for the G-20. Washington, DC: World Bank

Commission on Growth and Development (2008). The Growth Report: Strategies for Sustained Growth and Inclusive Development. Washington, DC: World Bank

World Bank (1993). The East Asian Miracle: Economic Growth and Public Policy. New York: Oxford University Press