Secrets Of The South-Korean Economic Miracle

Ioan Ciobanu and Ruxandra Ciulu
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Ioan Ciobanu: Alexandru Ioan Cuza University of Iasi, Faculty of Economics and Business Administration, Iasi, Romania

Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), 2010, vol. 2010SE, 191-198

Abstract: This paper proves that, in order to accomplish the highest economic development at mac-roeconomical level, it is necessary to maintain and manage imbalances, so that they do not become unbearable. For this purpose, South-Koreans have created the ‘South-Korean essentials’, an ex-tremely complex concept, which involves multiple factors that together create the targetted effect. The South-Korean miracle challenges even the neoclassical model. State intervention in the economy is one of the key factors for success due to a planning system based on strict regulations. To these must be added the planning – market relationship, the agriculture – industry nexus and the ‘two feet’ eco-nomic theory.

Keywords: crossfertilization; disequilibrium; state as actor; structural adjustment; ‘two feet’ economic theory. (search for similar items in EconPapers)
JEL-codes: O11 O43 O47 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:aic:journl:y:2010:v:se:p:191-198

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