 Export‐led industrialisation and growth: Korea's economic miracle, 1962–1989Charles Harvie and Hyun-Hoon Lee Australian Economic History Review, 2003, vol. 43, issue 3, 256-286 Abstract: During 1962–1989, South Korea underwent a remarkable economic transformation from being poverty‐ridden to attaining the status of newly industrialised nation. This transformation was achieved through the adoption of an outward‐oriented, industry‐led strategy. It was based, particularly during the 1970s, upon the development of large‐scale industrial conglomerates and the attainment of economies of scale and technology to achieve international competitiveness. By the early 1980s, this strategy had resulted in major structural imbalances, a weakened financial sector, heavy concentration in domestic markets, and a repressed development of small and medium enterprises. By the end of the 1980s, despite attempts at economic reform, the structural and financial problems remained and became the country's undoing during the crisis of 1997–1998. This article reviews the question whether Korea's performance during this period can be described as an economic miracle. The empirical evidence is mixed and inconclusive, although the achievements of the Korean economy should not be underestimated. Date: 2003 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:ozechr:v:43:y:2003:i:3:p:256-286 Ordering information: This journal article can be ordered from Access Statistics for this article Australian Economic History Review is currently edited by Stephen L Morgan and Martin Shanahan More articles in Australian Economic History Review from Economic History Society of Australia and New Zealand Contact information at EDIRC. |
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