Engine of Export-Oriented Catching-Up: Small Firms

Wontack Hong

International Economic Journal, 2000, vol. 14, issue 2, 161-179

Abstract: Big conglomerates dominate the Korean economic as do small firms the Taiwan economy. I characterize Korea as a relatively low-trust society with a pro-chaebol policy bias, and Taiwan as a relatively high-trust society with an anti-big-conglomerate policy bias. I content that the differences between Korea and Taiwan in size structure of firms reflect the divergent responses of entrepreneurs to different, "semi-permanent" socio-political conditions that determine the costs of market transactions among firms. It may be desirable to change the size structure of firms, but I maintain that the possibility of actual change in the size structure is rather limited. [F14, L11]

Date: 2000
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DOI: 10.1080/10168730000000024

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