South Korea

Mauricio Moreira

Chapter 2 in Industrialization, Trade and Market Failures, 1995, pp 31-86 from Palgrave Macmillan

Abstract: Abstract As suggested in Chapter 1, Neoclassicals usually attribute the success of Korea’s industrialization to the adoption, in the early 1960s, of a neutral, hands-off, outward-looking policy regime.25 The essence of the argument is that the introduction of a low and uniform rate of protection, offset by equally low and uniform export subsidies, would have led the economy back to its shadow prices, guaranteeing allocative efficiency in line with the country’s static comparative advantages. The speed, efficiency and international competitiveness of the industrialization that followed, would have been not more than an inexorable and theoretically predictable consequence. A more moderate version of this view (World Bank 1991, 1993) acknowledges that there were government interventions, but on the whole ‘getting the fundamentals right’ and the outward looking regime would have made the difference.

Keywords: Foreign Direct Investment; Total Factor Productivity; Foreign Firm; Market Failure; Heavy Industry (search for similar items in EconPapers)
Date: 1995
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DOI: 10.1007/978-1-349-23698-5_3

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