 High Economic GrowthNak Nyeon Kim ()
Chapter Chapter 10 in Korean Economic Growth, 1876 - 2022, 2025, pp 235-259 from Springer Abstract: Abstract This chapter examines the rapid economic growth under Park Chung Hee’s leadership, particularly driven by his export-oriented industrialization strategy. The chapter explores the development and key components of this approach, including the government’s strategic allocation of financial resources to boost exports and foster heavy and chemical industries. Private enterprises played a crucial role in implementing these export- and industry-promoting initiatives, significantly contributing to economic expansion. The Park administration also normalized diplomatic relations with Japan, dispatched troops to Vietnam, and promoted large-scale construction projects in the Middle East. Renewed ties with Japan facilitated the emergence of a processing trade system, wherein imported machinery and intermediate goods were combined with Korean labor to produce export-oriented goods, primarily for the U.S. market. In the 1970s, the authoritarian regime intensified selective industrial policies targeting the heavy and chemical sectors. This chapter critically evaluates the achievements and limitations of these industrialization efforts in shaping Korea’s long-term economic trajectory. Date: 2025 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:stechp:978-981-96-4832-0_10 Ordering information: This item can be ordered from DOI: 10.1007/978-981-96-4832-0_10 Access Statistics for this chapter More chapters in Studies in Economic History from Springer |
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