Evolution of Industrial Policies and Economic Growth in Korea: Challenges, Crises and Responses

Yangmi Koo
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Yangmi Koo: SNU - Seoul National University [Seoul]

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Abstract: This paper examines the evolution of industrial policies andeconomic growth in Korea by focusing on the effects of twoeconomic crises in 1997 and 2008. Korea successfully surpassed thetwo big economic crises with the support of the industrialrestructuring policies and the appropriate responses of privateand public actors. Past Korean economic growth resulted from thedevelopment of manufacturing for export, which were driven by thehigh growth of Korean conglomerates, chaebols. Activeinfrastructure investment, such as social overhead capitals andindustrial complexes played pivotal roles at the beginning of theeconomic development. Although input-driven growth strategy ledduring the initial stage of economic development, innovation-driven industrial policies were magnified later in the focus onR&D and technological progress. In addition, the implementation ofregion-based industrial innovation policies, such as industrialcluster policies, obtained relatively successful results.

Keywords: Industrial policy; Economic growth; Government; Financial crisisin 1997; Global financial crisis in 2008; Export manufacturing; Chaebol; Industrial cluster; Innovation-driven strategy; Korea (search for similar items in EconPapers)
Date: 2013-12
Note: View the original document on HAL open archive server: https://hal.science/hal-03470146
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Citations: View citations in EconPapers (5)

Published in European Review of Industrial Economics and Policy , 2013, 7

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