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Secrets Of The South-Korean Economic Miracle

Author

Listed:
  • Ioan Ciobanu

    (Alexandru Ioan Cuza University of Iasi, Faculty of Economics and Business Administration, Iasi, Romania)

  • Ruxandra Ciulu

    (Alexandru Ioan Cuza University of Iasi, Faculty of Economics and Business Administration)

Abstract

This paper proves that, in order to accomplish the highest economic development at mac-roeconomical level, it is necessary to maintain and manage imbalances, so that they do not become unbearable. For this purpose, South-Koreans have created the ‘South-Korean essentials’, an ex-tremely complex concept, which involves multiple factors that together create the targetted effect. The South-Korean miracle challenges even the neoclassical model. State intervention in the economy is one of the key factors for success due to a planning system based on strict regulations. To these must be added the planning – market relationship, the agriculture – industry nexus and the ‘two feet’ eco-nomic theory.

Suggested Citation

  • Ioan Ciobanu & Ruxandra Ciulu, 2010. "Secrets Of The South-Korean Economic Miracle," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 2010, pages 191-198, july.
    • Handle: RePEc:aic:journl:y:2010:v:se:p:191-198
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    More about this item

    Keywords

    crossfertilization; disequilibrium; state as actor; structural adjustment; ‘two feet’ economic theory.;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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