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Specialization Pattern and Multistaged Growth: Korea and Taiwan Compared

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  • Toshiyasu Kato
  • Henry Wan, Jr

Abstract

The sustained rapid growth of Korea and Taiwan represent two alternative paths of successful development. The difference between these two paths is reflected in industrial concentration, macroeconomic management, and export mix. During the 1997 crisis, Korea absorbed severe shocks and then scored a quick recovery, while Taiwan proceeded at a more or less constant pace. Taiwan has followed a “usual progression” experienced by Netherlands or Switzerland before; Korea has struck out on a different path, under a more active government policy. Before the current, ongoing reform, the development policy of Korea dates back to President Park, and fits his style of personal management over the economy. It has its own rationale, but also entails greater financial risks. The different roles played by the small and medium enterprises in the two economies provide food for thought in development economics.

Suggested Citation

  • Toshiyasu Kato & Henry Wan, Jr, 2001. "Specialization Pattern and Multistaged Growth: Korea and Taiwan Compared," Review of Development Economics, Wiley Blackwell, vol. 5(2), pages 256-265, June.
    • Handle: RePEc:bla:rdevec:v:5:y:2001:i:2:p:256-265
    DOI: 10.1111/1467-9361.00122
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    Cited by:

    1. Chun-Hung Lin & Peter Orazem, 2003. "Wage Inequality and Returns to Skill in Taiwan, 1978-96," Journal of Development Studies, Taylor & Francis Journals, vol. 39(5), pages 89-108.

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