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Social trust and economic development in Korea

In: Social Trust and Economic Development

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Abstract

Chapter 4 analyses the effects of social trust on economic development in Korea in conjunction with the other three Asian tigers (Singapore, Hong Kong, and Taiwan). Despite high expectations that the four tigers would quickly achieve advanced economic status, Korea has not yet succeeded in this goal in terms of an OECD average per capita GDP (PPP), while Singapore, Hong Kong, and Taiwan have achieved it. In total, 46 social trust indicators measured by five worldwide organisations are selected to compare social trust levels of the four tigers. Relative levels of social trust among the four tigers are consistent with the relative levels of their per capita GDP (PPP). To discern a causal mechanism between social trust and economic progress, ‘the method of concomitant variation’ by J.S. Mill and the ‘process tracing’ method are employed. The chapter concludes that the different levels of social trust have highly likely contributed to the different levels of per capita GDP (PPP) among the four tigers.

Suggested Citation

  • ., 2019. "Social trust and economic development in Korea," Chapters, in: Social Trust and Economic Development, chapter 4, pages 119-141, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16629_4
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    Cited by:

    1. Tingting Huang & Jiangfeng Hu & Qinghua Huang, 2023. "Sustainable Development between Demonstration Farm and Agricultural Labor Productivity: Evidence from Family Farms in the Mountainous Area of Western China," Sustainability, MDPI, vol. 15(12), pages 1-20, June.
    2. Sacit Hadi Akdede & Jinyoung Hwang & Nazlı Keyifli, 2023. "Dominant Religion, Radical Right-Wing, and Social Trust: An Empirical Investigation," Journal of Economy Culture and Society, Istanbul University, Faculty of Economics, vol. 67(67), pages 21-34, June.
    3. Zhandos Ybrayev, 2022. "Distributional Consequences of Monetary Policy in Emerging Economies: Dollarization, Domestic Inflation, and Income Divergence," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 64(2), pages 186-210, June.
    4. Eric Bidet & Hyungsik Eum, 2022. "Une analyse socio‐économique de la trajectoire institutionnelle de l'entreprise sociale : le cas de la Corée du Sud," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 93(1), pages 229-247, March.

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