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Some Lessons from Korea's Industrialization Strategy and Experience

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  • Sta. Romana, Leonardo L.

Abstract

We look at Korea's industrialization strategy and experience from the 1960s to the mid-1990s. Three elements of the Korean industrial development and structural change are discussed: 1) its outward orientation and export push, 2) its climb up the ladder of comparative advantage, and 3) its economic management of the industrialization effort. Finally, we reflect on the lessons from the Korean experience.

Suggested Citation

  • Sta. Romana, Leonardo L., 2014. "Some Lessons from Korea's Industrialization Strategy and Experience," MPRA Paper 58250, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:58250
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    References listed on IDEAS

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    1. Kiichiro Fukasaku & Masahiro Kawai & Michael G. Plummer & Alexandra Trzeciak-Duval, 2005. "Policy Coherence Towards East Asia: Development Challenges for OECD Countries," OECD Development Centre Policy Briefs 26, OECD Publishing.
    2. Westphal, Larry E, 1990. "Industrial Policy in an Export-Propelled Economy: Lessons from South Korea's Experience," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 41-59, Summer.
    3. Irma Adelman, 1999. "Lessons from (S) Korea," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 2(2), pages 57-72, November.
    4. Commission on Growth and Development, 2008. "The Growth Report : Strategies for Sustained Growth and Inclusive Development," World Bank Publications - Books, The World Bank Group, number 6507.
    5. Anne O. Krueger & Jungho Yoo, 2002. "Chaebol Capitalism and the Currency-Financial Crisis in Korea," NBER Chapters, in: Preventing Currency Crises in Emerging Markets, pages 601-662, National Bureau of Economic Research, Inc.
    6. Marcus Noland & Howard Pack, 2005. "The East Asian Industrial Policy Experience: Implications for the Middle East," Working Paper Series WP05-14, Peterson Institute for International Economics.
    7. John Weiss, 2005. "Export Growth and Industrial Policy: Lessons from the East Asian Miracle Experience," IDB Publications (Working Papers) 47618, Inter-American Development Bank.
    8. Françoise Nicolas & Stephen Thomsen & Mi-Hyun Bang, 2013. "Lessons from Investment Policy Reform in Korea," OECD Working Papers on International Investment 2013/2, OECD Publishing.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    South Korea; Industrialisation; Industrial Strategy; Economic Development; Exports; Trade; Economic Planning; Economic Growth; East Asia; Newly Industrialised Countries; Japanese Economic Model;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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