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The Origin and Evolution of the Korean Economic System

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  • Lim, Wonhyuk

Abstract

Unlike the typically ahistorical arguments that try to explain the 1997 economic crisis by simply dismissing even the very existence of Koreas economic success in the past, this paper has attempted to provide an alternative explanation using the concept of path dependence within a political economy context. Applying the QWERTY paradigm to the evolution of the Korean economic system, the paper has argued that the very success of the system created a coalition of economic players interested in preserving the system, even when it became increasingly dysfunctional in a changed environment. The paper has covered four main topics: (1) the adoption of the Korean economic system, (2) the initial success of the system, (3) the seeds of failure in the system, and (4) the persistence of the system. The main arguments of the paper are summarized in the remaining pages.

Suggested Citation

  • Lim, Wonhyuk, 2000. "The Origin and Evolution of the Korean Economic System," KDI Policy Studies 2000-03, Korea Development Institute (KDI).
    • Handle: RePEc:zbw:kdipol:200003
    DOI: 10.22740/kdi.ps.e.2000.03
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    Cited by:

    1. Lim, Wonhyuk, 2003. "Public Enterprise Reform and Privatization in Korea: Lessons for Developing Countries," KDI Policy Studies 2003-04, Korea Development Institute (KDI).
    2. Yakovlev, Andrei & Freinkman, Lev & Makarov, Sergey & Pogodaev, Victor, 2017. "In response to external shocks: How advanced Russian regions react to changes in federal policies - Experience of Tatarstan," BOFIT Policy Briefs 10/2017, Bank of Finland Institute for Emerging Economies (BOFIT).
    3. Randall Morck & Bernard Yeung, 2017. "East Asian Financial and Economic Development," NBER Working Papers 23845, National Bureau of Economic Research, Inc.
    4. Luis Alfonso Dau & Randall Morck & Bernard Yin Yeung, 2021. "Business groups and the study of international business: A Coasean synthesis and extension," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(2), pages 161-211, March.

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