The Korean Economic System

Focusing on the formation of the Korean economic system, this book presents a fascinating and comprehensive analysis of economic development outside of the traditional neo-classical, developmental-state and dependency perspectives. It examines in detail the evolution of institutions that contributed to economic growth and the formation and the workings of the economic system. With an emphasis on the interaction between government, private institutions (Chaebol and financial institutions) and the influence of Japan, it offers one of the most stimulating and distinctive views of Korean economic development to date. It will be of key interest to scholars and researchers of financial growth and development, Asian finance, and regional and heterodox economics.

Essay from the year 2014 in the subject Economics - Macro-economics, general, grade: Excellent 1.0, University of Applied Sciences Technikum Vienna (International Business and Engineering), course: Global Economy, language: English, abstract: The division of Korea into South and North following the Korean War in 1950-1953, left the countries devastated and their economy completely destroyed. Both of the new formed republics chose a specific approach to rebuild the economy. Now, 60 years later, the results of each strategy are clearly evident. What were the key factors that boosted South Korea’s economy to the top position in the world? What measures can South Korea take to keep this front position also in the future? How could the different political developments influence the economic prosperity of each country? These questions will be answered in the following pages.

Over the past three decades, South Korea has moved along a path of strong economic growth and political democratization, attracting worldwide attention and providing valuable lessons for other developing economies. Yet Korea still must grapple with many intractable problems fueled by its rapid industrialization and uneven growth, including unbalanced distribution of wealth, concentrated economic power, and adversarial relationships between management and labor. Within the context of these sweeping changes, this volume explores options for economic and social institutional reform in Korea. Drawing on models of economic development from Japan, the United States, and Europe, a distinguished group of Asian and Western scholars relates the experiences of previously industrialized economies to each facet of Koreas economic system, including national management; taxation and banking; land ownership and use; trade and industrial strategy; and relations among business ownership, management, and labor. In so doing, the contributors provide valuable insights and fresh proposals for a viable model of social and economic modernization. Throughout the volume, the contributors emphasize the importance of Koreas cultural heritage-not only in explaining the nations recent growth but also as a key element of its continued success. By providing an overview of the evolution and interaction of Korean economic, political, and sociocultural institutions, the contributors make clear how these structures mediate the movement between cultural values and economic progress.

A comprehensive, systematic analysis of the North Korean economy, exposing its hidden workings through quantitative data analysis and surveys.

Lee, former South Korean government Minister of Labor for the South Korean government, discusses the country's economic development from 1945-1994 and the public policies that shaped it, arguing that if South Korea is to become a major economic power, the government should withdraw from the economic front line.

The Korean culture and the impact of the geopolitical environment of the Korean peninsula have produced a unique behavioral pattern in both managers and workers. It is necessary to understand this behavioral pattern in order to understand the Korean management system that has played such a major role in contributing to the phenomenal economic achievement of the Korean business community. Entrepreneurs, top executives, managers and workers are all integral parts of the management system, and their performance is given an in-depth analysis. After introducing the reader to the Chinese and Japanese cultures that share a common Oriental heritage with the Korean culture, the authors discuss the geopolitical influences of the major powers: China, Russia, Japan, and the United States. The Koreans first learned modern management principles from the Japanese, and following World War II, from the Americans. Later, the Korean government actively supported businesses' survival and prosperity. The various entrepreneurial management styles influence the development of Korea's modern managers as well. The impact of the group and individual behavior of Koreans, the evolution of the chaebol, the management of human resources, and the Office of Planning and Control are explored in depth. The very special ethical issues that surround Korean business dealings are also given particular attention. Top executives, managers, and entrepreneurs doing business in Korea or with Korean businessmen will be interested in this book's discussion of the Korean management system. This book will make excellent supplemental reading material in international business, human resource, and strategic management courses.

Hwang analyses the Koreas' traditional interdependence and the economic consequences of the fratricidal war, giving a comparison of the two economies in terms of both the macroeconomic index and of living standards.