Korea in the 1980s: Policies and Prospects
Korea has been considered as one of the success stories among developing countries. Starting from a small industrial base, it developed a modern industrial structure and achieved high rates of economic growth, based largely on export orientation, during the decade preceding the 1973–4 oil crisis. Also, Korea was able to rapidly surmount this crisis through the continued application of an outward-oriented strategy.
KeywordsInterest Rate Real Wage Intermediate Good Unit Labor Cost Wholesale Prex
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- 1.For an analysis of incentive policies in Korea, see the author’s policy advisory reports: ‘Korea’s Development Strategy for the Fourth Five-Year Plan Period’, and ‘Incentives for Economic Growth in Korea’, published in Policy Reform in Developing Countries (Oxford: Pergamon Press, 1977) pp. 119–65 and ‘The 15 Year Social and Development Plan in Korea’, and ‘Inflation and Trade Liberalization in Korea’, published in The Newly Industrialized Countries in the World Economy (New York: Pergamon Press, 1981) pp. 347–78. See also L. E. Westphal and K. S. Kim ‘Industrial Policy and Development in Korea’, in B. Balassa et al. Development Strategies in Semi-Industrial Economies (Baltimore, Maryland: The Johns Hopkins University Press, 1981) pp. 212–79. Unless otherwise noted, the data cited in this section orginate in Economic Statistic Yearbook and other publications of the Bank of Korea.Google Scholar
- 8.S. Y. Kwack and M. Mered, ‘A Model of the Economic Policy Effects and External Influences in the Korean Economy’ (Washington DC: SRI International, 1980).Google Scholar