Myths and Realities of Korea’s Economic Development
This chapter discusses four negative myths about Korea in the 1960s and 1970s, namely, that Park Chung Hee’s regime (1) was anti-liberal, anti-democratic, and anti-free market, (2) was characterized by strong, government-led industrial policies that directly distorted and intervened in the market, (3) created monopolies which encouraged the concentration of economic power in large corporations with the pro-chaebol corporate policies, and (4) created unbalanced regional, sectoral, and corporate development. By arguing that these myths are largely unfounded, the chapter spells out the motivation and aims of the book.
KeywordsPolicy regime of Park Chung Hee Anti-Park Chung Hee Government-led industrial policy Concentration of economic power Unbalanced development
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