Myths and Realities of Korea’s Economic Development

  • Sung-Hee JwaEmail author


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.


Policy regime of Park Chung Hee Anti-Park Chung Hee Government-led industrial policy Concentration of economic power Unbalanced development 


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  3. World Bank. 1993. The East Asian Miracle: Economic Growth and Public Policy. New York: Oxford University Press.Google Scholar

Copyright information

© The Author(s) 2017

Authors and Affiliations

  1. 1.Park Chung Hee Memorial FoundationSeoulKorea (Republic of)

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