Korea's Economic Miracle: The Crucial Role Of Japan (st.antony's)

Very few developing countries have successfully industrialised. Many are under pressure from international organisations to achieve 'self-sustainable' industrialisation. This is why Korea's case is particularly interesting. There have been many attempts to explain the causes of Koreas' economic miracle. These have focused mainly on the internal factors such as the discipline of the Korean workforce and export-promotion policies. The present study however shows that these factors contributed to Korea's impressive growth but do not explain the reasons for her success. External factors have been more important, the Japanese economy in particular. This book examines therefore in detail the impact of Japan's economic growth on the Korean economy, in particular the stimulating effects of trade, sub-contracting, relocation of industry, investment, loans and technology transfer. It demonstrates how Japan provided a range of goods, services and capitals which were precisely what the newly industrialising country needed. Front Matter....Pages i-xx Introduction: Some Preliminary Observations....Pages 1-25 Front Matter....Pages 27-27 Japan’s Industrial Restructuring....Pages 29-77 Japan’s Relationship with Korea....Pages 78-106 Front Matter....Pages 107-107 The Role of Capital and Investment....Pages 109-145 Japan’s Role in the Development of Korean Technology....Pages 146-166 Markets and Trade....Pages 167-192 Marketing....Pages 193-210 Industrial Organization....Pages 211-221 Front Matter....Pages 223-223 Japan’s Influence on Korea’s Textile Sector....Pages 225-251 The Heavy Industries....Pages 252-290 Front Matter....Pages 291-291 A Dependence Relationship?....Pages 293-327 Can Korea’s Economic Success be Replicated?....Pages 328-353 Back Matter....Pages 354-396

Korea experiences a traumatic and largely unanticipated economic crisis in 1997-98 from which the country is still recovering. The crisis laid bare numerous structural, economic, and policy weaknesses. The authors chronicle and analyze the key factors behind Korea’s economic miracle from 1962-89 and the causes that contributed to the economic downturn and ensuing crisis of 1997-98. As the country undertakes a series of recovery measures, the authors consider the importance of the ongoing restructuring efforts in the corporate and banking sectors, the development of the “new economy,” and the potential economic advantages to be derived from reunification with the North.