The transition to export-led growth in South Korea : 1954-1966

Abstract

In analyzing the turning point in Korea's transition in the early 1960s from a strategy of import substitution to one of export-oriented industrial growth, the authors examine not just the economics of change but the politics of economic policy and reform - the incentives facing state and business elites and the institutional context in which they operated. Their analysis shows that the transition to export-led growth in South Korea was a product of the interplay of four factors: pressure from the United States; the dominance of the executive branch; institutional reform within the bureaucracy; and a restructuring of relations between the state and business. Conclusions are drawn about the role of outside pressure in policy reform, about the importance to reform administrative capability and organization, and about the politics of policy change.ICT Policy and Strategies,Legal Products,Health Monitoring&Evaluation,National Governance,Environmental Economics&Policies