By Joonghae Suh, Derek H. C. Chen
ISBN-10: 0821372017
ISBN-13: 9780821372012
ISBN-10: 0821372025
ISBN-13: 9780821372029
Korea's improvement strategy bargains important classes for different constructing and no more built economies. specifically, the best way Korea makes use of outdoors applied sciences, by means of gathering indigenous services, continues to be legitimate within the period of the information financial system. This quantity examines the Korean version and Korea's march towards an information economic climate from a poverty-ridden economic climate sooner than the release of full-scale industrialization within the early Sixties. It additionally emphasizes Korea's achievements, in addition to ultimate projects in the 4 pillars of the data economic climate, with a typical topic all through -- how Korea has narrowed the gaps in its wisdom and associations in international pageant with international leaders.
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Additional info for Korea As a Knowledge Economy: Evolutionary Process and Lessons Learned (Wbi Development Studies)
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4 percent. The concomitant improvement in people’s welfare is revealed in the steady increases in per capita gross national product (GNP) for the years of industrialization: from US$87 in 1962 to US$16,413 in 2005. Hence, the goals of economic development, “to establish a selfreliant economy and to make the people’s life worth living” (Government of the Republic of Korea, 1962, p. 4), are effectively achieved. 1 KE Policies and Development Stages of the Korean Economy 1960s Development goals Major policy directions Macroeconomic policy framework • Build production base • Expanding export-oriented for export-oriented light industries industrialization • Mobilizing domestic and foreign capital • Build self-reliant • Promoting HCI and growth base upgrading industrial structure • Building social overhead capital • Preparation of legal and institutional bases to support industrialization • Maximization of growth: expand policy loans • Government intervention in the markets 1980s • Expand technologyintensive industries • Stabilization • Enhancement of private autonomy and competition 1990s • Promote hightechnology innovation 2000s • Make transition to knowledge-based economy 1970s 25 Source: Author’s compilation.
8) Source: Bank of Korea. Note: Numbers in parentheses are percentage share of total loans. 4). 7 billion. 2 The rapid increase in foreign capital inflow has not only contributed to economic growth by financing the expansion of production capacity, it also has resulted in the concomitant transfer of advanced technologies that has been the source of the productivity increase. 2, there appears to be a close correlation between capital goods imports and royalty payments for licensed foreign technologies, which implies that along with the capital goods imports that were financed partly through the foreign capital, the industry has made great effort to learn to industrialize.
Launch of Industrialization: 1960s At the beginning of the 1960s, Korea was an essentially agrarian society with a very limited endowment of natural resources. The majority of the workforce was employed in the agriculture, forestry, and fishery sectors, mostly producing foodstuffs for domestic use. But the very limited area of available arable land (only onefourth of the total surface area of the country) did not allow much scope for the expansion of output or the production of substantial quantities of exportable agricultural products.