This paper is going to discuss the state led capitalism in Korea and its disadvantages. It will critically look at the extremely successful industrialisation of Korea after the Korean War, and stress out the price that Koreans had to pay for that rapid and centrally led development. The first chapter will compare the efficiency of the resources allocation Process by the state with a non-interventionist market system, during the early years of Korea’s industrialization, and is investigating in the rationale for a state regulation of the modernization process. The following chapters are going to deal with the negative impacts of state interventions on democracy, environment, industrial structure and the Korean consumer. The last chapter investigates in the state led capitalism as an obstacle for further economic integration.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Rationale for Government Regulation in Korea during the early Stages of Industrialisation.
- Efficiency in Allocation of Investment Resources
- Regulative Measures by the Korean Government
- The Role of the Economic Planning Board
- Structure of the Economic Development Board
- Negative Effects of the regulated Market
- Impact on the Credit Market
- Negative impacts for the Korean Consumer
- Impact of state regulated Development on the Structure of the Industry
- Malformed Structure of Ownership and Corporate Governance
- Impact on the development of the Korean democracy
- Impact of a Regulated Industry on further Economic Integration
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper examines the state-led capitalism in Korea and its consequences. It critically analyzes Korea's successful industrialization after the Korean War, highlighting the tradeoffs associated with rapid and centralized development. The paper focuses on the role of government intervention in promoting industrial growth, exploring its impact on various aspects of Korean society, including the economy, politics, and social welfare.
- The rationale behind state intervention in the early stages of Korean industrialization.
- The efficiency of resource allocation in a state-regulated market versus a free market.
- The negative effects of state intervention on various aspects of Korean society, including the credit market, consumer welfare, industrial structure, democracy, and economic integration.
- The role of government regulations in fostering the emergence of large corporations and their impact on the Korean economy.
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction sets the stage for the paper, outlining its objective of critically analyzing the role of state-led capitalism in Korea's industrialization. The following chapters examine the rationale behind government regulation in the early stages of industrialization, focusing on the relative efficiency of resource allocation under state intervention compared to a free market. The paper also analyzes the negative effects of state intervention on the Korean economy, including its impact on the credit market, consumer welfare, and industrial structure.
Schlüsselwörter (Keywords)
State-led capitalism, Korean industrialization, government regulation, resource allocation, efficiency, negative effects, credit market, consumer welfare, industrial structure, democracy, economic integration, large corporations, import substitution, export promotion.
- Quote paper
- Thomas Brandstätter (Author), 2005, The Political Economy of the Korean Industrialisation, Munich, GRIN Verlag, https://www.grin.com/document/56648
