Development and Finance from issue 2010/1

József Veress - László György

Politics Versus Economy. Asserting Political Values in South Korea (1948–2000)

- Abstract -

JEL O-53

The economic growth of South Korea between 1961 and the early 1990s is based on an economic policy strategy which successfully combines mercantilist and liberal elements. In the course of development the government gradually loses its ability to enforce its interests. The South Asian crisis of 1997 revealed the chronic problems of the South Korean economy, however, the external vulnerability made it possible for foreign investors to gain ground, causing the economy to lose significant capital income in the long run. With its continuous, state-controlled but market-sensitive five-year plans, South Korea moved from an underdeveloped agricultural country to a global vanguard economy. Today they not only procure technology but also participate in developing high technology. At the turn of the millennium, it ranked first worldwide in manufacturing semi-conductors, TFT-LCD monitors, mobile phones and in shipbuilding. It is fifth in car making, and ranks sixth in manufacturing steel products.

József Veress, DSc, professor of economics (BME GTK)
László György, assistant professor (BME GTK)

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