Legal and Administrative Environment for Transnational Corporaton in Korea

Abstract

The course of industrial growth upon which Korea embarked in 1962 has been, in the words of the World Bank, "one of the most outstanding success stories of the international development." Beginning from a position uncomfortably close to the bottom of the international Income scale and without the benefit of significant natural resources, Korea launched itself upon a bold series of economic development programs which in less th an fifteen years has transformed the country from a marginally subsistent agricultural economy into one of Asia's major industrial nations. The first five year economic development plan (1962~1966) put the underlying tones on the "commencement of development era and complete assortment of organization bases." The main emphasis during the period was placed on breaking the major bottlenecks to the development, such as expanded investment for social overhead capital, fostering of the basic industries and import substitution.