Economic Development in Korea

Abstract

Korean economic development during the past four decades can be characterized as a process of "late-corner's accelerated growth" which was made possible by a combination of rich manpower, foreign capital and technology. This process looks quite similar to what occurred in Japan and Taiwan which have also developed later than Western countries, with relatively few natural resources. But the degree of government intervention in Korea has been much higher, creating some unique features in industrial structure and behaviors of the people.