The Political Economy of the Korean Industrialisation

Essay from the year 2005 in the subject Business economics - Economic Policy, grade: 1,8, Korea University, Seoul (School for Political Economy), course: Government and Business, language: English, abstract: 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.