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Catch-up and Crisis in Korea

Wontack Hong, former Professor of Economics, Seoul University, South Korea
Whilst the process of catch-up in Korea – led by export-oriented growth – has been rapid and, in a sense, very successful, it has also been subject to turbulence, not least in a crisis of near bankruptcy that has dramatically revealed its Achilles heel. Informed by the 1997 crisis, Wontack Hong writes a new history of the Korean economy; one that seeks to understand export-oriented catch-up in newly industrialized countries (NICs) whilst offering a realistic appraisal and forewarning of the pitfalls which could signal self-destruction.
Extent: 176 pp
Hardback Price: $127.00 Web: $114.30
Publication Date: 2003
ISBN: 978 1 84064 917 8
Availability: In Stock
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  • eISBN: 978 1 78195 035 7

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Korea has experienced one of the most profound economic transformations of any nation in history, and remains a very important focus of academic inquiry.

Whilst the process of catch-up in Korea – led by export-oriented growth – has been rapid and, in a sense, very successful, it has also been subject to turbulence, not least in a crisis of near bankruptcy that has dramatically revealed its Achilles heel. Informed by the 1997 crisis, Wontack Hong writes a new history of the Korean economy; one that seeks to understand export-oriented catch-up in newly industrialized countries (NICs) whilst offering a realistic appraisal and forewarning of the pitfalls which could signal self-destruction.

Catch-up and Crisis in Korea offers a balanced perspective on the Korean economy, and on newly industrialized countries in general, for those who have a serious interest in understanding the industrialization process.
Contents: Preface 1. Introduction: Catch-Up 2. Export-Oriented Growth: Positive Aspects 3. Institutionalizing an Export-Oriented Regime 4. Trade Pattern in the Early Phase of Catch-Up 5. The Engine of Catch-Up: Big Conglomerates 6. Growth and Equity 7. Experiences of East Asian NICs 8. The Legacy of Korea’s Credit Rationing System 9. The Political Economy of the Korean Model Appendix 1: Major Statistical Indicators: Korea Appendix 1: Major Statistical Indicators: Taiwan Bibliography Index