The South Korean Economy

South Korea has the tenth-largest economy in the world and is one of only two Asian members of the OECD. Despite a brutal fratricidal conflict, it has achieved this transformation through advanced technologies and infrastructure. The book explores how the Korean economy has shifted to high-tech industrialization, with family-owned industrial conglomerates playing a key role. It also addresses challenges such as global interconnectedness, North Korea relations, domestic demand slowdown, and the impact of the Covid-19 pandemic.

Format: Paperback / softback
Length: 224 pages
Publication date: 20 October 2022
Publisher: Agenda Publishing

South Korea boasts the tenth-largest economy globally, standing as one of only two Asian members in the OECD. This remarkable achievement is a testament to its economic development since gaining independence from Japan in 1945. Despite the challenges posed by one of the most brutal fratricidal conflicts since the Second World War, South Korea has managed to transcend its past and achieve this exceptional transformation.

In their book, "The Puzzle of the South Korean Economy," Sunil Kim and Jonson Porteux delve into the intricacies of South Korea's economic and political development. The authors examine how South Korea has managed to build a highly innovative economy, despite its postcolonial legacy of military leaders and the absence of fully developed free markets. The longstanding family-owned and run industrial conglomerates, known as the chaebol, have played a pivotal role in the country's shift towards high-tech industrialization, albeit with strict government influence.

The book explores the challenges faced by South Korea in the context of increased global interconnectedness, the delicate and fragile relationship with North Korea, the slowdown of domestic demand, recent assaults on the chaebol and their families, as well as the impact of the COVID-19 pandemic. It offers valuable insights and frameworks for understanding the fascinating history and future trajectory of South Korea's political economy, as well as the causes and consequences of industrialization and democratization more broadly.

Through their comprehensive analysis, the authors shed light on the factors that have contributed to South Korea's economic success, including government policies, education, and social welfare programs. They also discuss the challenges that the country continues to face, such as income inequality, corruption, and the need for further economic diversification.

"The Puzzle of the South Korean Economy" is a valuable resource for scholars, policymakers, and anyone interested in understanding the complexities of economic development and the role of institutions in shaping societies economy. It provides a comprehensive and insightful examination of South Korea's remarkable journey from a war-torn nation to a global economic powerhouse, and its potential for continued growth and success in the future.

Weight: 312g
Dimension: 148 x 209 x 27 (mm)
ISBN-13: 9781788211994