By Sung-Hee Jwa
Sung-Hee Jwa deals analyses of quite a lot of prior and present reform efforts in Korea. The coverage classes are designed to appreciate Korea's transformation from the government-led improvement version to a industry process. Jwa argues that Korea's financial destiny relies solely upon the profitable integration of market-oriented structures.
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Additional resources for A New Paradigm For Korea's Economic Development: From Government Control to Market Economy (Studies in the Korean Economy)
The government decreased flow of money to HCIs to correct over-investment in those industries. – The electricity generating, heavy construction equipment, automobile, and diesel engine industries were covered. – Main restructuring tools were M&As. The government supported restructuring with bail-out financing and interest rate subsidies. – Induce the big 30 business groups to specialize by easing regulations on business groups choosing the core business areas. Korea's Economic Development, Sung-Hee Jwa Korea over the Past Thirty Years 21 1960s were mainly procured through foreign loans under government guarantees and were allocated by the government.
Once again, tax and financial resources, as well as trade policy, were used to support these industries. The government only permitted existing large corporations to enter the targeted industries, and as a result they enjoyed the benefits emanating from the government’s support of these industries. The government allowed foreign loans for firms in the targeted industries on a preferential basis. Entry and exit barriers Once the strategic industries were selected, the government decided which ones it would take care of and which ones it would delegate to the private sector.
6 Along with the promotion of HCIs, in the 1970s the government adopted an export-oriented policy. For that purpose, it sought economies of scale in export industries, resulting in the establishment of the so-called ‘General Trading Companies’. These companies were private enterprises specializing in the export of Korean goods, and enjoyed government backing. Trade policy also supported the selected industries and corporations. It was almost impossible to import foreign products if similar goods were produced domestically.