By Jae-Seung Shim
Concentrating on the formation of the Korean economy, this booklet offers a desirable and entire research of monetary improvement outdoors of the normal neo-classical, developmental-state and the dependency views. The booklet examines intimately the evolution of associations that contributed to financial progress and the formation and the workings of the commercial process. With an emphasis at the interplay among govt, deepest associations (Chaebol and fiscal associations) and the effect of Japan, it provides essentially the most stimulating and particular perspectives of Korean financial improvement to this point.
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Extra info for The Korean Economic System (Asian Finance and Development)
According to the neoclassical perspective, the possibility of economic growth in a certain period is determined by the availability of resources and technical innovation and in the long term by the rate of technical improvements, which results from sharp competition in a liberal economic system. Until the late 1980s, the neoclassical school believed that economic development could primarily be explained by macroeconomic stability that provided not only high human capital accumulation but also proper incentives for investment and savings, while the intervention of government in selected industries was at best irrelevant or, worse, had a detrimental or distorting effect on the allocation of resources.
More generally Rhee (1994) pointed out that government policy cannot be accepted as the main or more significant factor affecting economic performance. In East Asia, the production cycle of the international economy and its timing played a crucial role in achieving Korean economic development (Eckert 1990; Koo 1987; Cummings 1987; Castley 1997). During the 1960s and early 1970s, the world economy was growing significantly. Some countries were investing actively and interest rates were relatively low.
Also, the conception of dependency can be applied to the different interest groups and class in a country. In this regard, dependency means the complex concept containing political, economic and social sides and of course, an historical dimension. In addition, the difference between dependency and dependence, according to Caparaso (1978), varies according to whether the state placed in an asymmetric power relation existing in two countries has state autonomy or not. 8 For more details, see Palmer (1978); Baran (1957); dos Santos (1970); Galtung (1971); Frank (1967); Amin (1974); Cardoso (1977); Singer (1950); Myrdal (1957).