South Korea emerged from poverty in the 1960s through heavy state intervention and export-oriented industrialization. The government implemented five-year plans focusing on industrial growth over food self-sufficiency. This included incentivizing exports and selectively protecting infant industries. As a result, South Korean exports skyrocketed from $33 million to $3.3 billion between 1961-1973, transforming the economy. The government also directed credit and resources to large conglomerates (chaebols), some of which have become highly successful global multinationals like Samsung Electronics. Through continued state guidance and international competition, South Korea developed into a modern industrial powerhouse within one generation.
The Korean Economy (Six Decades of Growth and Development)K Developedia
Title: The Korean Economy
Sub Title: Six decades of growth and development
Material Type: Report
Author: SaKong, Il; Koh, Youngsun
Publisher: Korea Development Institute
Date: 2010
Pages: 344
Subject Country: South Korea (Asia and Pacific)
Language: English
File Type: Documents
Original Format: pdf
Subject: Economy
Holding: Korea Development Institute; KDI School
The Korean Economy (Six Decades of Growth and Development)K Developedia
Title: The Korean Economy
Sub Title: Six decades of growth and development
Material Type: Report
Author: SaKong, Il; Koh, Youngsun
Publisher: Korea Development Institute
Date: 2010
Pages: 344
Subject Country: South Korea (Asia and Pacific)
Language: English
File Type: Documents
Original Format: pdf
Subject: Economy
Holding: Korea Development Institute; KDI School
China is passing through massive transformation; from a command to a market economy, from an economy based on agriculture to one based on manufacturing and services, from one with high fertility and low longevity to one faced with OCDE style low fertility and high longevity, and from an economy that was almost totally closed to one that, today, even before her accession to the WTO, is much more open than most countries at the same level of income. This vast movement of transformation started on a very simple principle frequently stated by Deng Xioaping: “Poverty is not socialism”. Prosperity was the new face of the socialism according to Deng Xiaoping’s famous dictum: to get rich is glorious. In the past socialism used to mean government planning, for the new China, it means common prosperity.
A development model for Bangladesh based on South Korea's socio-economic transformation is about the way of improving socio economic condition and based on that how Bangladesh can improve it's condition.
The economic performance and growth of South Korea as a Newly Industrialized Country is appreciated by international scholars and policy makers and set this country as a model worldwide. Historically South Korea had an agriculture-based economy in the 1960s. Factors that are said to be the fuel behind South Korea’s Economic Success are the structural transformation and policies. Structural transformation to policy reforms aimed at opening the country to foreign markets. Indeed, the export-oriented policies of South Korea are one of the most important factors of its success: South Korea is now one of the top 10 exporters in the world, and its exports as a percentage of GDP increased from 25.9 percent in 1995 to 56.3 percent in 2012.
Many factors have contributed to this success: the largely positive international trade environment, a good relationship with the United States, the hard work and savings-oriented aspects of its neo-Confucian culture, and a political and social commitment to economic progress. However, many other countries whose external environment and internal resources were equal or superior to those in South Korea have not performed nearly as well. Government policy has played a key initiating and supporting role. Two additional factors have contributed to the increase in international trade and industrialization in South Korea
An improvement in the business environment
Policies incentivizing investment in innovation
Industrialization:
1960s- 1) Develop import-substitute 2) Expand export-oriented 3) Support producer goods
1970s-1) Expand heavy & chemical industries 2) Shift emphasis from 3) Strengthen export-
1980s- 1) Transform industrial 2) Expand technology 3) Encourage manpower
Science and Technology:
1960-1) Strengthen S & T industries education 2) Build scientific and light industries technological infrastructure,3) Promote foreign industries technology import
1970s-1) Expand technical training, 2) Improve institutional capital import to mechanism for adapting technology import imported technology,3) Promote research-oriented industry applicable to industrial competitiveness needs
1980s-1) Develop and recruit high structure on the basis of level scientists and comparative advantage engineers, 2) Promote productivity of intensive industry R & D, 3) Localize key strategic development and improve technology productivity of industries.
The factors that many sociologists think that may they were behind the social change of South Korea includes many things, as-
• Changing conservative family values
• Gender equality and roles
• Urbanization
• Rapid development of Modern education
• Industrial revolution
• Growth of communication media
• Increase in Transportation and infrastructure
• the emergence of the middle class
Consume Price Index & Inflation Rate in PakistanFaisal Basra
The Presentation is about how Consumer Price Index (CPI) is calculated & formulated in Pakistan. The three formulas being used in Pakistan CPI, SPI & WPI are being used to calculate the Inflation Rate.
A quick summary or a general outlook on international business management of South Korea. The outline is written below:
Introduction to South Korea
Economic Transition & Business-Industrialization Stage
Political Admin, Public Policy, Society & Culture
Geopolitics to Geo-economics
Emergence of Chaebol Industry
Foreign Investment Climate
Business Culture & Etiquette
China is passing through massive transformation; from a command to a market economy, from an economy based on agriculture to one based on manufacturing and services, from one with high fertility and low longevity to one faced with OCDE style low fertility and high longevity, and from an economy that was almost totally closed to one that, today, even before her accession to the WTO, is much more open than most countries at the same level of income. This vast movement of transformation started on a very simple principle frequently stated by Deng Xioaping: “Poverty is not socialism”. Prosperity was the new face of the socialism according to Deng Xiaoping’s famous dictum: to get rich is glorious. In the past socialism used to mean government planning, for the new China, it means common prosperity.
A development model for Bangladesh based on South Korea's socio-economic transformation is about the way of improving socio economic condition and based on that how Bangladesh can improve it's condition.
The economic performance and growth of South Korea as a Newly Industrialized Country is appreciated by international scholars and policy makers and set this country as a model worldwide. Historically South Korea had an agriculture-based economy in the 1960s. Factors that are said to be the fuel behind South Korea’s Economic Success are the structural transformation and policies. Structural transformation to policy reforms aimed at opening the country to foreign markets. Indeed, the export-oriented policies of South Korea are one of the most important factors of its success: South Korea is now one of the top 10 exporters in the world, and its exports as a percentage of GDP increased from 25.9 percent in 1995 to 56.3 percent in 2012.
Many factors have contributed to this success: the largely positive international trade environment, a good relationship with the United States, the hard work and savings-oriented aspects of its neo-Confucian culture, and a political and social commitment to economic progress. However, many other countries whose external environment and internal resources were equal or superior to those in South Korea have not performed nearly as well. Government policy has played a key initiating and supporting role. Two additional factors have contributed to the increase in international trade and industrialization in South Korea
An improvement in the business environment
Policies incentivizing investment in innovation
Industrialization:
1960s- 1) Develop import-substitute 2) Expand export-oriented 3) Support producer goods
1970s-1) Expand heavy & chemical industries 2) Shift emphasis from 3) Strengthen export-
1980s- 1) Transform industrial 2) Expand technology 3) Encourage manpower
Science and Technology:
1960-1) Strengthen S & T industries education 2) Build scientific and light industries technological infrastructure,3) Promote foreign industries technology import
1970s-1) Expand technical training, 2) Improve institutional capital import to mechanism for adapting technology import imported technology,3) Promote research-oriented industry applicable to industrial competitiveness needs
1980s-1) Develop and recruit high structure on the basis of level scientists and comparative advantage engineers, 2) Promote productivity of intensive industry R & D, 3) Localize key strategic development and improve technology productivity of industries.
The factors that many sociologists think that may they were behind the social change of South Korea includes many things, as-
• Changing conservative family values
• Gender equality and roles
• Urbanization
• Rapid development of Modern education
• Industrial revolution
• Growth of communication media
• Increase in Transportation and infrastructure
• the emergence of the middle class
Consume Price Index & Inflation Rate in PakistanFaisal Basra
The Presentation is about how Consumer Price Index (CPI) is calculated & formulated in Pakistan. The three formulas being used in Pakistan CPI, SPI & WPI are being used to calculate the Inflation Rate.
A quick summary or a general outlook on international business management of South Korea. The outline is written below:
Introduction to South Korea
Economic Transition & Business-Industrialization Stage
Political Admin, Public Policy, Society & Culture
Geopolitics to Geo-economics
Emergence of Chaebol Industry
Foreign Investment Climate
Business Culture & Etiquette
Export Advantages of China (Full version) Dinh Tung
Thank you to Devianart website and all the owners of pictures I used in my work. It it my homework and not for commercial purpose. Thank you for your view
Dr. Alejandro Diaz-Bautista, Korea Mexico Economy Presentation, University of...Economist
“Competitiveness and Economic Growth. An Analysis of Mexico and Korea.” Crecimiento Económico y Competitividad. Un Análisis de México y Corea.
Dr. Alejandro Díaz-Bautista
Professor of Economics and Researcher at
El Colegio de la Frontera Norte (COLEF)
Profesor Investigador del Colef. Miembro del SNI Conacyt.
adiazbau@hotmail.com
Prepared for the Conference at the Faculty of Economics, University of Colima, April 29-30, 2010. Colima, Colima, Mexico.
Preparado para la Conferencia en la Facultad de Economía de la Universidad de Colima, para los estudios en Cuenca del Pacífico en la Universidad de Colima, los días 29 y 30 de abril de 2010.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
1. South Korea
“The Miracle on the Han River”
Group:
Rashid Abdullah
Raja Shoaib Akber
Abdul Aleem
Choudhary
Azhar Ali
International Political
Economy
How South Korea escaped poverty and
became one of the richest countries in the
world?
2. As recently as the early 1960s South Korea, Taiwan, Singapore and Hong Kong (the “Asian Tigers”) were
considered to be a part of the third world. Since the 1997 Asian Financial Crisis, praise of the “Asian Miracle” has
dwindled in academia, yet the Tigers still stand as rare examples of states which have successfully “developed” in a
manner no one could have predicted 50 years ago – and at a considerably faster rate than any of our current
efforts at third-world development seem to be proceeding.
The Asian Tigers
Republic of Korea
Government: Unitary
Presidential
Constitutional Republic
Population: 51 Million
2014
HDI: 0.891 Very High
GDP 2014: $1.790
Trillion
Republic of Singapore
Government: Unitary
Presidential
Constitutional Republic
Population: 5.5 Million
2014
HDI: 0.901 Very High
GDP 2014: $297.941
Billion
Hong Kong
Government: Special
Administrative Region
Population: 7.2 Million
2014
HDI: 0.891 Very High
GDP 2014: $ 400.607
Billion
Taiwan (Republic of
China)
Government: Unitary
Semi-Presidential
Constitutional Republic
Population: 23 Million
2013
HDI: 0.890 Very High
GDP 2014: $ 517.019
Billion
3. History of South Korea
First Republic
(1948-1960)
Also called the Republic of Korea (ROK). South Korea has been an independent
Constitutional Republic since its liberation from Japan on August 15, 1945.
Republic of Korea marked by Alternating periods of democratic and Autocratic
rules as fellow:
Second
Republic
(1960-1961)
Military Rule
(1961-1963)
Third Republic
(1963-1972)
Fifth
Republic
(1981-1987)
Fourth
Republic
(1972-1981)
Sixth Republic
(1987-
Present)
USAMGIK
(1945-1948)
4. Under the First Republic
First President of South Korea (1945-1960)
Anti-Communist
Events under the First Republic of South Korea. South
Koreas first independent government, ruling the country
from 1945 to1960-the Syngman Rhee administration.
The government took in vast sums of American Aid in
amounts sometimes near the total size of the national
budget. (Corrupt and inefficient government of ROK)
Major Events occurred during first Republic
Land reform
The Korean War
1960 - student demonstrations ousted Syngman Rhee from
presidency
Syngman Rhee (1875-1965)
5. Power Production plummeted down to a miserable level of 11 thousand
KHz, about one-eighth of the earlier production level of 80 thousand MHz
Capitalist VS Communist
The
Korean
WarAt the start of the
Cold War,
Communist North
Korea Went to war
with its Capitalist
neighbor . The
bloody conflict
lasted from 1950 to
1953.
Damage Estimates
The war destroy majority of the industries and industrial infrastructure
By August of 1951, 44% of factory buildings and 42% of Production
facilities lay in ruins
Foreign Trade deteriorated from US$208 Million to US$2.9 Million
All these factors led to serious inflation.
7. Under the Military Rule
Major Events occurred under the Military Rule
The military coup détat led by Major General Park Chung-he
on May 16, 1961,put an effective end to the Second Republic.
Miracle on the Han River Five Year Plan (FYP)
All these factors led to serious inflation.
Park Chung-he
8. Under the Military Rule
Seized the capital + other important cities
Brought businessmen into submission (June 14 law)
The first South Korean five-year plan was inaugurated in 1962
Economic growth as the historical goal, to be achieved at all cost
“In human life, economics precedes politics or culture.” – Park
Qualification for the special treatment was quantifiable and
objective
Per capita output doubled in the following decade
South Korea became an industrialized country
Influenced by state-planning in Manchukuo
“Guided Capitalism”: The state as the engine of economic
development central planning + gov’t intervention in the market
industrial policy, corporate state
9. South Korean economy roars
GDP growth averaged 9-10% a year
Manufacturing sector took greater share of the economy (close to
30% - comparable to West Germany)
“Boys who grew up working in rice paddies found themselves
building oil tankers and designing semiconductor chips.” - Mark L.
Clifford
10. State-owned
banks
industry/business
associations
FKTU (Federation of
Korean Trade
Unions)
(gov’t-controlled)
industrial unions
Businesses
Coopted labor
MOF (Ministry of
Finance)
Other Gov’t
Ministries
MTI (Ministry of
Trade + Industry)
Top-Down, General Headquarter (Park himself made major
decisions)
National Budget
EPB (Economic
Planning Board)
11. The State Intervenes in individual
firms’ decisions
planning,
national
budget
Economic
Planning
Board (EPB)
Korean Corporate State
Controlled the
Banking Sector
•Nationalization
of Banks.
•Extraordinary
power over
credit-starved
businesses
Ministry of
Finance
(MOF)
Policies,
regulations, order
to move quickly
from minister to
firms, domestic
cartels, steady
stream of profit
All Businesses
were required
to join
associations
Cutting of credit
line, Arbitrary tax
audit, Personal
Connections,
Uneven law
enforcement
Enforcement
devices
12. President, Gov’t Officials, Academics
Reps from trading companies
Rapid response team for exporters
Monthly Export
Promotion Meeting
Export Day (11/30)
“Export towers” to
companies w/ best
export performance
Early 1960s: Dollar
began to run out; US
threatened to cut aid
2nd
FYP: Build industries
targeted to export
markets.
1960s: South Korea
utilized cheap labor-
light manufacturing
Import license conditional or export performance
Tariff exemption for raw material and machinery
Exporters could automatically borrow against overseas orders
More credit to companies w/superior export performance
Huge Incentives for
Exports
Coercive element:
Corporate state had
business go along
Export-Oriented Industrialization
(EOI)
13. What’s good about Export Oriented Industrialization?
Selective use of
FDI (Foreign
Direct
Investment)
Reduced
possibility of
BOP crisis
Gov’t
Complements
market forces
Correction of
market failure
high set up costs
of exports
imperfection
information.
Meritocracy in
allocating credit
South Korea
Up-to-date
Selective, short-
term protection-
International
competition
makes infant
industries grow
up.
New Machinery
introduced.
Experience
w/overseas
market
14. Korea Trade Promotion Agency (KOTRA)
Helped Korean
businesses
how to market
their products
in foreign
countries
Scoured the
world for new
export
markets
Key to
overcoming
the obstacles
early
exporters
faced
15. Results (1961-73)
Exports
skyrocketed:
trade deficit
stayed under
$1 billion
Huge
Success
Export: $33
Million >
$3.3 Billion
(100 times)
Imports:
$343
million >
$3.8 Billion
(11 times)
Investment:
6% of GDP
> 23 % of
GDP
South Korea established a firm
international standing in light
industries e.g. shoes, clothes,
plywood etc.
Raw Materials + Machinery for
export industries
16. Five Year Plan
Emphasized
industrial
growth rather
than food self-
sufficiency
Five Year Plan (FYP)
GOAL: lay a foundation for future
economic growth by developing a
base industry in South Korea
Aims to increase
wealth within
South Korea and
Strengthen
Political
stability.
Change in Policy.
Import
substitution
industrialization
to export
oriented growth
Nathan Plan
UN plan for the
economic
recovery of
South Korea.
Not
Implemented
Second FYP (1967-1971)
South to shift the
South Korean
state into heavy
industry
Emphasized
textile exports as
a leading sector
Increasing the
Public sector for
social overhead
capital
investment
17. The Big Push (1973-79) Fourth FYP 1977-1981
HCI (Heavy and
Chemical Industries)
Five Year Plan (FYP)
Aims: Build up defense
Shipbuilding,
Machinery, Chemicals,
Steel, Electronic,
Automobile
Unprecedented
industrial expansion
Good: gain experience in
heavy industries, which
create far more added
value; acquire
managerial skills;
economies of scale
Bad: Policy loans caused
massive inflation in
1970s; some target
industries didn’t work
out in the end (i.e.
aluminum)
18. “Reverse brain drain”
KAIST (Korea
Institute of
Science of
Technology)
•Engineering
education
Lure Koreans
who’d been
educated overseas
with attractive pay
packages
State-
owned
enterprise
World Bank
refused to
finance the
Project
Park Tae Joon used
personal
connection in
Japan to channel
reparations (for
past Colonization)
Cutting-edge managerial
techniques and scientific
knowledge
Ran like
military
Rapid construction schedule +
high quality standard.
Long work hours (60-70 hour
work week)
Become one of
the Largest,
most efficient
steel maker in
the world
Opened up the
way for heavy
industries
19. Rise of Chaebols
Today South Korea is a highly Industrialized country.
National conglomerates (groups) run by founding families
Profitable firms subsidize less profitable firms within the
conglomerate (cross-subsidization)
Factors
Scarce credit + abounding investment opportunities
Red tape – lots of paperwork
Export promotion – bigger is better in export market
State-owned banking sector – political clout was a must to secure loans
20. Quite a few became Successful Global Multinationals
Samsung Electronics world’s larges information technology
Company, Samsung Heavy industries, Samsung Life insurance
worlds 14th
largest life insurance company.
SAMSUNG
LG Corporation is the 4th
largest company in South Korea and
become second largest in USA market share.
LG Electronics, LG Telecom, LG Display and LG Solar Energy
LG
Corporation
DAEWOO Group of Industries, Daewoo Motors, Daewoo
Electronics, Daewoo Heavy industries, Daewoo Shipping
DAEWOO
GROUP
Hyundai Motor Groups second largest automakers in Asia and
fourth largest automakers in the world.
Hyundai
Motor
Group
Chaebols of South Korea
Earlier : The Centrally planned and government directed investment
Now: Completely market oriented economy
21. USA
$ 16.768
China
$ 16.149
India
$ 7.277
Japan
$ 4.788
Germany
$ 3.621
Russia
$ 3.559 Brazil
$ 3.073
France
$ 2.587
Indonesia
$ 2.554 UK
$ 2.435 Mexico
$ 2.143
Italy
$ 2.066
South Korea
$ 1.790
GDP in trillions of U.S. dollars. Data: IMF, WB, CIA WFBook.
South Korea is 13th
Largest Economy of the World (GDP “2013 by IMF
and WB” )
Third Largest in AsiaDonor to international Financial AidMember of OECDFour Asian Tigers (South Korea)G-20
22. Conclusion
“Tiger Daddy State”
Economic development in exchange for political freedom
Single party corporate state speeded up development
Businesses were forced to compete overseas
Leadership was pragmatic and flexible
Took maximum advantage of international + domestic politics
EOI as result of policy adaptation
Acknowledged role of businessmen and Entrepreneurs
Recognized need for advanced foreign technology
23. It takes right kind of “parenting” to develop a country’s industrial
base to internationally competitive level
– South Korea: Too authoritarian
– Latin America: Too overprotective
Countries should integrate into world economy, on their own terms
Infant industries need some time to grow and mature
The individual cannot overcome market failures
The individual succeed only so far as his country provides him
opportunities to do so
Conclusion
24. Degrees of Success
• Budget deficits were kept within the limits of their financial
limits, as to not destabilize the macro-economyBudget deficits
• Debt levels during 1980-1985 was quite high compared to their
GNP ratios, it was sustained by the country’s high levels of
export
External debt
• Exchange rates had been changed from long-term fixed rate
regimes to fixed-but-adjustable rate regimes with the occasional
steep devaluation of managed floating rate regimes
Exchange rates