Overview of Korea's Economic and Political Development

Over the past three decades, South Korea has moved along a path of strong economic growth and political democratization, attracting worldwide attention and providing valuable lessons for other developing economies. Yet Korea still must grapple with many intractable problems fueled by its rapid industrialization and uneven growth, including unbalanced distribution of wealth, concentrated economic power, and adversarial relationships between management and labor.

Focus of the Volume

Within the context of these sweeping changes, this volume explores options for economic and social institutional reform in Korea. Drawing on models of economic development from Japan, the United States, and Europe, a distinguished group of Asian and Western scholars relates the experiences of previously industrialized economies to each facet of Korea's economic system, including national management; taxation and banking; land ownership and use; trade and industrial strategy; and relations among business ownership, management, and labor.

Insights and Proposals

In so doing, the contributors provide valuable insights and fresh proposals for a viable model of social and economic modernization. Throughout the volume, the contributors emphasize the importance of Korea's cultural heritage—not only in explaining the nation's recent growth but also as a key element of its continued success.

Cultural Heritage and Future Growth

By providing an overview of the evolution and interaction of Korean economic, political, and sociocultural institutions, the contributors make clear how these structures mediate the movement between cultural values and economic progress.