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Overview by Subjects

Korea’s economic success has often been called a ‘miracle.’ There has been an ongoing debate about the factors behind its success, which has attracted the interest of not only academicians but also policy practitioners. Korea’s experience holds relevance for partner countries that want to catch up with advanced economies in a short period of time as Korea did.

Early evolution of international economic policy GATT WTO policy Asian Financial Crisis Bilateral economic relations with EU Trade and exchange rate policies Export promotion and government-led industrialization
Culture and
Uruguay Round Rice negotiations Saemaul movement, Reforestation Restrictions on land use
Liberalization in Educational services Resource reallocation Rapid export expansion Accession to the OECD Uruguay Round Uruguay Round Agriculture Agreement
Bilateral economic relations with China Market opening Liberalization in tourism services Graduation from GATT XVIII:B Development cooperation
Energy and
Trade friction with US Agricultural import liberalization Economic liberalization Competition policy and chaebol policy Regional cooperation Inward FDI Resource reallocation Rapid changes in industrial structure Government-led industrialization Growth of the manufacturing sector
and Law
Promoting heavy and chemical industries Growth of other sectors Southeast Coastal Industrial Belt Restrictions on land use Environmental protection Infrastructure expansion Attempts to curb growth in Seoul Large-scale reclamation projects Development of industrial parks First turning point Basic health care infrastructure
Health and
Increased labor force participation National defense policy: Pursuing greater self-sufficiency in national defense Local finance 1 May 16 military coup d’etat and the Park Chunghee administration Birth of corruption and countermeasures Administration of government employees’ education and training(1961 to 1972)
Service and
Budget system 1 Public procurement service Organization for legislative administration Organization for the Management of State Affairs Economic stability and diversification of foreign borrowing, 1979 to 1985 Advanced industrialization and acceleration of foreign borrowing, 1973 to 1978
Information and
The role of foreign capital in Korea’s economic development Aid received for vocational training Establishment of the Korea Institute of Science and Technology Medical and social services Technical assistance for vocational training from Germany Establishment of Kumoh technical high school Electricity and communications Construction of the Gyeongbu national expressway Project and sector investments for economic and social development
Aid received for agriculture Establishment of POSCO Investment for economic reconstruction and stabilization Major cases of international aid Overview of official foreign assistance for and by Korea: 1945-2010 Bilateral economic relations with EU
Import liberalization through FTAs Financial opening FDI policy Globalization of Korean economy Establishing market economy Capital market liberalization
Population and
Financial sector reform Macroeconomic policy response Rehabilitating financial health Foreign exchange liberalization Industrial rationalization Technology development HCI investment coordination Improving regional competitiveness Infrastructure projects and decentralization Comprehensive real estate measures Improvements in living conditions Promoting balanced regional growth
Science and
Minimum wage Stagnant population growth Social welfare gains attention Education reform Second turning point
Expansion of opportunities Growth in health care services Increasing professionals and clerical occupations Administration of government employees’ education and training(from 1973 to the present) Structural improvements and selective foreign borrowing, 1986 to 1992 Foreign capital inflows into Korea (1980~1997) Foreign debt crisis in the early 1980s
Development and
New growth engines Corporate sector reform Upgrading urban living conditions Logistics hub for Northeast Asia Expansion of transportation networks Renewing balanced regional development
Green growth Relaxation of land use regulation Challenges in social security system Migrant workers G20 Seoul Summit Invigoration of the preventive approach to corruption
  • - The Committee for the Sixty-Year History of the Korean Economy. 2010. The Korean Economy: Six Decades of Growth and Development. The Committee for the Sixty-Year History of the Korean Economy, Edited by SaKong, Il & Koh, Youngdun. Korea: Korea Development Institute
  • - Korea Institute of Public Administration. 2008. Korean Public Administration, 1948-2008, Edited by Korea Institute of Public Administration. Pajubookcity: Bobmunsa.
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