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South Korea's post-war economic success is a well-known story. However, its development in the past two decades is relatively less investigated. By reviewing key economic issues in South Korea's economy today, this book offers an input to the research of contemporary South Korea, in particular the country's economic development and its external economic relations.This book provides an analytical overview of key issues in contemporary South Korean economy. The timely and in-depth study presented in the book examines the main reasons behind South Korea's economic slowdown in recent years, the economic and social impact following chaebol's growing business expansion, free trade agreements with China and the United States, the development of income inequality, the ageing demography and the Korean government's policy response to overcome the current economic difficulties.
Korea, one of the original 'Tiger Economies', experiences a traumatic and largely unanticipated economic crisis in 1997-98 from which the country is still recovering. Despite having achieved spectacular economic advances from the early 1960s, the crisis laid bare numerous structural, economic and policy weaknesses. Charles Harvie and Hyun-Hoon Lee chronicle and analyze the key factors behind Korea's economic miracle from 1962-1989 and the causes that contributed to the economic downturn and ensuing crisis of 1997-98. Is the Korean economy still fading or is its revival underway? As the country undertakes a series of recovery measures, the authors consider the importance of the ongoing restructuring efforts in the corporate and banking sectors, the development of the 'new economy; and the potential economic advantages to be derived from reunification with the North.
Fifteen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2018 measures aspects of regulation affecting 10 areas of everyday business activity: • Starting a business • Dealing with construction permits • Getting electricity • Registering property • Getting credit • Protecting minority investors • Paying taxes • Trading across borders • Enforcing contracts • Resolving insolvency These areas are included in the distance to frontier score and ease of doing business ranking. Doing Business also measures features of labor market regulation, which is not included in these two measures. The report updates all indicators as of June 1, 2017, ranks economies on their overall “ease of doing business†?, and analyzes reforms to business regulation †“ identifying which economies are strengthening their business environment the most. Doing Business illustrates how reforms in business regulations are being used to analyze economic outcomes for domestic entrepreneurs and for the wider economy. It is a flagship product produced in partnership by the World Bank Group that garners worldwide attention on regulatory barriers to entrepreneurship. More than 137 economies have used the Doing Business indicators to shape reform agendas and monitor improvements on the ground. In addition, the Doing Business data has generated over 2,182 articles in peer-reviewed academic journals since its inception. Data Notes; Distance to Frontier and Ease of Doing Business Ranking; and Summaries of Doing Business Reforms in 2016/17 can be downloaded separately from the Doing Business website.
This open access book analyses the development problems of sub-Sahara Africa (SSA) from the eyes of a Korean diplomat with knowledge of the economic growth Korea has experienced in recent decades. The author argues that Africa's development challenges are not due to a lack of resources but a lack of management, presenting an alternative to the traditional view that Africa's problems are caused by a lack of leadership. In exploring an approach based on mind-set and nation-building, rather than unity – which tends to promote individual or party interests rather than the broader country or national interests – the author suggests new solutions for SSA's economic growth, inspired by Korea's successful economic growth model much of which is focused on industrialisation. This book will be of interest to researchers, policymakers, NGOs and governmental bodies in economics, development and politics studying Africa's economic development, and Korea's economic growth model.
The purpose of this book is to provide a systematic and policy-focused analysis of Korea's development performance from a historical perspective. The book begins with post-war reconstruction efforts and extends to recent developments in the Korean economy. Through a comprehensive analysis of Korea's development performance over the last six decades, the book examines in detail how development strategies and policies evolved over time, what were their consequences and underlying factors, and what lessons can be drawn from the Korean experience. A wide range of issues are discussed, including the role of government, capital accumulation, growth and structural change, industrial development and concentration, economic liberalization, human resource and technology development, social development and income distribution. The important features of the Korean development model are highlighted to draw lessons from the Korean experience.
During recent decades, Korea has been one of only a handful of countries that have made the successful transformation to become a developed nation by simultaneously achieving persistent economic growth combined with a democratic political system. Experts and political leaders worldwide have attributed this achievement to investments in people or, in other words, the power of education. Whilst numerous books have highlighted the role of industrial policies, technological growth, and international trade in Korea’s development process, this is one of the first to focus on the role of human capital. It shows how the accumulation of human capital aided transformation and helps explain the policies, strategies and challenges that Korea faces now and in the future.
A comprehensive, systematic analysis of the North Korean economy, exposing its hidden workings through quantitative data analysis and surveys.
The Saemaul Undong movement was a community-driven development program of the Republic of Korea in the 1970s. The movement contributed to improved community well-being in rural communities through agricultural production, household income, village life, communal empowerment and regeneration, and women's participation.This report examines the strengths and weaknesses of the movement along with contributing factors, including institutional arrangements, leadership influence, gender consideration, ideological guidance, and financing. It also reviews existing studies and government data on the movement, and presents excerpts from interviews with key persons engaged in the movement and useful lessons for implementing community-driven development initiatives in developing countries.
Based on personal interviews with the principal policy-makers of the 1970s, Korea's Development under Park Chung-Hee examines how the president sought to develop South Korea into an independent, autonomous sovereign state both economically and militarily. Kim provides a new narrative in the complex task of exploring the paradoxical nature and effects of Korea's rapid development which maintains that any judgement of Park must consider his achievements in the socio-economic, cultural and political context in which they took place. Aspects of Park's government analyzed include: *his abhorrence of Korea's reliance on the US presence *the Korean model of state-guided industrialization *Park's rapid development strategy *the role of the ruling elites *Park's clandestine nuclear development program *the heavy chemical industrialisation of the 1970s The prevailing popularity of Park in the eyes of the Korean public is significant and relevant to their acceptance of how their national development was achieved. This book tells that story while simultaneously recognizing the flaws in the process. With a great deal of material never before published, scholars of Korean politics and history at all levels will find this book a stimulating account of South Korea in the 1960s and 1970s.
Against the backdrop of China’s mounting influence and North Korea’s growing nuclear capability and expanding missile arsenal, South Korea faces a set of strategic choices that will shape its economic prospects and national security. In South Korea at the Crossroads, Scott A. Snyder examines the trajectory of fifty years of South Korean foreign policy and offers predictions—and a prescription—for the future. Pairing a historical perspective with a shrewd understanding of today’s political landscape, Snyder contends that South Korea’s best strategy remains investing in a robust alliance with the United States. Snyder begins with South Korea’s effort in the 1960s to offset the risk of abandonment by the United States during the Vietnam War and the subsequent crisis in the alliance during the 1970s. A series of shifts in South Korean foreign relations followed: the “Nordpolitik” engagement with the Soviet Union and China at the end of the Cold War; Kim Dae Jung’s “Sunshine Policy,” designed to bring North Korea into the international community; “trustpolitik,” which sought to foster diplomacy with North Korea and Japan; and changes in South Korea’s relationship with the United States. Despite its rise as a leader in international financial, development, and climate-change forums, South Korea will likely still require the commitment of the United States to guarantee its security. Although China is a tempting option, Snyder argues that only the United States is both credible and capable in this role. South Korea remains vulnerable relative to other regional powers in northeast Asia despite its rising profile as a middle power, and it must balance the contradiction of desirable autonomy and necessary alliance.