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The Korean Economy
Perspectives for the 21st Century
The Korean Economy
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Hyung-Koo Lee - Author
SUNY series in Korean Studies
Price: $52.50 
Hardcover - 254 pages
Release Date: January 1996
ISBN10: 0-7914-2887-7
ISBN13: 978-0-7914-2887-0

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Price: $31.95 
Paperback - 254 pages
Release Date: January 1996
ISBN10: 0-7914-2888-5
ISBN13: 978-0-7914-2888-7

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Lee, former South Korean government Minister of Labor for the South Korean government, discusses the country's economic development from 1945-1994 and the public policies that shaped it, arguing that if South Korea is to become a major economic power, the government should withdraw from the economic front line.

"The Korean Economy is a comprehensive diagnosis of the unique path of South Korea's economic development. Mr. Hyung-Koo Lee is exceptionally qualified to address this complex and exciting subject. He has brought his extensive public-service experience and strong intellect to the topic. Before his previous appointment as Minister of Labor for the South Korean government, Mr. Lee has served as Governor of the Korea Development Bank, Vice Minister at the Ministry of Construction, the Ministry of Finance, and the Economic Planning Board. As such, he has been deeply engaged in South Korea's economic miracle in recent decades." -- Patrick Yeoh, President, DBS Bank

In The Korean Economy, Hyung-Koo Lee, formerly South Korea's Minister of Labor, chronicles South Korea's economic development from 1945-1994 and the public policies that have shaped that development. In the past, the South Korean government supported protectionist policies. Mr. Lee, arguing that these policies no longer serve the long-term interest of South Korea's economy, supports the allowance of greater private-sector initiatives, a fundamental paradigm shift in South Korea's economic policy. He argues that if South Korea is to become a major economic power, the government should withdraw from the economic front line. He also provides a succinct analysis of the vast economic potential of a reunified Korea and discusses the pros and cons of two alternative scenarios for the South Korean economy.

Hyung-Koo Lee previously served as Minister of Labor in the South Korean government. He has also served as Governor of the Korea Development Bank and as Vice Minister at the Ministry of Construction, the Ministry of Finance, and the Economic Planning Board.


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Table of Contents

Foreword by Patrick Yeoh

Foreword by Charles S. Sanford, Jr.

Introduction

1. Changing Society

Changing Values and the Emergence of a New Ethics
Technological Innovation and the Industrial Structure
Changes in the Input-Output Structure

2. The Development Process

The Dawn of Economic Development (1961)
Full-Fledged Economic Development (1962-1971)
Achieving Self-Reliance (1972-1979)
Implementation of an Economic Stabilization Policy (1980-1987)
Korean Economy in Transition (1988-1994)

3. Economic Policy in a Time of Transition

The Engine of a Growth-Oriented Economic Policy
Stimulation of the Economy and Investment Policy
The Pursuit of Economic Stability
Industrial Policies Amid Structural Changes
The New Industrial Policy
Trade Policies in the Global Age
The Corporate Financial Situation and Financial Policy

4. Democratization of the Korean Economy and Implementation of Nord-Politik

Policy Reform for Democratization
The Korean Bubble Economy
Northern Policy and North-South Korean Economic Cooperation

5. A Major Turnaround in Economic Policy

The Korean Approach to Becoming an Industrialized Nation
Attitudes in an Era of Unlimited Competition
Revision of Policies for Economic Justice

6. A New Paradigm for the Changing Era

Introduction of New Thought in Administration and Bureaucracy
A Blueprint for Sharpening the Competitive Edge of Korean Businesses
The Advancement of the Financial Sector
Redefining the Roles of the Government and Finance

7. The Economic Policy of a Reunified Korea

Lessons from the German Reunification
Economic Cooperation Between the Two Koreas

8. A Vision for the Korean Economy and the Attitude of Koreans in the Twenty-First Century

The Historical Meaning of the Twenty-First Century for Korea
Possible Scenarios for the Korean Economy
Middle- and Long-Term Prospects for the Korean Economy
The Attitude of Key Economic Players Toward the Twenty-First Century

Appendix 1. Principal Economic Indicators

Appendix 2. Gross National Product by Industry

Appendix 3. Expenditure on Gross Domestic Product

Appendix 4. Population and Employment

Appendix 5. Structure of Manufacturing Industry

Appendix 6. Investment Resources

Appendix 7. Scale of Financial Savings

Appendix 8. Major Currency Index

Appendix 9. Consolidated Central Government Financing

Appendix 10. Tax Receipts

Appendix 11. Balance of Payments

Appendix 12. Structure of Commodity Exports

Appendix 13. Imports by Type and Financial Resources

Bibliography

Index



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