Import substitution and economic development in Korea
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Import substitution and economic development in Korea by Suk Tai Suh

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Published by Korea Development Institute in [Seoul] .
Written in English



  • Korea,
  • Korea.


  • Import substitution -- Korea.,
  • Industrial policy -- Korea.,
  • Korea -- Commerce.

Book details:

Edition Notes

Bibliography: p. 319-324.

StatementSuk Tai Suh.
SeriesWorking paper - Korea Development Institute ; 7519, Working paper (Hanʼguk Kaebal Yŏnʼguwŏn) ;, 7519.
LC ClassificationsHC467 .S835
The Physical Object
Paginationviii, 345 p. ;
Number of Pages345
ID Numbers
Open LibraryOL4278094M
LC Control Number78303894

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to prior import substitution. Nevertheless, attention must be drawn to the fact that markets for import-substitutable products were already saturated in Korea by the end of the decade. The shift toward export expansion in the early ’60s was indeed both a timely and logical move in terms of the evolution of Korea’s development Size: KB. This book examines South Korea's robust economic development and rapid capital formation, which has transformed the country from an agrarian/semi-industrial economy facing seemingly insurmountable obstacles and naysayers at the end of World War II into one of the twelve largest industrialized economies in the global market by the end of the 20th : Young-Iob Chung. In , it was import substitution industrialization policy. Actually, this is a policy many other developing countries begin at the time of economic development. But if you look at the background, it's easy to understand. Korea simply could not not produce many industrial products, so we had to import many of them from foreign country. South Korea’s economic development before is a complicated story. On the one hand, it seemed mired in economic stagnation; riddled with political corruption; and wedded to import substitution policies that were unrealistic in a small, resource-poor country.

Import substitution deserves more consideration as a theoretical basis for local economic development policies. Its role in promoting local growth is theoretically well-founded. In the present chapter we will go into a similar application of the theory of distortions, which is a case that deals with increasing domestic production at the expense of imports, namely the trade policy of developing countries. This policy has often been based on import substitution behind tariff walls. Government and Economic Development in South Korea, ** Korea was a colony of Japan from to FollowingJapan's defeat and surrender in the Second World War, Korea was divided into two parts. The southern portion, South Korea, was put directly under the control of the American Military Government till A South Korean. many countries in Asia discarded import substitution and opted for a form of economic development after WW2 are known as: export-oriented industrialization policies supported by the IMF and and World Bank to increase economic liberalization in less-developed in less-developed countries are often referred to .

South Korea followed an import substitution industrialization policy typical of many postcolonial states after World War II. This was less a carefully constructed strategy for economic development than a rather haphazard system of protecting consumer industries such as food processing, textiles, and items such as toothpaste and soap.   In the s, many economists believed that import substitution—policies to restrict imports of manufactured goods—was the best trade strategy to promote industrialization and economic growth in developing countries. By the mids, however, there was widespread disenchantment with the results of such a policy, even among its proponents. Kui-Wai Li, in Redefining Capitalism in Global Economic Development, III Export-Led Versus Import Substitution. One debate on growth and development is the alternative strategies of export-led versus import substitution industrialization (Kruger, , b Kruger, Kruger, b; Krugman, ).Latin American countries in their industrialization process adopted import substitution. Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since.