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"Analysing the Growth of Korean and Japanese Economy"
Analysing the Growth of Korean and Japanese Economy
South Korea (henceforth referred to as Korea) is being looked upon as the role model by different countries for their economic development. Korean history and culture, state intervention, policy reforms, and Chaebols have been the corner stones for Korea's success. As B N. Song (1990) describes "The way the Korean economy has grown, and the way the Korean people have shared the fruits of economic growth, have been greatly influenced by Korea's history and culture."

Korea was among the very poorest countries in the world, the out come of the Korean War was devastating. Recovery of the country started in early 1950's, with extensive support and assistance from United States. According to B N. Song "The period from 1953 to 1961 was one of very slow recovery from the war…the trend curve changed abruptly, however with the beginning of first five year plan in 1962.Thereafter, Korea's climb up the ladder of development accelerated…by 1970 Korea had achieved NIC (Newly Industrialising country) status." In Korea the Chaebols and the State, played an important role in initiating development. With the start of the first five-year plan, "The Korean economy entered the take off stage." as, described by W W. Rostow (1983).

The development policy chosen by many developing countries is inward looking rather than outward looking because they believe it to be safe and correct. But it was the boldness of Korea to choose an outward looking growth strategy, which paved the path to its success.

B N. Song describes Korea's growth strategy as " It is growth oriented than equity oriented…Korea's strategy has been industry oriented rather than resource or service oriented… Korea's approach has been outward looking rather than inward looking."

The economic growth started with the rapid industrialisation of export industries. According to C B. Hollis and M Syrquin (1977) "The expansion of...

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