Secrets of the South-Korean economic miracle
Secrets of the South-Korean economic miracle

Summary/Abstract: This paper proves that, in order to accomplish the highest economic development at macro economical level, it is necessary to maintain and manage imbalances, so that they do not become unbearable. For this purpose, South-Koreans have created the ‘South-Korean essentials’, an extremely complex concept, which involves multiple factors that together create the targeted effect. The South-Korean miracle challenges even the neoclassical model. State intervention in the economy is one of the key factors for success due to a planning system based on strict regulations. To these must be added the planning – market relationship, the agriculture – industry nexus and the ‘two feet’ economic theory.

• Details
• Contents