Secrets of the South-Korean economic miracle Cover Image

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

Author(s): Ion Ciobanu, Ruxandra Ciulu
Subject(s): National Economy, Supranational / Global Economy, Agriculture, Economic development, Financial Markets
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: crossfertilization; disequilibrium; state as actor; structural adjustment; ‘two feet’ economic theory;

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.

  • Issue Year: 57/2010
  • Issue No: Spec
  • Page Range: 191-198
  • Page Count: 8
  • Language: English