ALSO OF INTEREST

"... a significant contribution ... very valuable for students of Korean economic development."

Asia-Pacific Economic Literature

"For an insider's view on Korean government economic policies, readers can do no better than this book."

Stephen Thomsen
International Affairs

"... strongly recommended ..."

Michael C. McDermott
The Economic Journal

This study examines the factors that have contributed to the "Korean Miracle": an active role by government in managing the economy; an outward-oriented trade policy; market and nonmarket factors, including culture, rapid physical and human capital accumulation rates; and macroeconomic and exchange rate policy, and international borrowing. Despite Korea's outstanding performance since 1962, the author argues that his country is now at a crucial policy juncture. Competition in the world economy and the welcome movement toward democracy in Korea will require new strategies and political consensus to promote growth and equity. The author provides policy recommendations for how Korea can meet the challenges and opportunities that lie ahead. Special attention is focused on Korea's growing stature in the world economy and the role Korea can play to promote international economic cooperation in Asia and at the global level. He also addresses the question of whether the "Korean model" is relevant to other countries.