South Korea and Industrial Policy

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International Trade

Course (61 videos)

South Korea and Industrial Policy

South Korea has become one of the biggest economic success stories since the 1960s, making it hard to believe that at one point, North Korea was more advanced than South Korea. South Korea moved to a regime that was based on property rights and market incentives, and has seen rapid growth in exports. It rode the economic rise of Japan, stepping in as a lower-wage partner for Japan in manufacturing. South Korea has also placed an emphasis on primary education, discipline, and hard work. It supported land reform, which helped foster democracy, and the government promoted a policy of "export discipline" in which it supported businesses, but only so long as they exported to the rest of the world. Many more reasons for South Korea's economic success are outlined in this video.

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