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South Korea's economic miracle and crisis: Explanations and regional consequences
South Korea's successful economic growth model, which was based on strong central government trade, industrial and technology policies, has long been emulated by policy-makers from many developing countries. Since November 1997, however, South Korea has been faced with the severest economic crisis since the Korean War. The strong central government backing of both the financial sector and the chaebol (large enterprises) has led to inefficient allocations of resources and large enterprise debts. The current crisis might lead to increasing devolution of political power to the regional level. This would enable regions to become more active in tackling the country's regional inequalities and in promoting innovation networks between large enterprises, small and medium-sized enterprises, universities and public research establishments.
South Korea's economic miracle and crisis: Explanations and regional consequences
South Korea's successful economic growth model, which was based on strong central government trade, industrial and technology policies, has long been emulated by policy-makers from many developing countries. Since November 1997, however, South Korea has been faced with the severest economic crisis since the Korean War. The strong central government backing of both the financial sector and the chaebol (large enterprises) has led to inefficient allocations of resources and large enterprise debts. The current crisis might lead to increasing devolution of political power to the regional level. This would enable regions to become more active in tackling the country's regional inequalities and in promoting innovation networks between large enterprises, small and medium-sized enterprises, universities and public research establishments.
South Korea's economic miracle and crisis: Explanations and regional consequences
Hassink, Robert (author)
European Planning Studies ; 7 ; 127-143
1999-04-01
17 pages
Article (Journal)
Electronic Resource
English
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