Korea’s Economic Miracle: Fading or Reviving? by C. Harvie, Hyun-Hoon Lee

By C. Harvie, Hyun-Hoon Lee

Korea, one of many unique 'Tiger Economies', reports a demanding and mostly unanticipated financial obstacle in 1997-98 from which the rustic remains to be improving. regardless of having completed remarkable financial advances from the early Nineteen Sixties, the concern laid naked quite a few structural, monetary and coverage weaknesses. Charles Harvie and Hyun-Hoon Lee chronicle and learn the major components in the back of Korea's monetary miracle from 1962-1989 and the motives that contributed to the industrial downturn and resulting problem of 1997-98. Is the Korean economic climate nonetheless fading or is its revival underway? because the nation undertakes a chain of restoration measures, the authors examine the significance of the continuing restructuring efforts within the company and banking sectors, the advance of the 'new economic system; and the capability fiscal merits to be derived from reunification with the North.

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Encouragement of mergers to promote economies of scale and efficiency Source: Song (1990), p. 99. 1 million, annual exports of $50 million, 10 overseas branch offices, public stock offerings and other qualifications. On the basis of these requirements Samsung, Daewoo, Hanil, Kukje and Ssangyong were designated as GTCs in 1975. Three years later the number of GTCs had risen to 13 with the inclusion of Bando, Hyundai, Hyosung, Koryo, Kumho, Samwha, Sunkyong and Yulsan. However by 1985 companies had lost their GTC status due to bankruptcy or poor performance.

Development of national land resources and efficient spatial distribution of industries 6. 7** 1. Achievement of a self-sustaining economy 2 Promoting equity through social development 3. Promoting technology and improving efficiency 1. Self sufficiency in investment capital 2. Achieving balance of payments equilibrium 3. Industrial restucturing and promoting international competitiveness 4. Employment expansion and manpower development 5. Improving the living environment 6. Expanding investment for science and technology 7.

In the revised document, covering the period 1984–86, a separate section was devoted to the matter. This resulted in the enactment in 1986 of a special law to support the creation of small firms, and thereafter the number of manufacturing establishments increased rapidly. The number of establishments with more than five employees increased from 24 957 in 1976 to 44 037 in 1985, according to the census of manufacturing. However in 1986 the Establishment Census of the National Bureau of Statistics put the number much higher at 76 042.

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