Steel Indusries of Japan and Korea

This research compares the steel industries in Japan and the Republic of Korea (South). The goal of this research is the identification of differences and similarities between the industries in the two countries.

The Role Industrial Policy in Developing the Character of the Steel Industries in Japan and Korea

Industrial policy has played a major role in the development of the steel industry in both Japan and Korea (O'Brien, 1992, pp. 128-159). An industrial policy attempts to provide an economic environment which either (1) supports industrial development generally, or (2) promotes the development of specific industries or sectors of an economy. Such a policy might include (1) tax incentives to support either investment or exports, (2) subsidies --direct or indirect--to industrial firms or industries, (3) protection against foreign competition, (4) worker training programs, (5) funding--full or participating--for research and development, (6) grants and loans to support (a) regional development, (b) the development of specific industries, or (c) small business, (7) export financing, (8) loans and loan underwriting to support (a) exports, (b) specific sectors of a domestic economy, or (c) specific firms, (9) price supports, and (10) anti-trust, and (11) related policies.

After the end of the Second World War, governmental policy makers in Japan deter

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major heavy industrial base that is centered around the country's steel industry. Industrial growth in Korea in the 1980s occurred at an annual average 15.0 percent, and growth in manufacturing, which is a component of the industrial sector, was nearly as high at 14.8 percent. This growth was funded by a gross domestic investment which accounted for 29.0 percent of the gross domestic product (GDP). The export of goods and non-factor services during the 1980s accounted for 41.0 percent of the GDP (The World Bank, 1992, p. 251). Thus, without the strong export activity, Korea could not have achieved the great industrial and manufacturing growth levels recorded in the 1980s and that continue in the 1990a. The Internal Character of the Steel Industries in Japan and Korea By 1970, iron and steel were Japan's leading exports (Metraux and Warner, 1992, p. 300). In 1970, iron and steel exports accounted for 14.7 percent of Japan's total exports within the context of monetary value The iron and steel industry is a process industry, as Japan must obtain the overwhelming majority of the raw materials required for the operation of the industry through imports (Metraux and Warner, 1992, p. 300). Japanese ste
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Approximate Word count = 2867
Approximate Pages = 11 (250 words per page)