Development in East Asian & Latin American Nations

This research examines the course of political and economic development in South Korea and select Latin American countries and analyzes why these two regions have pursued different paths to development. Specifically, the explanatory model of dependency theory, which has gained prominence in accounting for the lack of development in Latin America, is contrasted for its relevance to development in South Korea. This study finds that although dependency theory is a very useful model for explaining development, or more appropriately, the lack of dev

. . .
er Third World countries. But in many ways the experiences of South Korea with import substitution in the 1950s were similar to those of the larger Latin American countries. Analyses of economic development in South Korea place the stage of import substitution between 1953 and 1960 for South Korea. During these years policies were a familiar mix of subsidies, overvalued exchange rates, import protection, and credit rationing marked also by the discretionary use of political power to favor selected borrowers or importers. In South Korea especially, this system was associated with administrative complexity and corruption. Although South Korea's trade policies also included substantial fiscal subsidies and other legal advantages for exporters, they ended the 1950s still immensely dependent on U.S. aid to finance their imports (Kim, 1995, p. 4). Nevertheless, by 1965 South Korea had embarked on concerted programs to incorporate itself into the international economy through the promotion of labor-intensive manufactured exports. South Korea had undertaken large devaluations (twice in early 1961, then a 95 per cent devaluation in 1964) and had simplified its foreign exchange systems to allow the market more power in reducing impor
. . .

Some common words found in the essay are:
Latin American, South Korea, Latin America, South Korean, Third World, East Asian, South Korea's, University Press, Amin Wallerstein, Unlike Marx, south korea, latin american, latin american countries, american countries, latin america, economic development, university press, south korean, political economy, dependency theory, developing countries, development south korea, university press pp, ithaca cornell university, cornell university press,
Approximate Word count = 7063
Approximate Pages = 28 (250 words per page)

More Essays on Development in East Asian & Latin American Nations