ECONOMIC DEVELOPMENT AND POLITICAL DEMOCRACY IN S

This research paper discusses the following topics: (1) the process through which South Korea modernized itself economically and politically in the post-World War II period and became the 11th largest economy, especially the expanded role of the state in directing and otherwise fostering economic development; (2) the interrelationship between national economic policy and economic progress in providing a framework within which political power could be shared more broadly --i.e. Asian democracy, Korean style; and (3) the prospects and challenges facing South Korea as it seeks to consolidate its economic gains, maintain political stability and achieve other social goals. As appropriate, comparisons are drawn between the experience of South Korea and those of other industrializing countries, including Taiwan and some Latin American nations.

Under Japanese colonial rule (1910-1945), important steps were taken to provide the foundations for later economic growth, but political developments were retrogressive. During the immediate post-war period, international factors largely undermined economic growth and retarded political liberalization but some progress on both fronts was achieved during the First Republic of President Syngman Rhee (1948-1960). South Korea's longest period of economic expansion occurred under military rule (1961-1987) in which a combination of state-sponsored export-led growth and repressive po

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r the Taiwanese and avoided the political turmoil of the Rhee period and the devastating effects of the Korean War. Koo says that because of their experience in China, and "unlike the Park government in Korea, which pursued accelerated growth at almost any cost, the Chiang government was more seriously concerned with price stability and rural development" (1995, p. 171). In Taiwan, "agriculture provided an important source of industrial accumulation; in Korea, by contrast, industrialization was achieved at the expense of the rural sector," still a source of discontent in South Korea, but not in Taiwan (Koo, 1995, p. 172). 2. Taiwan has welcomed (but controlled foreign investment) while until recently South Korea has tended to rely more on its own resources and foreign loans. The South Korean government has tended to rely more heavily on direct state intervention and large businesses, whereas KMT operated somewhat more indirectly through incentives and controls over the private sector and its encouragement of small and medium-sized firms. KMT has pursued somewhat more conservative fiscal and monetary policies than has South Korea and has, therefore, had fewer problems with inflation and balance of payments difficulties. Haggard
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Some common words found in the essay are:
South Korea, Haggard Kaufman, South Korean, South Korea's, Korea Taiwan, Latin American, Latin America, Military Rule, Korean War, EM Kim, south korea, economic development, haggard kaufman, latin america, south korea taiwan, university press, korea taiwan, economic growth, middle class, latin american, south korean, haggard kaufman 1995, cornell university press, ithaca cornell university, pyo 1993 winter,
Approximate Word count = 5696
Approximate Pages = 23 (250 words per page)

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