This book provides the first comprehensive explanation of Korea's 150 years of economic growth, from the opening of the ports to the present, based on consistently organized long-term statistics. The book also compares Korea's experience with that of other countries. During this period, Korea experienced major systemic transitions, from a traditional society to colonial rule, and after liberation, the division between North and South Korea. East Asian latecomer nations, including Korea, rapidly closed the gap with advanced countries through learning and adaptation following their opening to the world. The book uses Korea's case to demonstrate how institutional changes influence economic performance and explain the conditions under which rapid catch-up growth can occur or fail to occur. Korea's high growth was achieved under an authoritarian regime with state-led industrial policies. As the limitations of this model became evident, Korea transitioned to a private-sector-led approach, facing economic crises in the process. Economic growth led to the rise of a highly educated middle class. This, in turn, surfaced demands that had been suppressed under the authoritarian regime, paving the way for democratization. Social development and fairness, long overshadowed by economic growth, became key policy agendas. Following the 1997 Asian financial crisis, Korea has faced the dual challenges of slow growth and rising inequality, driving increased calls for income redistribution and the establishment of a Korean-style welfare state. The book is divided into two parts. Part 1 explores long-term trends in Korea's economic growth, comparing them with other countries. Part 2 provides a detailed, stage-by-stage analysis, highlighting the specific institutional and policy changes that shaped Korea's development.

Comprehensive explanation of Korea's 150 years of economic growth using consistent long-term statistics Examines how changes in institutions affect economic performance Explores the conditions under which rapid catch-up growth can occur or fail to occur

Autorentext

Nak Nyeon Kim received his BA in economics from Seoul National University and his Ph.D. from the University of Tokyo, where his dissertation explored the Korean economy during Japanese colonial rule. He served as a professor of economics at Dongguk University from 1993 until his retirement in 2022. His research interests span economic history, economic growth, and the distribution of income and wealth. He directed the Naksungdae Institute of Economic Research, a leading center for quantitative studies on Korean economic history, for nearly a decade, where he led a project to compile long-term statistical data on Korea. He has also been conducting research on the long-term trends of income inequality and redistribution, as well as the characteristics of the Korean welfare state, utilizing household surveys, tax data, and national account statistics. He served as president of the Korean Economic History Society in 2013 and is currently president of the Academy of Korean Studies. His major publications include History of Economic Growth in Korea (in Korean, Heanam Publishing, 2023), Historical Statistics of Korea (co-edited with Myung Soo Cha, Ki-Joo Park, and Yitaek Park, Springer, 2022), National Accounts of Korea 1911-2010 (ed., Seoul National University Press, 2012), and The Korean Economy under Japanese Colonial Rule (Tokyo University Press, 2002).

Inhalt

A Perspective on the History of Economic Growth.- Macroeconomy and Sources of Growth.- Money, Finance, and Public Finance.- The Formation of Human and Physical Capital.- Living Standards and Inequality.- The Opening of the Ports: Observations from Bishop's Travels.- Colonization and Institutional Change.- Economic Development during the Colonial Era.- Liberation, Division, War, and Aid Economy.- High Economic Growth.- Policy Transitions and Social Development.- The Korean Economy with Slow Growth.- Looking Back at the Last 150 Years.