Korean latin amer. economics – Сustom Literature essay

Established business groups may seek to cartelize, fixingprices and barring competition. 3 7). In fact, numerous social actors have an interest in shieldingthemselves from market forces, or in positioning themselves to captureeconomic rents. Thiswas nearly the opposite strategy to that adopted by Latin Americancountries in the 193 s, when their access to foreign exchange was cut offby the depression. South Korean economic planners thus found themselves almost entirelyfree to define the conditions of industrial development, exercisingdiscipline--the reward of success and the penalizing of failure--withoutreference to interest-group constraints.

23). The question, then, is how best to do so. In the words of one writer, "growth has been faster inKorea not because markets have been allowed to operate more freely butbecause the subsidization procss has been qualitatively superior:reciprocal in Korea, unidirectional in most other cases" (Amsden, 1989, p.145). The question is, then, whatinstitutional structures and strategies most effectively foster thelearning and adopting process.

2) Even if the exercise of discipline is not corrupted (or, to use amore neutral term, simply distorted) by such personal or politicalconsiderations as are suggested above, how are even rational economicmanagers to reliably foresee what will actually be the most effectiveassignment of rewards and punishments? Themilitary was then left scrambling for an effective strategy--and theeconomic technocrats were able to step forward and offer one. It will be suggested here that the common thread among the East Asiannewly industrialized countries, as well as their exemplar, Japan, has beenthe effective political strength of the state, and the readiness of thestate to use its power not only to subsidize favored industries or sectors, but, more important, to withhold such subsidies at will as a means ofenforcing discipline. That, however, left the economic planners potentially subject to theinterests of the military leaders themselves. 44-45).

Economic policy insuch a country is formed by a negotiation among these elite groups. Certainly much of South Korea's rapid industrialization took placeunder authoritarian rule, and observers have asked "whether South Koreaneconomic policymaking can break the government's reliance on anauthoritarian style of rule" (Haggard and Moon, 1993, p.

In Chile, "as ISI[import-substitution industrialization] progressed along successive phases, and as new sectors were incorporated into the political system, strong anddiverse social interests were developed in the continuation and deepeningof ISI policies (Kim and Geisse, 1988, p. Latin America vs. In the 19th century and the the first half of the 2 th, aprofound gulf opened between the industrialized societies, all of whichwere at that time European or settled by Europeans, and the rest of theworld's peoples, who remained in a largely agrarian, premodern economicregime.

In considering aspects of the Latin American development experience, however, it is important to emphasize and develop a general point madeearlier: that market-oriented strategies are ultimately as dependent onstrong government as are explicitly government-directed strategies. "Even getting relativeprices 'right' according to textbook theory would require a state strongenough to battle whoever stood to suffer from a loss of government support"(Amsden, 1989, p. In more recent years, much of Latin America has embarked a moresystematic policy of liberalization and pursuit of export-drivendevelopment.

Such a strategy lent itself to a coalition among traditional andnewer elites. 357). In contrast to the South Korean dirigiste model, however, Latin American countries, particularly Chile, were much more inclinedtoward a neoliberal model of development.

Tothe degree that the industrial sector in Chile had been artificiallyprotected and thus was unequal to world standards, some liquidation of itwas perhaps necessary, but it is far from clear that theory-driven economicliberalization in the 197 s was in itself an effective strategy; in fact, by the 198 s the government had backed away from the practice of thestrategy, though not from its ideology. In Koo, H., ed., State and Societyin Contemporary Korea.

(1996). If historical factors had contributed to shaping Latin Americandevelopment strategy, the same must be said of the effect of historicalfactors on East Asian and specifically Korean development strategy. 95).

Particularly in Chile, a new neoliberal strategy was thus put into place, drawing in the case of Chile on the sharp break from traditional coalitionpolitics resulting from the Pinochet military coup of 1973. however, the dynamic shifts in economicperformance have occurred primarily in recent decades (Gereffi, 1994, p.31). Precisely, it may be suggested, by demonstrating aneffective development experience.

44).However, it is doubtful that this consideration effects the broader issues.

It is perfectly possible, after all, for even a rational, disinterested economic planner to guess wrong. Two factors perhaps contributed to presenting an exportstrategy as a viable option for Korea at this time.

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