Korean latin amer. economics – Сustom Literature essay

By the 197 s, the growth of Korea's export sector had reached thepoint at which the government's economic planners chose to adopt a policyof outward liberalization (however constrained by "hidden" barriers toimports). Theoutward appearance of strong government--even authoritarianism--is in andof itself no indicator of a strong state. Whether the Chilean state was really so autonomous with respect topowerful interest groups within Chile is perhaps open to question; whilethe authoritarian Pinochet regime was effective in repressing laborinterests, it had extensive ties to Chile's conservative economic elite. That is, the newly industrializedcountries do not need to discover the industrial and technologicalrevolutions; instead, their need is to learn from and master previousexamples.

The most fundamental global social and economic issue of the 21stcentury is likely to be the same as it has been for much of the 2 thcentury, namely how the world's poor nations and regions can match thegeneral level of economic development that characterizes the world's richnations. For now, however, attentionwill be shifted to specific historical factors that distinguished thedevelopment experience of the two regions. In contrast, Korean economic development policy, and East Asiandevelopment policy in general, has been markedly indifferent to ideologicalconsiderations per se; even market liberalization, when followed, seems tohave been adopted as a path of convenience rather than out of belief infree-market theory.

(1994). 44).Indeed, the position of the technocrats gave them a crucial role ofleverage. The economic bureaucracies often acted as the nexus between the political policy of the presidency--and rising monopolistic capital in the form of the chaebol(conglomerates) ... Failedstates are no models of economic development.

The political economyof outward liberalization: Chile and South Korea in comparativeperspective. This argument is strikingly suggestive of the long-standing beliefthat a "Protestant ethic" lay at the root of the original capitalist andindustrial revolutions in Britain, Germany, and the United States. Whether Latin America will, in the coming decade or two, match thedevelopment experience of East Asia in the past couple of decades andachieve "takeoff" to fully developed status remains to be seen. The... (199 ).

It has been observed that "industrialization" in the narrow sense isno longer synonymous with economic development and modernity. From structuralism to neostructuralism: the searchfor a heterodox paradigm.

In the 21st century, the transition to development may be marked bycomputer networks rather than steel mills, but the themes of learning andadopting will remain essentially unchanged. It may be, though, that less broad-brush cultural factors can beidentified, perhaps indirectly rooted in deeper cultural traditions but notin themselves identical with such traditions. As a result, instead of stimulating further industrialdevelopment, the effect of the Chilean liberalization and export strategywas to cause a degree of de-industrialization. A frequent characteristic of Latin America has been the absence of astrong state, that is, an autonomous one. In the case ofrightist-authoritarian regimes, this has typically meant an alliance oftraditional elites--landowners and the military--with a newer elite ofindustrialists, all of whom had a common interest in suppressing labor andpeasant movements, and formed a coalition to that end.

In the 195 s, Korea followed an import-substitution industrializationstrategy, as Latin American countries had at a similar stage ofdevelopment. Rethinking development theory: insights from EastAsia and Latin America.

South Korea's bureaucracy and theinformal politics of economic development. Asia's Next Giant: South Korea and LateIndustrialization. The major Latin American countries had entered nascent industrialdevelopment by the 192 s or even earlier, but the depression of the 193 slimited their raw-materials and agricultural exports, and thus limitedtheir access to foreign exchange. A strong state means anautonomous state, one resistant to capture by other groups in society.

36). Of these, the entrepot path can be ruled out as a general developmentstrategy; it is applicable only to city-states without a significant ruralsector, the opposite of the situation in most of the developing world.

Liberalization in the Developing World:Institutional and Economic Changes in Latin America, Africa, and Asia. New York: Routledge, pp. The newChilean strategy centered not on export substitution, as previous policiesin that country had for more than a generation, but on liberalization oftrade and encouragement of exports. Embarrassingly, early policies seemed tomirror the Rhee pattern of building support by dispensing largesse.

Asian Survey, 36, pp. 36).

In rising degree oftheoretical generality, these problems are as follows: 1) How does one ensure that the state's discipline, its power ofreward or punishment through subsidies, is exercised according to rational, objective criteria, and not according to extra-economic factors rangingfrom the purely personal, such as outright nepotism (as in contemporaryIndonesia), to the political, such as rewards to groups or sectors that areviewed as reliable friends of the regime. The question thus arises whether the Korean and other East Asianexperience from the 196 s on is a model that can be adopted by otherdeveloping regions, or whether that experience was a special case, due toeither historical accidents or cultural factors that cannot be readilyreplicated. One school of thought regarding Asian development identifies a commoncultural heritage, often refered to in shorthand as Confucian, and arguesthat this cultural heritage was the crucial--and implicitly unique--factorin rapid East Asian development. 357-66.

Ominami, C. 188).

Even more fundamentally, though, dependency theory--and indeed allthe "intellectual efforts" that Lustig speaks of--are doctrinal, ideological, and almost philosophical in nature. in Taiwan and South Korea, for example, Taoism and Buddhism aswell as Confucianism have important followings.... 4). (1996, March).

This is in sharp contrastto Korean and other East Asian writing on development. K.

, and Geisse, G. This policy choice was made almost contemporaneously with asimilar choice in Chile, and under rather similar political conditions: A common feature of Chile's and South Korea's outwardliberalization reforms was their associatio with highly centralized andrepressive state structures, and with a high degree of insulation of the economic policy-making elitefrom interest groups in society" (Kim and Geisse, 1988, p. The other factor was the global economy, which was booming in the196 s. From the 195 s through the late 198 s, South Korea had anauthoritarian government. A strong state asas much needed to provide the market the freedom to get prices (including, for example, interest rates) "right," as much as to deliberately get prices"wrong" (Amsden, 1989, pp.

WhileLatin American growth has been exemplary in recent years, mass poverty anduneven development continue to plague the region. The argument will be made that theability of state economic managers to make rational and disinteresteddecisions depends fundamentally on the strength of the state--and that thisis as true of a state decision to adopt neoliberal policies as of anydecision to adopt and carry out an explicit industrial policy. Certainly nothinghas come out of East Asia to compare with the somber elegance of dependencytheory. In South Korea, outward liberalization accompanied a furtheracceleration of industrialization and rapid growth of industrial exports.

Indeed, it was the Korean experience of the 197 s, and the similarexperience of Taiwan, that would lead the international economic policyworld to coin such expressions as NIC (Newly Industrialized Country) andthe more colloquial "Asian Tiger." In Chile, however, as noted earlier, liberalization was actually accompanied by a degree of de-industrialization, and economic growth there was far more speculative andfrothy in character. Thus, therural sector as a whole lacked influence in Korea -- in sharp contrast tothe Latin American situation, where concern for political conditions in thecountryside were a frequent preoccupation of governments.

ReferencesAmsden, A. Dependency theory was formulated by, and wonadherence from, people who expected the worst from the global economy. However, an import substitution strategy, though bad for agriculturalproducers in general, can be favorable for large landowners, who can gainpreferential access to manufactures and push the costs of the strategylargely onto the peasants (Haggard, 199 , p.

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30 December 2014. Author: Criticism