The Role of Government in South Koreas Miracle Economic Growth Lessons for Developing Countries

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Gebremichael, Haftu Haile ; KANG, PROF.YOUNGUCK (2015)
  • Publisher: Journal Of Business Management & Social Sciences Research
  • Journal: Journal Of Business Management & Social Sciences Research (issn: 2319-5614, eissn: 2319-5614)
  • Subject: Social Sciences | Government, Public Policy, industrial policy, export, investment, role, Korea

This paper focuses on the role of the government in the economic growth miracle happened in Korea. The main objective of the study is to identify the contributions of the government in the country for its rapid economic progress through designing several economic and social development policies. For this paper, the literature has been thoroughly and deeply reviewed. The main argument of this paper is that the highly interventionist government of Korea, during its early development stages, has played a very significant role in the transformation of the country from an agrarian and poverty stricken economy into an industry based advanced economy. In general terms, the governments of Korea played this significant role of stimulating economic growth of the country through three ways (1) construction of basic infrastructure for economic development; (2) Encouraging and supporting the private firms in priority sectors and maintaining necessary macroeconomic stability, and (3) Boosting investment through the organization of public firms during the early development stages of the country.
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