Korean Economic Development

This module introduces initial conditions of the Korean economy at the time of independence from Japan in 1945. It describes unfavorable initial conditions and summarizes three major achievements of the Korean economic development after the Korean War (1950-1953). It also introduces the neoclassical growth model and institutional approach to explain the determinant factors of Korean economic success.

This module covers the period from independence to the Korean War, including land and educational reforms. It also introduces the economic impact of the Korean War, import substitution policies of the 1950s, and the role of economic aid.

This module explains the shift from import substitution to export promotion policies in the 1960s. It introduces backgrounds, major policies, and results of export promotion policies, comparing Korean experiences to those of Japan. It also covers the Five Year Development Plans and efforts to mobilize capital.

This module focuses on the Heavy and Chemical Industrialization (HCI) policies of the 1970s. It explains backgrounds, major policies, and main results of HCI policies. It also introduces side-effects of aggressive HCI policies and the impacts of oil shocks on the Korean economy during the 1970s.

This module explains how Korea avoided a foreign exchange crisis in the early 1980s and stabilized the economy. It introduces structural reforms, trade liberalization reforms, and the 'three-lows' phenomenon that led to an economic boom. It also covers the impact of democratization on the economy.

This module focuses on the challenges faced by the Korean economy in the early 1990s, including the end of the high growth era and the emergence of a 'high costs and low efficient' economic structure.

This module explains the internal and external causes of the 1997 Asian Financial Crisis, the reforms implemented to recover from the crisis, and the implications of the crisis on the Korean economy.

This module explains how the 2008 global financial crisis affected Korea, how Korea recovered from it, and the implications of the crisis on the Korean economy. It also presents the most recent picture of the Korean economy, highlighting its strengths and weaknesses.

This module consists of a peer review assignment.