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Korea under Siege, 1876-1945Capital Formation and Economic Transformation$
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Young-Iob Chung

Print publication date: 2006

Print ISBN-13: 9780195178302

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0195178300.001.0001

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 The Transitional Economy, 1876–1904

 The Transitional Economy, 1876–1904

(p.41) 3 The Transitional Economy, 1876–1904
Korea under Siege, 1876-1945

Young‐Iob Chung (Contributor Webpage)

Oxford University Press

This chapter investigates how foreign influences through trade, investment, and other forms of interaction affected the capital formation and economic transformation of Korea during the 30-year transitional period between the opening of the country to the outside world in 1876 and when it became a Japanese protectorate in 1904. It examines the extent to which the infusion of foreign resources, Western technology, and education from foreign countries played a major role as the purveyors of Western thought, technology, investment, and the forces of change and innovation. Korea's responses to the encroaching new foreign forces in terms of domestic institutional reforms and public investments including investment in human capital are assessed. The responses of the private sector, including the Korean people (e.g., society's elites (yangban), merchants, craftsmen, and common citizens) during the transitional period are analyzed. The chapter also examines the question of whether Korea had the motivation to transform into a modern economy. The last part of the chapter assesses Korea's national income, consumption, and savings during the transitional period as a result of foreign incursion.

Keywords:   transitional economy, foreign influences, foreign trade, foreign investment, public investments, private investments, savings, economic transformation

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