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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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 Economic Growth and Structural Changes

 Economic Growth and Structural Changes

(p.215) 8 Economic Growth and Structural Changes
Korea under Siege, 1876-1945

Young‐Iob Chung (Contributor Webpage)

Oxford University Press

This chapter analyzes the impact of investment on Korea's economic growth and structural changes relative to aggregate production — which is measured in terms of gross domestic product — during the 40 years of Japanese rule. This is followed by an assessment of structural changes in industry, mining, transportation, communications, commerce, finance, agriculture, forestry, and fishing, together with changes in industrial and agricultural organizations, which transformed the Korean economy from agrarian to semi-industrial. This chapter also analyzes the rise of the modern sector, the expansion of businesses, the monopolistic tendency in the industrial sector, changes in the make-up of land ownership, the rise in the scale of landholding, the enlargement of land tenancy, and the worsening status of working farmers, which affected both income and wealth distribution in Korea. The type of goods produced in the manufacturing is examined, particularly between the heavy, chemical, and light industries; the extent of “manufactured goods”; and the rise of the service sectors. The increased volume and changing patterns of foreign trade are also assessed, including the kinds of goods and services traded, Japanese dominance over the Korean economy, and Korea's economic dependency on Japan.

Keywords:   aggregate production, structural changes, modern sector, land ownership, land tenancy, foreign trade, Japanese dominance, economic dependency, income distribution, wealth distribution

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