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The Strategy for Korea's Economic Success$
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Hwy-Chang Moon

Print publication date: 2016

Print ISBN-13: 9780190228798

Published to Oxford Scholarship Online: May 2016

DOI: 10.1093/acprof:oso/9780190228798.001.0001

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Foundations of Korea’s Economic Development

Foundations of Korea’s Economic Development

(p.11) Chapter 1 Foundations of Korea’s Economic Development
The Strategy for Korea's Economic Success

Hwy-Chang Moon

Oxford University Press

Korea’s rapid economic development can be explained by three factors: the development of human resource, the strategic accumulation of capital resource, and the rise in productivity. The human resource explains and differentiates the development of Korean education through an effective spread of education and the competitive ecosystem of public and private sectors, and school and company education. Capital accumulation, on the other hand, highlights the efficient role of chaebol and the government’s targeted efforts to raise much-needed funds for the economy. Finally, the total factor productivity explains the efficient allocation of human and capital resources through an effective cooperation between the government and business with the strong government leadership. Together, these factors form the backdrop of Korea’s rapid economic development.

Keywords:   Korea, economic development, human resource, capital resource, total factor productivity, education, chaebol, government

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