Policy Lessons from South Korea's Development
- Consider and discuss institutional and policy lessons applicable to the developmental challenges facing your own country.
- Apply current efforts to upgrade skills and productivity of an ageing workforce and the strengthening of a social safety net
- Apply the strategies used to build a science, technology and innovation system and to nurture innovation capability
- Student knows of the factors that gave Korea an enduring edge over other developing countries
- Student is familiar with Korea's model for development in the regional context
- Student knows the history of Korea's transition to its modern state
- Student learned main features of Korea's ongoing economic transformation
- Student knows about post-industrial developmental changes in Korea
- Korean Development in Global PerspectiveThis module sets the stage for the three modules that follow; you'll learn of the factors that gave Korea an enduring edge over other developing countries in the 1960s and 1970s, and examine Korea's model for development in the regional context. You'll learn how Korea was able to take the lead and capitalize on the globalizing of trade
- Rapid Growth: The First Three DecadesThis module examines the evolution of Korea's policies and structural changes that paved the way for a transition from an economy dependent on agriculture to one centered on the urban industrial sector. You'll learn how Korea transformed its workforce through improvements in the education system, resulting in a highly skilled and productive workforce. You'll also examine how Korea successfully transitioned to high-tech industries including consumer electronics, office equipment, and automobiles--achieving foreign market penetration in each sector
- Evolving a 21st Century Development ModelThis module explores the ongoing economic transformation as Korea shifts focus and adopts a strategy better suited for the 21st century environment. You'll learn about the reform and consolidation of industry and finance after the East Asian Financial Crisis as well as the steps taken by Korea to build and strengthen the science, technology and innovation system. You'll also learn about Korea's efforts at greening industrialization in cities such as Ulsan and at creating a smart city from scratch via the Songdo city initiative.
- Post-Industrial Development ChallengesModule 4 examines how productivity becomes the main source of growth in a mature industrial economy, while capital investment remains a complementary driver. You'll learn of the considerations associated with maximizing potential of an ageing workforce and strengthening social safety nets. You'll also learn about Korea's efforts for rebalancing the country's industrial organization, managing dominance of conglomerates and enhancing the growth potential of small and medium-sized enterprises.
- Online Course Assignments
- EssayAn individual written paper on a particular topic
- Interim assessment (3 module)0.4 * Essay + 0.3 * Online Course Assignments + 0.3 * Tests
- Westphal, L. E. (1990). Industrial Policy in an Export-Propelled Economy: Lessons from South Korea’s Experience. Journal of Economic Perspectives, (3), 41. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.aea.jecper.v4y1990i3p41.59
- Chung, Y.-I. (2007). South Korea in the Fast Lane : Economic Development and Capital Formation. Oxford University Press.