Technological development had been regarded as an economic engine of growth in the early days of industrialization.
The Park Chung-hee regime initiated and subsidized chaebols’ growth to use them as locomotives for rapid economic development. Korea had promoted Korea Inc., like Japan had facilitated ‘Japan Inc.’. Chaebols in turn played a key role in high-tech development and growth…
Big corporation-centered industrial structure, big government interventions, export-driven mercantilist growth strategy which was set up during the early stage of industrialization have some fundamental shortcomings and its effects on Korea’s innovation engine last a lot longer than one would have imagined...
It shouldn’t be overlooked that the policy effect of the early economic and monetary system was to centralize wealth and power. This has far reaching ramifications, intended or unintended…
The core of the question is: although the regime considered technological development an integral part of growing the economy and developing the means of production, was this intended to grow the middle class and their standards of living, which are required to grow and maintain a healthy society; or did the regime need it as a legitimate means to sustain their power?
Even if the regime was greatly interested in enhancing technological capacity as a means of empowering and enriching the middle class, their policy choice has yielded some negative consequences…
The 1997 financial crisis Korea went through and the current economic predicament are rooted in the structural problems initiated in the early period of industrialization to some extent.
Technology development policy, excessive government intervention and mercantilist policy in this period need to be examined in the larger context of the economic/social/political landscape that allows the wealth of a nation to develop and grow…
(A detailed analysis on this topic won’t be shared due to the proprietary nature of the content.)
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