Industrial policy as an engine of economic growth: A framework of analysis and evidence from South Korea (1960-96)

The recent financial crisis has raised significant questions about liberal free-markets as a mechanism for generating economic growth compared to those economies where there is greater state intervention. This article develops a theoretical framework for economic development that can explain histori...

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Bibliographic Details
Published inBusiness history Vol. 54; no. 5; pp. 713 - 740
Main Authors Lee, Jongseok, Clacher, Iain, Keasey, Kevin
Format Journal Article
LanguageEnglish
Published Liverpool Routledge 01.08.2012
Frank Cass & Company Ltd
Taylor & Francis Ltd
Subjects
Economic conditions
Economic development
Economic growth
Finance
Financial crisis
free-markets
Historical analysis
Industrial policy
Intervention
Interventionism
South Korea
South Korea: institutional change
State intervention
Studies
South Korea
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Summary:The recent financial crisis has raised significant questions about liberal free-markets as a mechanism for generating economic growth compared to those economies where there is greater state intervention. This article develops a theoretical framework for economic development that can explain historical changes in both industrial policy and economic growth where the state actively intervenes to direct economic development. The article then applies this framework to the case of South Korea where there is a strong interventionist government. The results show that economic development can be explained within a sequential framework of policy intervention and that rather than being a static decision, successful state intervention is a dynamic and evolutionary process.
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ISSN:0007-6791
1743-7938
DOI:10.1080/00076791.2012.683420