structural causes of south korea′s economic crisis

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1、StructuralCausesofSouthKorea’sEconomicCrisisJapanandSouthKoreaJapan’scolonialrule(1910-1945)bittermemoriesnormalizationinrelationships(1965)Japan’seconomicmodelimportsubstitutionlargeinterlockedcorporationsprotectionofdomesticmarketSouthKorea’spoliticallegacyStrongpresidency,cent

2、erofstatelegacyofParkChungHeecontroloverpolicyprocessBureaucracyandbusinessinterestsotherpoliticalinstitutionsunderdevelopedlegislaturepoliticalpartiesinterestgroupsParkChungHee(1917-1979)ServedinJapaneseairforceinWWIIbecameageneralinSouthKoreanarmyledabloodlessmilitarycoupin1961

3、becamepresidentafter1963electionimposedmartiallawin1972presidentialdecreeassassinatedin1979bytheheadofKCIAPark’sstrategiesprosperityandindependencebypursuitofahigh-growtheconomicstrategyParktookacceptedeconomictheoryPark’sobservationofthewartimeJapaneseeconomicmodelPark’sferventn

4、ationalisticexhortationsKoreanpeople’swillingnesstoaccept,obeyauthority,andtosacrificeChaebolParknationalizedalltheKoreanbanksreinforcedthesystemofchaebolafewspeciallyselectedlargecompaniesencouragedtotailortheirgrowthandproductiontargetstomeetgovernmentobjectivesdependentonthose

5、state-ownedbanksforthecredittheyneededtooperateandgrowChaebolAconglomerateofmanycompaniescompaniesholdsharesineachotherconcentrationofnationaleconomydoesnothaveownfinancialinstitutionspreadsacrossindustrieshascentralizedstructureandcontroltendstobefamily-basedAstrongstatestatecon

6、trolledvirtuallyalleconomicactivitiesinSouthKoreagovernmentapprovedallbankloansgrantedlicensesforvirtuallyallbusinessescontrolledmanypricescopiedmuchoftheJapanesemodelwithaheavieremphasisonpoliticalandmilitaryinfluenceinrunningtheeconomyEconomicPlanningBoardPark’spersonalinvolvem

7、entElaborateeconomicplansfive-yearplanannualeconomicmanagementplanaddedmoreresponsibilitiespricepolicyfairtradeadministrationreviewsofprojectsHandsoftheneweconomyMinistryofCommerceandIndustrylaterknownastheMinistryofTradeandIndustry,orMTIMinistryofFinancenationalizationofthebanks

8、centralizationofthefinancialsystemday-to