• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site
Bachelor 2019/2020

The Korean Economic Development

Type: Elective course (Asian and African Studies)
Area of studies: Asian and African Studies
When: 4 year, 3 module
Mode of studies: distance learning
Instructors: Natalia Kim
Language: English
ECTS credits: 3
Contact hours: 2

Course Syllabus

Abstract

You will review the evolution of the Korean economy decade by decade since Korea’s independence from Japan in 1945. Major policies of each decade will be explained and their effect on the Korean economy will be analyzed. Also, the backgrounds and limitations of important policies will be scrutinized. By doing so, you will be able to compare the Korea experience with the other developing countries.
Learning Objectives

Learning Objectives

  • You will be able to explain how the miracle of the Korean economic development was made possible.
  • By examining internal and external conditions behind the decision making of major policies in Korea, you will be able to draw lessons that can be applicable to today’s developing countries.
  • You can explain how the Korean economy has interacted with the global economy in the past.
  • You can observe how economic theories and models can be applied to the Korean case.
Expected Learning Outcomes

Expected Learning Outcomes

  • Explains conditions of the Korean economy at the time of independence from Japan in 1945.
  • Analyses the economic impact of the Korean War.
  • Explains Korea's development strategy from in 1960s.
  • Analyses the Heavy and Chemical Industrialisation.
  • explains Crisis Management & Structural Reform and Trade Liberalisation of the 80s.
  • Demonstrates the knowledge of Korean economy in 1990s,
  • Participates in the discussion.
Course Contents

Course Contents

  • Introduction
    This module introduces initial conditions of the Korean economy at the time of independence from Japan in 1945. Upon describing unfavorable initial conditions, it summarizes three major achievements of the Korean economic development after the Korean War (1950-1953).
  • Korean Economy in 1950s
    From independence to the War: After independence from Japan, the newly established Korean government has implemented two meaningful reforms; land reform and educational reform. Main contents and implications of these reforms are explained. This module also introduces economic impact of the Korean War. Import Substitution Policy of the 50s: After the Korean War, the Korean government needed to stabilize the hyper-inflation from the mid-1950. Also, IS (import substitution) polices were employed to achieve industrialization and growth. This module introduces major policy tools of IS, and its results.
  • Korean Economy in 1960s
    Export Promotion of the 60s: From the early 1960s, Korea has changed its development strategy from IS (import substitution) to EP (export promotion). This module introduces backgrounds, major policies, and results of EP policies. Also it compares the Korean experiences of EP to those of Japan. Five Year Development Plan and Mobilization of Capital: This module explains how the Five Year Development Plans were launched from the early 1960s. Also, it introduces efforts of the Korean government to mobile capital inside and outside Korea during the 1960s.
  • Korean Economy in 1970s
    Heavy and Chemical Industrialization (HCI) of the 70s: From the early 1970s, Korea has aggressively pursued HCI (heavy and chemical industrialization) policies. This module explains backgrounds, major policies, and main results of HCI policies. Also, it introduces impacts of oil shocks on the Korean economy during the 1970s, and explains how the Korean economy recovered from oil shocks.
  • Korean Economy in 1980s
    Crisis Management & Structural Reform and Trade Liberalization of the 80s: The Korean economy was close to foreign exchange crisis in the early 1980s. This module explains how Korea could avoid the crisis and stabilize the economy by the mid-1980s. It also introduces structural reforms and trade liberalization reforms.
  • Korean Economy in 1990s
    The Early 1990s: In the early 1990s, the Korean economy has faced the end of high growth era. However, the Korean economy has failed to adapt itself to slower growth, and the problem of ‘high costs and low efficient’ economic structure emerged.
  • Discussions
    The final reporting form for the course is participation in a debate. Before making grades, students are introduced to the results of participation in the debate.
Assessment Elements

Assessment Elements

  • non-blocking Test
  • non-blocking Test
  • non-blocking Test
  • non-blocking Test
  • non-blocking Test
  • non-blocking Test
  • non-blocking Debate
    Debate missed by a student for a good reason (illness, scientific or academic trip, participation in a conference, etc., documented to the training office), as agreed with the teacher, may not be taken into account and the weight will be redistributed to all elements of the online course control. The exam is conducted off-line. To participate in the exam, the student must appear according to the exact schedule. During the exam, it is forbidden to use notes and other tips, to leave the audience for both long and short periods.
Interim Assessment

Interim Assessment

  • Interim assessment (3 module)
    0.1 * Debate + 0.15 * Test + 0.15 * Test + 0.15 * Test + 0.15 * Test + 0.15 * Test + 0.15 * Test
Bibliography

Bibliography

Recommended Core Bibliography

  • Belanger, C. (2019). South Korea. Our World: South Korea (p. 1). Great Neck Publishing. https://doi.org/10.3331/our_world_481_250225
  • Boye Lafayette De Mente. (2011). Korean Business Etiquette : The Cultural Values and Attitudes That Make Up the Korean Business Personality. [N.p.]: Tuttle Publishing. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1568246
  • Joong Hyun Kim, Zong-Tae Bae, & Shin Hyung Kang. (2008). The Role Of Online Brand Community In New Product Development: Case Studies On Digital Product Manufacturers In Korea. International Journal of Innovation Management (Ijim), (03), 357. https://doi.org/10.1142/S1363919608002011
  • Lee, Y. (1997). The State, Society and Big Business in South Korea. London: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=73806
  • Liu, H.-J. (2015). Leverage of the Weak : Labor and Environmental Movements in Taiwan and South Korea. Minneapolis: Univ Of Minnesota Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=991805
  • Mankiw, N. G. (DE-588)120973626, (DE-576)164048383. (2000). Macroeconomics / N. Gregory Mankiw. New York, NY: Worth. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.07890529X
  • New Korea : An Inside Look at South Korea's Economic Rise KIM, Myung Oak; JAFFE, Sam AMACOM 2010 ISBN: ISBN number:9780814414897, ISBN number:9780814414903
  • Pak, J. H. . V. (DE-588)1152086111, (DE-627)101359181X, (DE-576)498731707, aut. (2019). Liberal democracy in South Korea Jung Pak and Paul Park ; Democracy & disorder, Foreign Policy at Brookings. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.1671084152

Recommended Additional Bibliography

  • Boye Lafayette De Mente. (2014). Korean Way In Business : Understanding and Dealing with the South Koreans in Business. [N.p.]: Tuttle Publishing. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1567928
  • Chiang, M. V. V. (DE-588)141478543, (DE-576)324057873, aut, aut. (2017). Contemporary South Korean economy : challenges and prospects / CHIANG Min-Hua, East Asian Institute,National University of Singapore, Singapore. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.505358549
  • D’Costa, A. P. (2018). Capitalist maturity and South Korea’s post‐development conundrum. Asia & the Pacific Policy Studies, 5(2), 279–297. https://doi.org/10.1002/app5.243
  • Hyondong Kim, & Dong-Jin Lee. (2014). The Relationship between the Internal Labour Market and Transitions from Temporary to Permanent Employment in Korea. Relations Industrielles / Industrial Relations, 69(3), 597–620. https://doi.org/10.7202/1026760ar
  • Kim, H.-J. (2012). Korean Business Law. Cheltenham: Edward Elgar Publishing. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=477845
  • Mankiw, N. G. (1990). A Quick Refresher Course in Macroeconomics. Journal of Economic Literature, (4), 1645. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.aea.jeclit.v28y1990i4p1645.60
  • Shin, K.-Y. (2019). Neo-liberal economic reform, social change, and inequality in the post-crisis period in South Korea. Asiatische Studien : Zeitschrift Der Schweizerischen Asiengesellschaft / Études Asiatiques : Revue de La Société Suisse-Asie, (1), 89. https://doi.org/10.5169/seals-823078
  • Stanley, L. (2018). Emerging market economies and financial globalization: Argentina, Brazil, China, India and South Korea. Germany, Europe: London: Anthem Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.B6B463E6