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6 - Industrial Policy and Chaebol

Published online by Cambridge University Press:  07 December 2023

Jaymin Lee
Affiliation:
Yonsei University, Seoul
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Summary

South Korea implemented vertical as well as horizontal industrial policies in the 1960s and 1970s. Though they performed better than in other developing countries, the cost of the vertical policy outweighed its benefit. Industrial policies went side by side with the emergence of chaebol in a full-fledged form. Chaebol led the structural transformation of the economy, but they also led the production of non-performing loans, helping to deepen the 1979 crisis. In the 1980s, the government lifted vertical policy but strengthened horizontal policy while restructuring chaebol. In the 1990s, South Korea jumped into the newly-emerging information and communication technology industries with industrial policy. Meanwhile, the government began to promote small and medium-sized enterprises and introduced fair trade policies in the 1980s. By the mid-1990s, chaebol emerged as global players in higher-technology industries; however, they had many problems, the financial market problem being the most serious, ready to precipitate a crisis.

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Publisher: Cambridge University Press
Print publication year: 2023

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  • Industrial Policy and Chaebol
  • Jaymin Lee, Yonsei University, Seoul
  • Book: The Tortuous Path of South Korean Economic Development
  • Online publication: 07 December 2023
  • Chapter DOI: https://doi.org/10.1017/9781009419352.006
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  • Industrial Policy and Chaebol
  • Jaymin Lee, Yonsei University, Seoul
  • Book: The Tortuous Path of South Korean Economic Development
  • Online publication: 07 December 2023
  • Chapter DOI: https://doi.org/10.1017/9781009419352.006
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Industrial Policy and Chaebol
  • Jaymin Lee, Yonsei University, Seoul
  • Book: The Tortuous Path of South Korean Economic Development
  • Online publication: 07 December 2023
  • Chapter DOI: https://doi.org/10.1017/9781009419352.006
Available formats
×