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Industrialization and the State : The Korean Heavy and Chemical Industry Drive

페이스북
커버이미지
  • 저자 Joseph J. Stern, 김지홍(金址鴻) , Dwight H. Perkins, 유정호(兪正鎬)
  • 발행일 1995/07/01
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요약 Fifteen years ago the Korea Development Institute(KDI)and
the Harvard Institute for International Development(HIID)jointly
researched, wrote, and published ten book-length studies on the
first three decades of Korean economic development(1945-1975).
Several years ago, the reception of these volumes encouraged
the two institutes to think of a sequel. In considering that
sequel, we decided to focus on a number of studies that went
in-depth into several of the key features of the post-1975 period.

We chose three themes that dealt with central features of
Korean development, which were either not present in the
pre-1975 period or were present in only muted form. The first
of these studies dealt with macroeconomic policy during the
difficult period of the 1970s, when oil prices were rising sharply,
and with the aftermath of these macro problems in the 1980s.
This study deals with Korea`s move away from generalized
support for exports of manufactures to a policy if targeting
specific industries, the heavy and chemical industry drive of the
1973-1979 period, followed by the retreat from industrial
targeting in the 1980s. The final study will deal with some of
the strains of rapid economic growth. Special attention in that
study will be paid to labor relations and the labor market in the
1980s, when Korean democratization led to the end of
government had to learn new ways of working together.

These three studies differ from the earlier ten-volume series
in another important respect. The earlier series dealt only
peripherally with the politics of the economic changes that were
analyzed. The three recent studies include political economy
issues as central themes. Technical economic analysis continues
to play an important role, but many chapters are devoted to how
and why key economic policy decisions were actually made, a
process that involved more than purely economic considerations.

The starting point for this volume on the development of
Korea`s heavy and chemical industry drive is the announcement
by President Park Chung-hee on January 12, 1973, that "the
government gerby initiates a Heavy and Chemical Industry
Policy that places heavy emphasis on the measure to promote
the development of heavy and chemical industries." At the rime
the HCI policy was announced, the economy was still at an
early stage of economic development. About half of all workers
were engaged in the agriculture sector, the manufacturing sector
employed little more than 15 percent of the workforce, per capita
incomes were relatively low, and exports were heavily
concentrated in labor intensive products.

The chance of the policy`s success was considered fair. The
economy had, after all, achieved remarkable development in light
industries and had made considerable progress in laying the
basis for more capital intensive industries, such as cement, steel,
and petro-chemicals. Industrial countries faced problems with
their "smoke-stack" industries because of rising labor costs and
popular demand for a cleaner environment. Korea had the
advantage of a "late industrializing" country that could import
the latest technologies from abroad.

Because Korea achieved a large measure of economic and
social success in the years that followed the initiation of the
HCI drive, promotion of the heavy and chemical industries is
often taken as a vindication of those who argued for a stronger
role for government involvement in development policy. Various
studies have used Korea`s success in the development
interventions are not only possible but desirable. And just as
Korea looked to Korea as a role model for their development
efforts.

Disentangling what impact the HCI drive actually had and
to what extent its success and failures were due to external
factors is a difficult process. The numerous studies that have
focused on this period reach different conclusions. Some argue
that without the HCI drive, Korea`s economy would be less able
to complete in today`s world market. Others conclude that the
HCI drive resulted in a considerable waste of resources, an
increase in foreign debt, and that by creating numerous
monopolies under the guise of protecting new industrial ventures,
the government laid the ground for the labor-management
conflicts that marked Korea`s development experience in the late
1980s and 1990s. this volume hopes to move the debate along.

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