The Korean Economic Development

Module 3. 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.Module 4. 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.Module 5. The Role of Economic Aid: This module introduces the size and role of economic aids on the Korean economy during the 1950s. It also compares Korea to the other developing countries in terms of aids policies. It also briefly introduces the history of ODA (official development assistance) in Korea.

Module 8. 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.Module 9. Side-effects of HCI and Oil Shocks: This module introduces some side-effects of aggressive HCI (heavy and chemical industrialization) policies. It explains how these side-effects are inter-related with each other. Also, it introduces impacts of oil shocks on the Korean economy during the 1970s, and explains how the Korean economy recovered from oil shocks.

Module 12. 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.

Module 13. 1997 Asian Financial Crisis I: In the end of 1997, the Korean economy fell into foreign exchange crisis and had to be bailed out by IMF (international monetary fund). This module explains the internal and external causes of the 1997 Asian Financial Crisis.

Module 14. 1997 Asian Financial Crisis II: In order to recover from the 1997 Asian Financial Crisis, the Korean government and IMF implemented four major reforms in the area of financial sector, corporate sector, labor market, and government. This module introduces main contents of these reforms, and explains how they helped the Korean economy to recover from the crisis. Module 15. 1997 Asian Financial Crisis III: This module introduces some side-effects and controversial issues with respect to the 1997 Asian Financial Crisis. Also, it explains about implications of the 1997 crisis on the Korean economy.