Printer Friendly Printed from http://www.researchandmarkets.com/reports/614561 South Korea in the Fast Lane: Economic Development and Capital Formation Description: After having been a Japanese colony for more than 35 years until 1945, the miraculous economic development in the southern half of the Korean peninsula has multiplied the nations output nearly 38 times and expanded per capita income by 16 times from $778 to $12,422 (in year 2000 prices) and transformed from basically an agrarian economy to that of a major industrial power, which is now considered one of a dozen or so of most industrialized countries in the world, during the 43-year period between 1953 and 1996. This book is a study of development of the South Korean economy from the time of the cessation of the Korean War to date, based on available data with minimal historical description, focusing on investment, the sources and means of capital formation, which is one of the most critical factors that contributed to economic development, and the government role of in them for economic growth and structural changes. The approach in this study is more analytical (without being mathematical, statistical, or technical, but with supporting quantitative data) than historical. There are a number of studies on some aspects of capital formation and economic development in short articles, but there is no comprehensive study/analysis/book of capital formation and economic development of South Korea since the Korean War, other than this authors comprehensive study of capital formation and economic transformation of Korea before 1945 (1876-1945). Not only this book fills the void of study of the subject after the Korean War but it also complements my first volume. This study reveals a number of significant, though perhaps not all unique, patterns and characteristics of capital formation and economic development of South Korea. The combination of circumstances, approaches, and experiences in the country was in many respects unique in comparison to many developing and developed countries, including many Asian countries, such as Japan and China. Contents: Abbreviations and Weights and Measures, xiii 1. Introduction, 3 2. Economic Development and Structural Changes, 7 Economic Development before 1945, 7 Stages of Economic Development, 12 Structual Changes, 19 Industrial Structure and Organization, 34 Urbanization, 37 Factors Affecting Economic Growth and Structural Changes, 37 Summary and Conclusions, 41 3. Aggregate and Sectoral Investment, 43 Aggregate Investment, 44 The Nature of Investment, 48 Public Investment, 49 Private Investment, 61 Estimated Domestic Physical Investment, 71 Investment in Human Capital, 72 Summary and Conclusions, 76 4. Industrial and Foreign Exchange Policies, 78 The Government’s Role in Investment, 79 Industrial Policies, 84 Policies Affecting Business Investment, 90 Government Property Divestiture Programs, 92 Foreign Exchange Policy, 103 Summary and Conclusions, 112 5. Domestic Financing of Business and Public Investments, 115 Domestic Sources of Financing Investment, 116 Domestic Lending Institutions, 127 Allocation of Loans, 140 Financial Resources of Lending Institutions, 155 Other Sources, 161 Interest Rate Policy, 165 Summary and Conclusions, 172 6. Economic Impacts of Industrial and Financial Policies, 175 Interest Subsidies, 175 Economic Impacts of Industrial and Financial Policies, 179 Resource Allocation: Inefficiencies, 188 Financial Burdens, Discipline, and Reforms, 196 Personal Saving, 204 Challenges for Future Financial Policies, 206 Summary and Conclusions, 209 7. Domestic Saving and Income Distribution, 213 Domestic Saving, 214 Private Saving, 216 Government Revenues and Saving, 254 The Contribution of Domestic Saving to Financing Investment, 258 Summary and Conclusions, 260 8. Foreign Savings and Direct Investment, 264 Imported Foreign Savings, 264 Foreign Direct Investment, 272 Summary and Conclusions, 303 9. Foreign Aid, Loans, and Other Sources of Foreign Savings, 306 Foreign Aid, 306 Contributions of Foreign Aid, 311 Foreign Aid for Investment, 314 Japanese Reparations and Aid, 324 Foreign Borrowings, 324 Other Sources of Foreign Savings, 340 Loan Repayment Guarantees, 342 Contributions of Foreign Savings to Capital Formation, 343 Summary and Conclusions, 345 10. Capital Formation, 348 Investment, 348 Savings, 350 Sectoral Balance between Investment and Savings, 351 Financing Investment, 352 Summary and Conclusions, 354 11. Summary and Conclusions, 355 Appendixes, 365 Notes, 397 Bibliography, 437 Index, 455 Reviews "This book, as a sequel to Korea Under Siege, is unrivalled as a single, comprehensive exposition of South Koreas phenomenal economic success after the Korean War. It provides a coherent blend of historical details and analytical rigor that makes complexities embedded in South Koreas process of capital formation and its phenomenal economic growth authoritatively comprehensible. This is an indispensable read for students and scholars interested in South Koreas development." --Kwan S. Kim, Professor of Economics and Policy Studies, University of Notre Dame Ordering: Order Online - visit http://www.researchandmarkets.com/reports/614561 Order by Fax - using the order form below Order By Post - print the order form below and send to Research and Markets, Guinness Centre, Taylors Lane, Dublin 8, Ireland. Page 1 of 2 Printed 30/08/2008 14:02:04 Fax Order Form To place an order via fax simply print this form, fill in the information below and fax the completed form to the number at the bottom of this page. 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