South Korea ("Korea" hereafter) has achieved a remarkable economic development during the past half a century. Originally a poor agrarian economy, Korea joined the Orginization for Economic Co-operation and Development (OECD), a club of 34 wealthy nations, as a seond member from Asia after Japan. Furthermore, Korea emerged from an aid-recipient to a donor country. Many developing economies in particular took note, seeking to learn policy lessons from Korea's development experiences. Taught by a former governor of the Bank of Korea, a Penn Economics Ph.D., this course covers three themes. The first part examines the sources of successes for rapid industrialization with maintaining fair income distributions during the first five decades since Korea's liberation from the Japanese colonial rule in 1945. Government-led development strategy was instrumental to bringing such remarkable socioeconomic achievements. Part II analyzes how Korea overcame major economic crises, in the late 1990s and in recent years. Korea recovered more quickly than most of the neighboring economies experiencing crises at the same time. Third, we examine Korea's continued efforts to integrate its economy into the global economy further through, among others, Free Trade Agreements (FTA) with advanced economies such as the United States.
Section 401 - LEC
TR 1030AM-1200PM