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The economic policies in the era of Park Chung-Hee government: political economy of a double-edged sword
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박정희 정부의 경제정책 : 양날의 칼의 정치경제학

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Type
Academic journal
Author
Journal
The Organization Of Korean Historians YŎKSA WA HYŎNSIL : Quarterly Review of Korean History No.74 KCI Accredited Journals
Published
2009.12
Pages
79 - 112 (34page)

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The economic policies in the era of Park Chung-Hee government: political economy of a double-edged sword
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By analysing economic policies conducted in the era of president Park's regime in Korea, the present study aims to explain the inherent contradictory structure that was revealed through the dynamics of antagonism between industrialization and democratization. In particular, the question is addressed in terms of dynamics of capital accumulation that why Park's regime was led to the so called Yusin regime governed by marital laws and the policy of heavy chemical industrialization in the 1970s. The main findings are as follows.
Export-centered outward economic policies adopted by Park in order to bypass the aid dependent economy during the 1960s were turned out to be successful with unexpectedly high accomplishment. The strategy, however, was to establish an economic system that relied overwhelmingly on light industry and the rapid increase of imported capital, the limitations of which manifested themselves in the form of accumulation crisis at around the end of 1960s. The economic crisis at that time was accompanied by high political pressure of democratization. As Park made an attempt to break through the front side in 1971 by declaring a state of national emergency, the so called Yusin regime emerged. On economic side, a new development strategy of the heavy chemical industrialization was adopted. This rapid industrialization attempts gave the people an impression that the successful economic accomplishment might have required the delay of political democratization. In the same logic, it was the exhaustion of the energy of accumulation exhausted in the end of 1970s that brought Park's Yusin regime down to the end.
The present study identifies two legacies inherited from Park's economic policy in terms of social justice that is the first value of social institution. First, the way under Park’s regime to mobilize social resources, especially during economic crisis, gave rise to the economic ideology that puts the top priority to economic growth, creating a psychological inertia that social justice could be sacrificed for economic growth. Second, the power of capitalists strengthened during economic crisis produced consolidated 'Chaebol system (plutocracy)', while democratic social institutions which are supposed to check monolithic power and restore the balance between labor and capital, have been weakened. These legacies prevent an balanced socio-economic system being installed into Korean society after democratization.
#박정희 #경제정책 #자본축적 #유신 #중화학공업화 #Park Chung-Hee #economic policy #capital accumulation #Yusin #the heavy chemical industrialization

Contents

머리말
1. 박정희 경제정책의 역사적 초기조건, 1950년대
2. 1960년대 경공업 수출중심적 성장체제의 성과와 한계
3. 1970년대 유신과 중화학공업화의 모순
4. 박정희 경제정책의 유산
맺음말
참고문헌
〈Abstract〉

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