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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2020.1
- 수록면
- 163 - 194 (32page)
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This study empirically applies the theory of institutional requirement for economic development to explain Korea’s modern history of economic development. The study theoretically derives the argument that the economic discrimination (ED) policy regime “rewarding high performance relative to low performance” is the necessary condition for economic development, whereas the economic egalitarianism (EE) policy regime “disregarding the differences of performances” is the sufficient condition for economic stagnation. The paper then describes some details of the institutional evolution of Korean economy for the last 60 years and presents three testable hypotheses for Korea’s development history. 1) Institution-led growth hypothesis: The rise and fall of Korea’s economic growth was respectively led by the ED and EE policy regimes. 2) Corporate-led growth hypothesis: The rise and fall of Korea’s economic growth was led by the rise and fall of the corporate sector growth instigated by the ED and EE policy regimes, respectively; and 3) Political cycle of economic growth: The rise and fall of Korea’s economic growth was led by the political cycle of economization of politics and politicization of economy, respectively. These hypotheses are empirically verified by utilizing a new model of corporate production function. Policy implication is that Korea’s current economic difficulties can only be cured by reversing the current anti-corporate EE policy regime to the corporate-friendly ED policy regime.
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참고문헌 (17)
참고문헌 신청
Coase, R. H. / 1937 / The Nature of the Firm / Economica 4(16):386~405
정혁 / 2018 / Analysis of Korea’s Long-Term Growth Process and Lessons for Sustainable Development Policy / The Korean Economic Review 34(2):237~265
Jwa, Sung-Hee. / 2000 / A New Institutional Economics Perspective of Corporate Governance Reform in East Asia / Seoul Journal of Economics 13(3):215~223
Jwa, Sung-Hee / 2001 / A New Paradigm for Korea’s Economic Development: From Government Control to Market Economy / Springer
Jwa, Sung-Hee / 2002 / The Evolution of Large Corporations in Korea: A New Institutional Economics Perspective of the Chaebol / Edward Elgar Publishing
정혁 / 2018 / Analysis of Korea’s Long-Term Growth Process and Lessons for Sustainable Development Policy / The Korean Economic Review 34(2):237~265
Jwa, Sung-Hee. / 2000 / A New Institutional Economics Perspective of Corporate Governance Reform in East Asia / Seoul Journal of Economics 13(3):215~223
Jwa, Sung-Hee / 2001 / A New Paradigm for Korea’s Economic Development: From Government Control to Market Economy / Springer
Jwa, Sung-Hee / 2002 / The Evolution of Large Corporations in Korea: A New Institutional Economics Perspective of the Chaebol / Edward Elgar Publishing
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