You will review the evolution of the Korean economy decade by decade since Korea’s independence from Japan in 1945. Major policies of each decade will be explained and their effect on the Korean economy will be analyzed. Also, the backgrounds and limitations of important policies will be scrutinized. By doing so, you will be able to compare the Korea experience with the other developing countries’.
1. You will be able to explain how the miracle of the Korean economic development was made possible.
2. By examining internal and external conditions behind the decision making of major policies in Korea, you will be able to draw lessons that can be applicable to today’s developing countries.
3. You can explain how the Korean economy has interacted with the global economy in the past.
4. You can observe how economic theories and models can be applied to the Korean case.
The Korean Economic Development
proposé par
Yonsei University
Programme du cours : ce que vous apprendrez dans ce cours
Semaine
1Introduction: Preview and Overall Evaluation
Module 1. Introduction I: This module introduces initial conditions of the Korean economy at the time of independence from Japan in 1945. Upon describing unfavorable initial conditions, it summarizes three major achievements of the Korean economic development after the Korean War (1950-1953).
Module 2. Introduction II: In order to explain the determinant factors of the Korean economic success, this module provides two approaches. First, it introduces neoclassical growth model, and explains how each production factor has contributed to economic growth. Second, it introduces institutional approach, which emphasizes the role of the government. Also, it shows the strength and weakness of the Korean economy.
3 videos (Total 28 min), 1 quiz
1 exercice pour s'entraîner
Introduction10 min
1940s and 1950s
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.
5 videos (Total 43 min), 1 quiz
5 vidéos
From Independence to the War16 min
Import Substitution Policy of the 50s14 min
Supplementary Video: Foreign Aid min
The Role of Foreign Aid10 min
1 exercice pour s'entraîner
1940 and 1950s Quiz16 min
Semaine
21960s
Module 6. Export Promotion of the 60s: From the early 1960s, Korea has changed its development strategy from IS (import substitution) to EP (export promotion). This module introduces backgrounds, major policies, and results of EP policies. Also it compares the Korean experiences of EP to those of Japan. Module 7. Five Year Development Plan and Mobilization of Capital: This module explains how the Five Year Development Plans were launched from the early 1960s. Also, it introduces efforts of the Korean government to mobile capital inside and outside Korea during the 1960s.
4 videos (Total 31 min), 1 quiz
4 vidéos
Supplementary Video: 1960s 5 Year Development Plan, West Germany and Light Industry2 min
Supplementary Video: Saemaul Undong (New Community Movement)1 min
Five Year Development Plan and Mobilization of Capital13 min
1 exercice pour s'entraîner
1960s Quiz12 min
1970s
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.
5 videos (Total 25 min), 1 quiz
5 vidéos
Heavy and Chemical Industrialization (HCI) of the 70s11 min
Supplementary Video: Oil Shock and Middle East Construction min
Supplementary Video: 2nd Oil Shock and Recovery min
Side-effects of HCI and Oil Shocks9 min
1 exercice pour s'entraîner
1970s Quiz10 min
Semaine
31980s
Module 10. Crisis Management & Structural Reform and Trade Liberalization of the 80s: The Korean economy was close to foreign exchange crisis in the early 1980s. This module explains how Korea could avoid the crisis and stabilize the economy by the mid-1980s. It also introduces structural reforms and trade liberalization reforms. Module 11. Three Lows & Economic Boom of the 1980s: This module introduces favorable international environments called ‘three-lows’, which emerged from the mid-1980s. It introduces backgrounds of three-lows, and explains how these three-lows helped the Korean economy to enjoy the unprecedented economic boom. Also, it introduces how the democratization of the Korea society has influenced the economy.
3 videos (Total 17 min), 1 quiz
3 vidéos
Supplementary Video: 3-Lows min
Three-Lows & Economic Boom of the 1980s7 min
1 exercice pour s'entraîner
1980s Quiz8 min
The early 1990s
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.
1 video (Total 11 min), 1 quiz
1 vidéo
The early 1990s10 min
1 exercice pour s'entraîner
1990s Quiz4 min
Semaine
41997 Asian Financial Crisis
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.
4 videos (Total 27 min), 1 quiz
4 vidéos
1997 Asian Financial Crisis I6 min
1997 Asian Financial Crisis II8 min
1997 Asian Financial Crisis III8 min
1 exercice pour s'entraîner
1997 Asian Financial Crisis Quiz10 min
4.7
37 avisMeilleurs avis
par NJ•Jul 1st 2017
This was a really fun course. I really enjoyed it a lot. I could understand easily. There wasnt too much of overwhelming information presented in a boring way. It was a really nice.
par BM•Jul 5th 2017
Great course, because you can learn about different policies and the neccesity to do changes when something is not working, due to nothing is going to be the best forever.
Enseignant
Doo Won Lee
ProfessorSchool of Economics
À propos de Yonsei University
Yonsei University was established in 1885 and is the oldest private university in Korea.
Yonsei’s main campus is situated minutes away from the economic, political, and cultural centers of Seoul’s metropolitan downtown. Yonsei has 3,500 eminent faculty members who are conducting cutting-edge research across all academic disciplines. There are 18 graduate schools, 22 colleges and 133 subsidiary institutions hosting a selective pool of students from around the world.
Yonsei is proud of its history and reputation as a leading institution of higher education and research in Asia.
Foire Aux Questions
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