About this course: 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.
Created by: Yonsei University
Taught by: Doo Won Lee, Professor
School of Economics
| Commitment | 5 weeks of study, 1-3 hours/week |
| Language | English, Subtitles: Korean, Spanish, Chinese (Simplified) |
| How To Pass | Pass all graded assignments to complete the course. |
| User Ratings |
Syllabus
WEEK 1
Introduction: 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
- Video: Trailer
- Video: Introduction I
- Video: Introduction II
Graded: Introduction
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
- Video: Supplementary Video: Education After the War
- Video: From Independence to the War
- Video: Import Substitution Policy of the 50s
- Video: Supplementary Video: Foreign Aid
- Video: The Role of Foreign Aid
Graded: 1940 and 1950s Quiz
WEEK 2
1960s
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
- Video: Export Promotion Policy of the 60s
- Video: Supplementary Video: 1960s 5 Year Development Plan, West Germany and Light Industry
- Video: Supplementary Video: Saemaul Undong (New Community Movement)
- Video: Five Year Development Plan and Mobilization of Capital
Graded: 1960s Quiz
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
- Video: Supplementary Video: 1970s Heavy and Chemical Industry
- Video: Heavy and Chemical Industrialization (HCI) of the 70s
- Video: Supplementary Video: Oil Shock and Middle East Construction
- Video: Supplementary Video: 2nd Oil Shock and Recovery
- Video: Side-effects of HCI and Oil Shocks
Graded: 1970s Quiz
WEEK 3
1980s
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
- Video: Crisis Management & Structural Reform and Trade Liberalization of the 80s
- Video: Supplementary Video: 3-Lows
- Video: Three-Lows & Economic Boom of the 1980s
Graded: 1980s Quiz
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
- Video: The early 1990s
Graded: 1990s Quiz
WEEK 4
1997 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
- Video: Supplementary Video: OECD and IMF
- Video: 1997 Asian Financial Crisis I
- Video: 1997 Asian Financial Crisis II
- Video: 1997 Asian Financial Crisis III
Graded: 1997 Asian Financial Crisis Quiz
WEEK 5
2008 Global Financial Crisis and Beyond
Module 16. 2008 Global Financial Crisis & Beyond: In September, 2008, the global economy fell into financial crisis after the collapse of Lehman Brothers. This module explains how the 2008 global financial crisis affected Korea, and also explains how Korea has recovered from it.
Module 17. 2008 Global Financial Crisis & Beyond: This module introduces implications of the 2008 global financial crisis on the Korean economy. Also, it shows the most recent picture of the Korean economy by introducing strength and weakness of the Korean economy.
5 videos, 1 reading
- Video: Supplementary Video: Automobile Industry
- Video: Supplementary Video: Semiconductor Industry
- Video: Supplementary Video: IT Industry
- Video: 2008 Global Financial Crisis & Beyond
- Video: 2008 Global Financial Crisis & Beyond
- Lecture: Reviving South Korea’s Economy "Faltering flagship"
Graded: 2008 Global Financial Crisis and Beyond Quiz
Final Peer Review
Graded: Peer Review
FAQs
How It Works
Travail en cours
Chaque cours fonctionne comme un manuel interactif en proposant des vidéos préenregistrées, des quiz et des projets.
Aide de la part de vos pairs
Connectez-vous à des milliers d'autres étudiants et débattez sur des idées, discutez le contenu du cours et obtenez de l'aide pour en maîtriser les concepts.
Certificats
Obtenez une reconnaissance officielle pour votre travail et partagez votre réussite avec vos amis, vos collègues et vos employeurs.
Creators
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.
Ratings and Reviews
Interesting
A fascinating topic well presented and clearly explained.
Excelente para saber no solo de la economía coreana sino mundial.
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This course offered a simple yet comprehensive overview of the South Korean Economic Development following World War II. From the very beginning, the professor and video series promised a non-biased perspective laying out what happened along with the popular scholarly thoughts from many viewpoints. The class was just about such. All of the assignments and videos demonstrated what the South Korean economy went through while critically asking whether such ideas were unique to South Korea or able to be copied! The professor gave a truthful view nicely explaining Park Chung Hee's economic reforms. He is often portrayed by revisionist scholars as a hard dictator when such wasn't necessarily the case. How such reforms set the pad for growth continuing into the 1990s is well-explained too. Important implications along with simple yet key facts about where South Korea stands are exp