Impacts of the Korean Political System on Its Economic Development: With a Focus on the Lee Myung-bak Government

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Title Impacts of the Korean Political System on Its Economic Development: With a Focus on the Lee Myung-bak Government
Author Kwon, Oh Yul
Journal Name Korea Observer
Editor Myungsoon Shin
Year Published 2010
Place of publication Korea, Republic of
Publisher Institute of Korean Studies
Abstract This paper assesses the impacts of the political system on economic development in Korea over the last four decades with a focus on the Lee Myung-bak government. A set of assessment criteria have been developed including: the establishment of proper institutions to minimise transaction costs, secure property rights and promote competition; and the implementation of national economic policy with encompassing interests, decisiveness, consistency, credibility, and a long-term orientation. Compared with the authoritarian regimes, none of the Kim Young-sam, Kim Dae-jung and Roh Moohyun governments was successful in meeting these criteria due to a lack of democratic leadership, the low level of democratic consolidation and an immature civil society. The Lee Myung-bak government has also exposed a lack of democratic leadership. A number of election pledges have been abandoned and controversial projects have been introduced, thereby damaging policy decisiveness, consistency, credibility and the quality of encompassing interests. All this indicates that the political system is important for economic development - not a matter of ceteris paribus.
Peer Reviewed Yes
Published Yes
Publisher URI http://www.akes.or.kr/eng/papers(2010)/4.full.pdf
Volume 41
Issue Number 2
Page from 189
Page to 220
ISSN 0023-3919
Date Accessioned 2010-10-04
Date Available 2010-10-13T10:03:56Z
Language en_AU
Research Centre Griffith Asia Institute
Faculty Griffith Business School
Subject Economic Development and Growth
URI http://hdl.handle.net/10072/34596
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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