A cultural analysis of South Korea's economic prospects

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Title A cultural analysis of South Korea's economic prospects
Author Kwon, Oh Yul
Journal Name Global Economic Review
Editor Kap-Young Jeong, Yonsei University
Year Published 2005
Place of publication Oxfordshire UK
Publisher Routledge, Taylor & Francis Group
Abstract This study analyses cultural effects on economic development in South Korea. It introduces the concept of transaction costs as an operational intermediary between culture and economic development. Using this approach, it is found that culture affects economic development through its impacts on transaction costs in the static case and in the dynamic case, through its impacts on the creative capacity of citizens. To assess the role of culture in future economic development, recent changes in Korean culture are examined. In view of recent changes identified, Korean culture will have a negative effect on the future economy, compared to its positive influence in earlier decades from the 1960s. Culture is not ceteris paribus. Even if all else remains the same, the prospects of the Korean economy will be tainted by the influence of culture.
Peer Reviewed Yes
Published Yes
Alternative URI http://www.informaworld.com/smpp/content?content=10.1080/12265080500117541
Copyright Statement Copyright 2005 Taylor & Francis : The author-version of this article will be available for download [12-18 months] after publication : Use hypertext link to access the version of the publisher.
Volume 34
Issue Number 2
Edition 2005
Page from 213
Page to 231
ISSN 1226-508X
Date Accessioned 2006-03-14
Language en_AU
Faculty Griffith Business School
Subject Economic Development and Growth
URI http://hdl.handle.net/10072/4510
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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