Kovtun O.I., Ivanenko M.A.
THE IMPACT OF JAPANEESE INSTITUTIONS’ IMPORTING ON THE ECONOMIC DEVELOPMENT OF SOUTH KOREA IN THE SECOND HALF OF THE XX CENTURY
Kovtun O.I.1 (Novosibirsk, Russian Federation) – E-mail: email@example.com, Ivanenko M.A.1 (Novosibirsk, Russian Federation) – E-mail:firstname.lastname@example.org
1Novosibirsk State University of Economics and Management
Abstract. The article discusses the goals and content of institutions’ importing in countries with a catch-up development model. The assessment of the economic and socio-cultural community of the historical development of Japan and South Korea in the 20th century is presented, and the analysis of the impact of importing market institutions from Japan on the formation of the “South Korean economic miracle” is carried out. Japan can serve as one of the classic positive examples of a country that, in a fairly short period of time, through the import of institutional technologies, was able to become one of the world leaders in terms of economic growth. After formation of the Republic of Korea the country’s political elite faced the problem of choosing a model of economic development. Such a model, and the corresponding system of market institutions, could be formed independently for a long time, exclusively for the specifics of the political and economic development of South Korea and taking into account historical and regional specifics, or transplant “ready-to-use” institutions that have already proven their effectiveness on example of socio-economic development of another country. In the conditions of moving along the path of catching up development, the elites of South Korea chose the second path. It is shown that the South Korean economic model has similar features with the Japanese model of economic development, which arose as a result of the successful import of market institutions, which include the dominant role of the state in the initial stages of market reforms, the export-oriented nature of the economy; state innovation policy and some other characteristics. In more detail, the positive effect of importing Japanese market institutions during the period was considered on the example of South Korean financial sector development in the last decades of the 20th century.
Keywords: export-oriented catch-up development model, import of institutions, South Korean “economic miracle”, “Asian tigers”, nationalization, foreign commercial loans, Japanese “keiretsu”, South Korean “chaebols”.
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