South Korea

Economia della Corea del Sud

Economia della Corea del Sud

Published by Carocci Editore

Written together with Giovanna Hirsch and Vasco Molini

This book analyses the economic model of development of South Korea. Since the Second World War, many economists have tried to understand how a poor country could develop and reach life standards similar to rich countries. What has happened in South Korea since the 1960’s is for sure extremely interesting from a development point of view. In a few decades South Korea has transformed itself from a case basket of underdevelopment to a high-income country. In this book, we analyze the main reasons for Korea’s economic miracle and its prospects of growth for the future.

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Is Korea catching up? An analysis of labour productivity growth in South Korea

Oxford Development Studies, 34(3): 323-339

The paper is written in collaboration with Giulio Guarini e Vasco Molini.

Comparing the Korean labour productivity growth in the last two decades with the
Japanese and US labour productivity growth, data confirm a process of catching up in several important manufacturing sectors. The paper investigates its determinants using a non-neoclassical model. Investments in skills and capabilities are found to be crucial in explaining this trend. Important policy implications for developing countries are then discussed. In the long run, a targeted education policy with government intervention and a strong emphasis on technical education can give high pay-offs. This conclusion holds in particular when the aim of the country is to compete in the international markets, not along the low road to competitiveness, based on squeezing wages and profit margins, but along the high road (i.e. improving productivity, wages and profits).