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.