Abstract
Abstract This chapter examines the path and record of economic development in South Korea. This is carried out in several stages, focusing on the increases in GDP and the structural changes that transformed the economy after the Korean War. These are investigated in terms of aggregate and sectoral expansions and shifts, the rise of capital- and technological-intensive industries, the expansion of the scale of business enterprises, and changes in the magnitude and pattern of foreign trade. The chapter also evaluates the structural changes in various economic sectors, such as social overhead capital, industry, manufacturing, service sectors, agriculture, mining, and others. It follows with an examination of the fundamental changes in industrial structure and organization, including the rise of jaebeol and their importance to economic growth. Finally, the factors affecting economic growth and structural changes are enumerated.
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