Abstract
This paper divides economic institutions into three categories-coordination institutions, property rights institutions, and contracting institutions-and from this perspective, analyzes the role of government in Korea`s economic development from the 1960s to the 1980s. This analysis suggests that the Korean development experience is not in line with the conclusions of Acemoglu, Johnson, and Robinson (2001), since property rights institutions did not play a significant role in Korea`s economic development. Instead, the Korean government acted as coordination institutions, which effectively overcame the coordination failure of the market and succeeded in generating effective demand to spur sustainable growth. These results invite further comparative and empirical studies on how Korea came to have a dictator whose goal was consistent with the economic growth of the nation.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
