Abstract
AbstractCatch‐up is very much like taking interstate turnpikes to travel from a destitute backward state to an advanced state of material affluence in the shortest time. This paper presents an overview of the catch‐up process in Korea, analyzing the process of taking a turnpike. It delineates the advantage of export‐oriented growth strategy and examines the institutionalization of an export‐oriented regime in Korea. It amplifies the nature of Korea's “governed” market policies that bred the seeds of eventual catastrophe in light of the 1997 crisis that has dramatically revealed Korea's Achilles heel. It also addresses the political economy of switching turnpikes, amplifying the necessity of a fundamental institutional restructuring at certain points in the catch‐up process.
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.
