Abstract
This paper tries to apply the scheme of the “mystery of capital” suggested by de Soto(2003) to the economic take-off of Korea, focusing on its colonial history before 1945. Thereby the mystery of the newly industrialized countries (NICs)s success could be also addressed. The question is how could the four tigers-NICs get out of the “middle income trap”, while other developing economies could not. This study reviews the social and economic aspects of the Colonial Land Survey Project carried by Japan in Korea and asks whether it can meet the preconditions for the “property representation system” by de Soto. This study finds that the Korean industrialization in the colonial period has been well described by the ‘developmental state’ approach, but the property representation system can reveal the key role of property rights as an institution in the economic take-off, focusing on its incentive function.
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