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Korean Industrial Policy: Legacies of the Past and Directions for the Future

机译：韩国产业政策：过去的遗产和未来的方向

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摘要

Korean industrial policy, which has guided the Korean economy through nearly three decades of spectacular growth, is showing its age. The policy has not been adjusted fully to the new challenges facing the economy, and it has not recognized the obsolescence of its key instruments. The paper argues that the time has come, as in other advanced industrial countries, to disengage the government from managing the economy's structural development and to adopt a new compact to delineate the responsibilies of business and government. In coming to a concrete policy recommendation concerning financial sector reform, the role of the chaebol (Korean conglomerates), and the emerging new role of the state as epitomized by Korea's legendary bureaucracy, the paper reviews Korea's industrial policy environment and the experiences of other more developed economies. Its goal is to establish a practical agenda for the 1990s drawing upon Korea's traditional strengths but adapting to current circumstances.

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