Catch-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...

Catch-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...

1. Introduction : catch-up -- 2. Export-oriented growth : positive aspects -- 3. Institutionalizing an export-oriented regime -- 4. Trade pattern in the early phase of catch-up -- 5. The engine of catch-up : big conglomerates -- 6. Growth and equity -- 7. Experiences of East Asian NICs -- 8. The...

Big conglomerates dominate the Korean economic as do small firms the Taiwan economy. I characterize Korea as a relatively low-trust society with a pro-chaebol policy bias, and Taiwan as a relatively high-trust society with an anti-big-conglomerate policy bias. I content that the differences...