Econ10.20.10 - Finish Wan Korea Graham Kim Wan Taiwan Wan...

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Finish Wan Korea Graham, Kim Wan Taiwan Wan: Korea 4.Compare Korea and Japan Similarities Government has active industrial policy Large firms Heavy industry emphasis Export markets essentials Debt financing focus Little FDI Differences Japan without foreign debt Japan more industrialized at outset, human capital more Japan had comparative advantage when Korea entered Japan large firms invested in SME 5.Replication? Overall answer is unlikely Why? Excess world capacity in steel, shipbuilding, and automobiles, which Korea focused on Micromanagement not feasible if economy is too large If domestic market is too small, can’t cross-subsidize Political leaders must know something about economics Aside: China has State Asset Supervision and Administration Commission: 2003: take charge of all central government-owned state owned enterprises~200 companies ~123 companies today Compare this to the 8 chaebols and Japan’s 6 companies No one person can manage these 123 companies, more possible for Korea and Japan Who controls government?
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