Subject category:
Economics, Politics and Business Environment
Published by:
INSEAD
Version: November 2003
Length: 18 pages
Data source: Published sources
Share a link:
https://casecent.re/p/8035
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Abstract
This case provides contextual information for understanding how South Korea created the conditions for fast economic growth that led the country from the world''s poorhouse in the 1950s to OECD membership in 1996. Focus is on the changing incentive structure for business in the 1960s and the underlying political developments. The case illustrates two main points: (1) that there are close and interdependent connections among politics, the institutional business environment (''rules of the game''), and economic growth and development; and (2) that constructing good economic institutions requires political actors with the power, will, and skill to do so.
About
Abstract
This case provides contextual information for understanding how South Korea created the conditions for fast economic growth that led the country from the world''s poorhouse in the 1950s to OECD membership in 1996. Focus is on the changing incentive structure for business in the 1960s and the underlying political developments. The case illustrates two main points: (1) that there are close and interdependent connections among politics, the institutional business environment (''rules of the game''), and economic growth and development; and (2) that constructing good economic institutions requires political actors with the power, will, and skill to do so.