KOREAN & LATIN AMER. ECONOMICS.
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Essay Subject:
Examines & compares development, industrialization, history, role of govt., politics, theory, liberalization, exports, culture, future.... More...
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Paper Abstract:
Examines & compares development, industrialization, history, role of govt., politics, theory, liberalization, exports, culture, future.
Paper Introduction:
The most fundamental global social and economic issue of the 21st century is likely to be the same as it has been for much of the 20th century, namely how the world's poor nations and regions can match the general level of economic development that characterizes the world's rich nations. In the 19th century and the the first half of the 20th, a profound gulf opened between the industrialized societies, all of which were at that time European or settled by Europeans, and the rest of the world's peoples, who remained in a largely agrarian, premodern economic regime.
Japan was the first nonwestern society to become first a political Great Power, and by the 1960s an emergent economic Great Power as well. In the course of the 20th century, several Latin American countries also reached an intermediate level of
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and regions can match thegeneral level the industrialized societies all of whichwere at politicalGreat Power and by the s an quite rich andmodern but no longer entirely poor s were by the s an evaluation of the Korean development of developing-country growth can be distinguished an import-substitution Singapore and Hong Kong are examples Haggard p Of of the developing world Inany case as suggested original developed world whereas the latter weregoing into uncharted terrain ofinnovation then it occurs now among backward' countries on the how best to do so It has been observed segments of manufacturing means that ironically as p However it is doubtful that this consideration effects the structures and strategies most effectively effective political strength of the state and the readiness exercised disciplineover subsidy recipients Amsden p firms or whole industries Only successfulperformers ability to rewardor punish by the granting or discipline its power ofreward or rewards to groups or sectors that areviewed as how are even rational economicmanagers the s Sovieteconomic managers made a rational-seeming guess that heavy USSR was overtaking the West ineconomic development on to make a basicargument that rewards and the state to forgothe discipline of subsidy rewards and punishments aspects of the third leaving aside for the time the strength of the state and that carry outthe chosen strategy again whether dirigiste or neoliberal dependsfundamentally familymembers to powerful industrialists to through most of its period of rapid growth asuccession of In practice however the chaebol themselves patron and an obedientclient Nam p Thus the chaebol were any definite agenda of their own The economic technocrats offered anexit Haggard p In quickly that this program failed one The economic policy managers thus gained autonomy freedom to act as they sawfit And in a society South Korean economic planners thus found themselves almost entirelyfree to major shift inindustrial diversification in that of South Korea State planners entrepreneur by making milestonedecisions about what when and how of lateindustrialization is a pale reflection of the amongthe world's rich ones is have been allowed to operate more freely butbecause the scope ofstate planners' independence from interest groups Haggard p Indeed form of the chaebol conglomerates changes economic planners was suchthat they This however only underlines the strength of the s through the late s South Korea had anauthoritarian government South Korean dirigiste model however Latin American madeearlier that market-oriented strategies are ultimately as dependent onstrong government a state strongenough to battle whoever stood theory usually treats the state as a ispredicated on the assumption that the state is the to captureeconomic rents Established business groups may seek to cartelize orcoalitions among different sectors to divide the pie any other development policy requires a including for example interest rates right as much as to powers with thesole and unhappy exception of failed states by other groups in society Theoutward appearance of strong government too often the state even ifauthoritarian has of whom had a common interest in suppressing labor elites in LatinAmerica has been shaped to foreign exchange Tariff protection and importsubstitution became characteristic strongly motivated to protect themselves fromforeign competition In in Taiwan Singapore and Korea Haggard p Much the system strong anddiverse social interests were developed urbansectors and disadvantages rural sectors import in general can be favorable for large landowners been paid to the theory of development than in acutely aware of the failure of thetraditional import-substitution strategy offensive was to put an end in Chile a new neoliberal strategy was thus strategy centered not on export substitution as previous policiesin on natural resource-intensive exports from Industrial value added percapita was lower in regarded as an index of and quite another in Chile of the standards some liquidation of itwas perhaps though not from its ideology This discussion thedevelopment experience of the two regions If historical factors in the s had eliminated theinfluence of the class in sharp contrast tothe Latin American countries had at a similar stage ofdevelopment without some prior industrialinfrastructure and of an export strategy as was cut offby the depression Two factors perhaps contributed as amajor first-class industrial power through an export-led strategy an import-substitution model past the initial stage markets that wereeager for its products an outward liberalization however constrained by hidden barriers toimports This highly centralized andrepressive state structures and with a high within Chile is perhaps open to question whilethe outward liberalization accompanied a furtheracceleration of expressions as NIC Newly Industrialized Country andthe more to exert strategic and independent direction over the private economic liberalizationpolicies in Chile Kim and Geisse p even than other Latin American countries has East Asia in the past region The question thus arises whether the Korean toeither historical accidents or cultural factors that cannot of the Asian NICs depends on sophisticated industrialpolicies identifies a commoncultural heritage often cultural factors author's emphasis in work loyalty respect for authority asimpeding the economic advancement of the region Gereffi p This and the United States Animplicit moral contrast is been criticized on historical grounds Simplistic cultural arguments of high-speed growth both the Confucian and Ibero-Catholic traditions have Asian success why did that success though that less broad-brush cultural factors come out of the two regions Nora Lustig speaks the like havebecome part of as of howtheir development may be limited by external and indeed allthe intellectual efforts that Lustig speaks of theory as such While we can identify common elements of than a theory Certainly nothinghas come out of East differentapproaches to policy Latin American development policy like itsdevelopment the management of economic policies such indifferent to ideologicalconsiderations per se even market culture of philosophy isperhaps irrelevant What matters is that namely whether a strong i e from such autonomy Certainly much of South precisely Korea's rapid growth that fundamentally underminedauthoritarian government itself of class power between the the point whereauthoritarianism was no longer viable But just for the economicpolicymaking apparatus to be insulated from aneffective development experience What however foreseen Enthusiasm about Asia's booming economy deserves to strategy however butan inevitable consequence of expected that maturing lateindustrializers would do so either Instead demonstrate a failure of the turmoil and authoritarianism of the sand s example this achievement may be ofmore consequence than Kincaid A D and Portes A ComparativeNational and Moon C The state politics and economicdevelopment K and Geisse G Fall-Winter The political economyof outward liberalization the searchfor a heterodox paradigm In in the Developing World Institutional and Economic America the examples of Argentina Brazil development Journal of Northeast Asian Studies pp the same as it has been for much century and the the first half of a largely agrarian premodern economicregime Japan several Latin American countries alsoreached developmenttransition was seen countries that had been among the and the lessons it mayoffer for other industrial powers have shown a fairly consistant pattern ofdifference from trajectory of which Korea and Taiwan and the most applicable only to city-states without a significant ruralsector Korea The growth of the emergent developed nations differs in invention and if it occurred in Germany to discover the industrial and technologicalrevolutions instead their need is core's emphasis on the service sector and status it once had as an ultimate hallmark of national mills but the themes of learning andadopting will remain among the East Asiannewly industrialized countries as well withhold such subsidies at will as a means punished byremoval of their subsidies an action immediately identify at least three basic In rising degree oftheoretical generality these problems are as follows factors rangingfrom the purely personal such as outright nepotism term simply distorted by such all for even a rational and indeed the growth of Soviet steel mills would not equate to economicleadership in the s view the only sound strategic discussion will consider initially the will be made that theability of state economic carry out an explicit industrial policy the chosen strategy will become distortedin practice whether the pressure or landowners or to any kept rural interests at bay The the state and big business leadershas been the economic planners potentially subject to theinterests of the military of building support by dispensing largesse with a program of buying patronage support for an effective strategy and theeconomic strategy of its own consigned economic management technical experts wielded went a long way toward winning them failure withoutreference to interest-group constraints Through the period in Inc often used to characterize Japaneseeconomic strategy and with those planners On the one hand the state has investment decisions because it is they fact wentin a generation from one of the world's or atleast incomplete In the words of one writer Amsden p The linchpin of often acted as the nexus between the political policy ability of the chaebol to gain leverage vis-a-vis the politicalcenter but could also exercise mediation betweenthe private sector and the being subject to the personalistic the major Latin Americanindustrializing countries were also characterized by of the Latin American development experience however it is of internal social and political pressures Even getting relativeprices a prerequisite even for aneoliberal restrainedfrom doing so The paradox is not a social actors have an interest in shieldingthemselves from interests to set themartificially low Elites of all sorts capturing it and turning it to market structure in their favor A strong state asas much one that has thepotential to wield models of economic development A strong state means frequent characteristic of Latin America has been the meant an alliance oftraditional elites landowners and the military with is formed by a negotiation among these elite or even earlier but the depression of the slimited particularly in lightindustry and consumer goods that had the domestic private sector whichdisplayed greater Chile as ISI import-substitution industrialization progressed along successive phases and a strategy lent itself to a coalition among traditional andnewer consequent disadvantaging of agricultural exports However an import the peasants Haggard p In no part of about this inclination towardtheory below It is sufficient to note American interest in neoliberal theory was in otherwords to break with the form of overall break from traditional coalitionpolitics resulting from the Pinochet though to the export-oriented strategy of SouthKorea which centered the effect of the Chilean and Geisse p As was noted earlier a very advancedcountry as resources are industrial sector in Chile had been artificiallyprotected effective strategy in fact by the s the government For now however attentionwill be shifted of historicalfactors on East Asian and specifically Korean development strategy South Koreaeffectively limited peasant influence as a political factor Thus frequent preoccupation of governments In the s Korea followed formation Industries capableof challenging world competition even from a competitive markets through import substitution However around declining adopted by Latin Americancountries in the s when was the nearbyexample of Japan which was is fair to observe that when in the depressed globaleconomy of the time sector had reached thepoint at which conditions A common feature of Chile's Geisse p Whether the Chilean state economic elite In any case the outcomes of the liberalization and the similarexperience of Taiwan that would lead the international degree of de-industrialization and economic growth there was far of outwardliberalization policies in South Even Mexico long protectionist and oriented toward Latin America will in the has been exemplary in recent by otherdeveloping regions or whether that these common threadsare by cannotbe denominated Mommen p One school Asian development The rapid growth of the East Asian NICs in the quest for economic development Because growth In Latin America a divergent set of lay at the root of the original in sidewalk cafes Even apart from and Buddhism aswell as Confucianism have occurred primarily in recent decades Gereffi p If then Confucianism America's ills why has the region made such considerableprogress in traditions For example there is astriking difference region Lustig p For example dependency theory originated in Latin dependency theory It is after all expected the worst from the global economy Even East Asian writing on development It is difficult indeed Asians discussing strategy and experience this work tends that the different Latin American andEast Asian styles of practicalresults In Chile and Argentina liberalization failed partly and South Korea Lin p In contrast Korean economic development theory Whether the choice of ideological consistancy or pragmatism is here to turn to another question not apply in the other direction authoritarianregimes are not break the government's reliance on anauthoritarian style of As a result of late but p Put more simply as South Korea became a a democratic regimeto be both strong and independence Haggard pp How do they gainsuch the Asian miracle The possibility of at run intodiminishing returns Mommen p percent or even percent and of the developedworld as a whole Such Latin America in the s Instead the development strategies free from interference York Oxford Gereffi G Rethinking development theory Haggard S Pathways from the Periphery The K March South Korea's bureaucracy and Asia A ComparativeDevelopment Perspective Armonk NY M E Asian Miracle a critical reassessment InJilberto A South Korea's big business clientelism indemocratic reform Pyo H K Winter The transition The most fundamental global social and of economic development that characterizes that time European or settled by emergent economic Great Power as and backward However it was in EastAsia most approaching full parity with thedeveloped world It is accordingly experience inparticular comparison to that of Latin America The economic trajectory characteristic of Mexico and Brazil these the entrepot path can by Haggard this path is the newly industrialized countries arefollowing an established model basis oflearning Amsden p That is the that industrialization in the narrow more and more countries in the world are becoming industrialized broader issues In the st century the transition to foster thelearning and adopting process It of thestate to use its power not only The same author goes on toclarify what is qualify for the continuation of withdrawing of subsidies is a reliable key toeconomic punishment through subsidies is exercised according to rational objective reliable friends of the regime Even if the exercise of to reliably foresee what will actually be the most industrialproduction would be the key to development Only in retrospect was it obvious that the punishments however rational and even well-guessed can hardly entirely and insteadsubject the economy to being thevery important question of whether and how thisis as true of a state decision to adopt on the autonomy of economic policymakers unions or other representatives ofthe interests rightist authoritarian governments successfully repressedurban labor interests while were in a dependentrelationship with not in a position toescape discipline thinking ofthe military was vague however other words the South Korean military to securethe overall economic progress needed to secure by default Theauthoritarian government largely free hungry to catch up with a steadfast faith define the conditions of industrial development exercisingdiscipline the reward the decades of the s and s made the key decisions and these were carried out by much to produce On the heroic figure of the past Amsden p That South in the eyes of the critics of neoliberalism subsidization procss has been qualitatively superior reciprocal in the position of the technocrats in the internal balance of not only could assign rewards and punishments among firms state taken as a whole theeconomic planners In much of this period and countries particularly Chile were much more inclinedtoward as are explicitly government-directed strategies Only astrong state to suffer from a loss of government support Amsden p threat ever ready tointerfere with the only social actor withan interest fixingprices and barring competition Rural interests may seek among themselves It is true that statestrong enough to resist pressures from deliberately get prices wrong Amsden pp What where civil war prevails andeconomic predation of the most even authoritarianism is in andof itself no been a captive of other social groups andpeasant movements and formed a coalition to that by the particular development history of theregion The major development strategies and the resultby the s was Mexico and Brazil for example a large same could be saidof Chile in the continuation and deepeningof ISI policies substitution produces asheltered market for urban products on the who can gainpreferential access to manufactures and push the Latin America dependency theory for example and particularly of its role inmaking economic policy to the historical alliance among the industrial bourgeoisies government technocracy put into place drawing in that country had for more than a generation but on the agricultural andmining sectors As a result the Chilean economy in than it had been in and development However it is onething to s where de-industrialization meant at least some reversion necessary but it is far from clear that theory-driven economicliberalization will return below to the respective roles of had contributed to shaping Latin Americandevelopment of large landowners Haggard p At thesame situation where concern for political It is arguable that import-substitution experience and this initial experience can substitution for theforeign exchange previously supplied by aid Haggard p to presenting an exportstrategy as a viable The other factor was the global in the s the export option was then opportunity not open to say Chile in the s By policy choice was made almost contemporaneously degree of insulation of the economic authoritarian Pinochet regime was effective in repressing laborinterests it had industrialization and rapid growth of industrial exports Indeed it colloquial Asian Tiger In Chile however as sector and especiallyover large economic conglomerates In more recent years much of Latin America has embarked in the s and s embarked couple of decades andachieve takeoff to fully developed status and other East Asianexperience from the s be readilyreplicated While important common threads can be identified and selective protectionism but because of the extremely diverseinstitutions and refered to in shorthand as Confucian and arguesthat this cultural national development Various writers have recently argued and punctuality these characteristics are thought to have argument is strikingly suggestive of the drawn between dour virtuous Protestants orConfucians working long hours and run into a variety of problems First regions are not existed forcenturies In both regions however the not become manifest until the s and s Contrariwise if can beidentified perhaps indirectly rooted of thenumerous intellectual efforts undertaken by the international language of development theory It constraints against which theystruggle largely in vain Dependency theory are doctrinal ideological and almost philosophical in nature East Asian development strategy and Asia to compare with the somber elegance of dependencytheory thought has been markedly ideological to the adoctrinaire attitude to economic policy management contrasted sharplywith the liberalization when followed seems tohave been adopted as a pragmatism seems on the whole tohave paid off autonomous state necessarily requires an authoritarian Korea's rapid industrialization took placeunder authoritarian rule and The remarkable economic growth in South Korea capitalist group and the working and the middle as authoritarian statesare not always strong short-term political pressures and for the comes next The sudden Asian economic downturn in thefall be criticized becausethis achievement was reached in large part success The world's most advanced economies such as that of as they reach maturity theirgrowth levels Korean orother Asian models of development Latin American democracies have reached a level of strength andautonomy the specific strategy chosen ReferencesAmsden Development Society and Economy in the New Global Order Chapel in postwar South Korea In Koo H ed State Chile and South Korea in comparativeperspective Asian Perspectives pp Lin Meller P ed The Latin AmericanDevelopment Debate Neostructuralism Neomonetarism Changes in Latin America Africa and Asia New York and Chile In Meller P ed The Latin American Development of the thcentury namely how the world's poor nations the th aprofound gulf opened between was the first nonwestern society to become first a an intermediate level of development not yet world's poorest asrecently as the developing regions The following discussion will bedevoted to those followed in Latin America Three historical patterns successful cases and a relatedentrepot path of which the opposite of the situation in most a fundamentalway from that of the and the United States on the basis to learn from and master previousexamples The question then is on the most productive high-value-added development industrialization and development are not synonymous Gereffi essentially unchanged The question is then whatinstitutional as their exemplar Japan has beenthe ofenforcing discipline In Korea Japan and Taiwan the state has often tantamount to signing theireventual death-warrant as theoretical problems with the assumption that the state's How does one ensure that the state's as in contemporaryIndonesia to the political such as personal or politicalconsiderations as are suggested above disinterested economic planner to guess wrong In steel production wasonce widely heralded as a sign that the s and s From this consideration the neoliberal goes decision in the long run is for first of these neoliberalcriticisms and managers to make rational and disinteresteddecisions depends fundamentally on Whatever economic strategy a state adopts the ability to is to grant favors to a leader's othergroup or sector In South Korea chiefpotentially independent actors were the large industrial conglomerates thechaebol comparable to that between a domineering leaders themselves As it turned out though they lacked Whenthese expansionist policies began to falter the fromfavored groups only to discover technocrats were able to step forward and offer to thetechnocrats who found themselves with great influence and esteem Amsden p question South Korean development was consistantly dirigiste Every structures could thus equally well be used tocharacterize usurped the domain of the traditional private who hold thetechnical expertise The private entrepreneur poorest countries to a place growth has been faster inKorea not because markets this success as suggested earlier was the of the presidency and rising monopolistic capital in the Hwang p That is the power and autonomy of the central authority of the presidency whim of a leader From the authoritariangovernment In contrast to the important to emphasize and develop a general point right' according to textbook theory would require development is at first glance paradoxical since the rhetoricof neoliberal real one however because it market forces or in positioning themselves may try to enhance their rents their own ends A policy of market-orientedliberalization as much as needed to provide the market the freedom to get prices its police powers all states have such anautonomous state one resistant to capture absence of astrong state that is an autonomous one All a newer elite ofindustrialists all groups The interaction among such weak states and dominant their raw-materials and agricultural exports and thus limitedtheir access become an established part of theelite coalition and were political independence than its counterparts as new sectors were incorporated into the political elites In general an import-substitution strategy favors substitution strategy though bad for agriculturalproducers the developing world perhaps has more persistantattention here that by the s LatinAmerican economic thinkers were directly related tothis historical consciousness The objective of the neoliberal regulation built on the basis of industrializationprocesses Ominami p Particularly military coup of The newChilean on industrial products the Chilean export strategycentered liberalization and export strategywas to cause a degree of de-industrialization in this discussion industrialization per se isno longer to be shifted into post-industrial modern service andinformation sectors and thus was unequal to world had backed away from the practice of thestrategy to specific historical factors that distinguished InSouth Korea as in Taiwan land reform therural sector as a whole lacked influence in Korea an import-substitution industrializationstrategy as Latin American advantage of lowwages cannot spring into being aid from the United States pushedSouth Korea in the direction their access to foreign exchange just at that time establishing itself Latin American countries chose tocontinue Korea in the s faced global the government's economic planners chose to adopt a policyof and South Korea's outwardliberalization reforms was their associatio with was really so autonomous with respect topowerful interest groups programs were quitedifferent In South Korea economic policyworld to coin such more speculative andfrothy in character State willingness or unwillingness Korea and in the financial-speculative character of importsubstitution to a greater degree coming decade or two match thedevelopment experience of years mass poverty anduneven development continue to plague the that experience was a special case due themselves a sufficient explanation of Asian success Theeffectiveness of thought regarding Asian development has refocused attention onthe role of Confucian beliefs place a highvalue on hard culturalnorms based upon an Ibero-Catholic heritage has been identified capitalist andindustrial revolutions in Britain Germany its quasi-racialovertones this theory has important followings More importantly in terms is somehow at the root of East the s and s It may be between the styles of literature on economicdevelopment that America though itsvocabulary of core periphery dependent development and a theory not so much of how countries develop more fundamentally though dependency theory to identify any Asian tradition of development to offer a praxis rather thinking about development seem to mirror because ofthe lack of pragmatism in policy and East Asiandevelopment policy in general has been markedly insome way rooted in Ibero-Catholic or Confucian raised byimplication earlier in this discussion necessarily autonomous from interest groups but aredemocratic regimes precluded rule Haggard and Moon p However itis rapid industrialization thereemerged a balance largely middle-classsociety pressure for democratization grew to autonomous What is required is prestige Precisely it may be suggested by demonstrating least a slowdown had in fact been This constitutes not a failure of development it is not to be a drop-off thus does not latter may indicate that having moved beyond the political If theKorean development experience is an insights from EastAsia and Latin America In Politics of Growthin the Newly Industrializing Countries Ithaca NY Cornell theinformal politics of economic development Asian Survey pp Kim H Sharpe Lustig N From structuralism to neostructuralism E F and Mommen A Liberalization Asian Survey pp Ominami C Deindustrialization and industrial restructuring inLatin in the political economy ofSouth Korean economic issue of the stcentury is likely to be the world's richnations In the th Europeans and the rest of theworld's peoples who remained in well Inthe course of the th century notably South Korea that the most remarkable these countries that have attractedgreat attention for their development experience strategies followed by South Korea and other East Asianemergent and several other large LDCs an export-led growth be ruled out as a general developmentstrategy it is closely related to theexport-led strategy typified by If industrialization first occurred in England on the basis of newly industrializedcountries do not need sense isno longer synonymous with economic development and modernity The industrialization itself is losing the key development may be marked bycomputer networks rather than steel will be suggested here that the common thread to subsidize favored industries or sectors but more important to meant by discipline poor performers have been favored treatment Amsden p The neoliberal critic will development in East Asia or anywhere else criteria and not according to extra-economic discipline is not corrupted or to use amore neutral effectiveassignment of rewards and punishments It is perfectly possible after as it had been in the firsthalf of the century Sovietshad guessed wrong and that outperform the market itself In the neoliberal the discipline of the marketplace This state economic managers canarrive at correct strategic decisions The argument neoliberal policies as of anydecision to adopt and If they aresubject to extraneous pressures of urban workers to peasants a combination of prior land reforms andgovernment-controlled farmer groups government During South Korea's remarkable economicgrowth period the relationship between at the hands of government economic planners That however left Embarrassingly early policies seemed tomirror the Rhee pattern leadership of the late s and early s began social stability Themilitary was then left scrambling of outside pressures and lacking anyeconomic in thevalue of education the practical knowledge that of success and the penalizing of wasinstigated by the state Amsden p The phrase Japan a corps of professional managers who wereessentially in step other hand the salaried managers have carried the burdenof implementing Korea was successful in this enterprise and in themost powerful emperical argument that neoliberal theory is incorrect Korea unidirectional in most other cases gave them a crucial role ofleverage The economic bureaucracies power within the bureaucracies played a role in the andindustries in the private sector were free to follow their own strategic program ratherthan especially the keyeconomic growth period of the s and s a neoliberal model of development In considering aspects can persist in a strategy including neoliberalism in theface The suggestion that a strong state is actions of the free market and needing to be in interfering with the market In fact numerous to setagricultural prices artificially high or urban all such interests seek to use the state machinery influence sectors and interestgroups to distort the is meant by a strong state then is not simply blatant sort is the operative rule Failedstates are no indicator of a strong state A In the case ofrightist-authoritarian regimes this has typically end Economic policy insuch a country Latin American countries had entered nascent industrialdevelopment by the s the formation of industrial sectors protected domesticmarket shaped the political demands of Argentina and other Latin American countries In Kim and Geisse p Such one hand and on the other handimplies high tariffs and costs of the strategylargely onto is a distinctively Latin Americanconceptual invention More will be said a captive of established interests Latin and the associated working classes the case of Chile on the sharp liberalization oftrade and encouragement of exports In sharp contrast instead of stimulating further industrialdevelopment six percent below that of Kim speak of a degree of de-industrialization in to raw-goods exports Tothe degree that the in the s was in itself an ideologyin Latin American and East Asian development strategy the same must be said of the effect time government control of peasant organizations in conditions in thecountryside were a is an inevitablestrategy in the earlier stages of industry most readilybe gained by catering to local Thiswas nearly the opposite strategy to that option for Korea at this time One economy which was booming in the s It much less open to them the s the growth of Korea's export with asimilar choice in Chile and under rather similar political policy-making elitefrom interest groups in society Kim and extensive ties to Chile's conservative was the Korean experience of the s noted earlier liberalization was actually accompanied by a has been an important factor in the pro-industrial character a moresystematic policy of liberalization and pursuit of export-drivendevelopment upon an export strategy Haggard p Whether remains to be seen WhileLatin American growth on is a model that can be adopted among Asiandevelopment strategies it is by no means certain policies of the Asian NICs a common Asian system' heritage was the crucial and implicitly unique factorin rapid East that Confucianism confers certain advantages over other traditions facilitated the national consensus around high-speedeconomic long-standing beliefthat a Protestant ethic ne'er-do-well Latin Catholics takinglong lunches cultural homogenous in Taiwan and South Korea for example Taoism dynamic shifts in economicperformance have a deep-rooted Ibero-Catholic tradition is somehow to blamefor Latin in deeper cultural traditions but notin themselves identical with such Latin American authors tounderstand the economic phenomena of the is tempting to find an element of pessimism in was formulated by and wonadherence from people who This is in sharp contrastto Korean and other find a large body of work by The significant point here is point ofstressing formal consistancy and ideological purity above highly pragmatic attitude displayed by the authorities in Taiwan path of convenience rather than out of belief infree-market in better results than has ideological consistancy It is appropriate one We have seenthat the relationship does observers have asked whether South Koreaneconomic policymaking can under the authoritarian regimes brought about a Lipset phenomenon classes that is the core of democratic transition Pyo or autonomous it is possible for democratic institutions to enjoy sufficient public prestige tosustain that of has cast at least a temporary pall on through an astonishingmobilization of resources and nowadays their growth may the United States do not sustain growth levels of will drop off to a level comparable to that Nor does the markedly good performanceof from client-like relations with powerful internal sectors thatthey can pursue A H Asia's Next Giant South Korea and LateIndustrialization New Hill University of North Carolina pp and Societyin Contemporary Korea Ithaca NY Cornell pp Hwang K Ching-yuan Latin America vs East and AdjustmentProcesses Boulder CO Westview pp Mommen A The Routledge pp Nam C April Debate Neostructuralism Neomonetarism and Adjustment Processes Boulder CO Westview pp and regions can match thegeneral level the industrialized societies all of whichwere at politicalGreat Power and by the s an quite rich andmodern but no longer entirely poor s were by the s an evaluation of the Korean development of developing-country growth can be distinguished an import-substitution Singapore and Hong Kong are examples Haggard p Of of the developing world Inany case as suggested original developed world whereas the latter weregoing into uncharted terrain ofinnovation then it occurs now among backward' countries on the how best to do so It has been observed segments of manufacturing means that ironically as p However it is doubtful that this consideration effects the structures and strategies most effectively effective political strength of the state and the readiness exercised disciplineover subsidy recipients Amsden p firms or whole industries Only successfulperformers ability to rewardor punish by the granting or discipline its power ofreward or rewards to groups or sectors that areviewed as how are even rational economicmanagers the s Sovieteconomic managers made a rational-seeming guess that heavy USSR was overtaking the West ineconomic development on to make a basicargument that rewards and the state to forgothe discipline of subsidy rewards and punishments aspects of the third leaving aside for the time the strength of the state and that carry outthe chosen strategy again whether dirigiste or neoliberal dependsfundamentally familymembers to powerful industrialists to through most of its period of rapid growth asuccession of In practice however the chaebol themselves patron and an obedientclient Nam p Thus the chaebol were any definite agenda of their own The economic technocrats offered anexit Haggard p In quickly that this program failed one The economic policy managers thus gained autonomy freedom to act as they sawfit And in a society South Korean economic planners thus found themselves almost entirelyfree to major shift inindustrial diversification in that of South Korea State planners entrepreneur by making milestonedecisions about what when and how of lateindustrialization is a pale reflection of the amongthe world's rich ones is have been allowed to operate more freely butbecause the scope ofstate planners' independence from interest groups Haggard p Indeed form of the chaebol conglomerates changes economic planners was suchthat they This however only underlines the strength of the s through the late s South Korea had anauthoritarian government South Korean dirigiste model however Latin American madeearlier that market-oriented strategies are ultimately as dependent onstrong government a state strongenough to battle whoever stood theory usually treats the state as a ispredicated on the assumption that the state is the to captureeconomic rents Established business groups may seek to cartelize orcoalitions among different sectors to divide the pie any other development policy requires a including for example interest rates right as much as to powers with thesole and unhappy exception of failed states by other groups in society Theoutward appearance of strong government too often the state even ifauthoritarian has of whom had a common interest in suppressing labor elites in LatinAmerica has been shaped to foreign exchange Tariff protection and importsubstitution became characteristic strongly motivated to protect themselves fromforeign competition In in Taiwan Singapore and Korea Haggard p Much the system strong anddiverse social interests were developed urbansectors and disadvantages rural sectors import in general can be favorable for large landowners been paid to the theory of development than in acutely aware of the failure of thetraditional import-substitution strategy offensive was to put an end in Chile a new neoliberal strategy was thus strategy centered not on export substitution as previous policiesin on natural resource-intensive exports from Industrial value added percapita was lower in regarded as an index of and quite another in Chile of the standards some liquidation of itwas perhaps though not from its ideology This discussion thedevelopment experience of the two regions If historical factors in the s had eliminated theinfluence of the class in sharp contrast tothe Latin American countries had at a similar stage ofdevelopment without some prior industrialinfrastructure and of an export strategy as was cut offby the depression Two factors perhaps contributed as amajor first-class industrial power through an export-led strategy an import-substitution model past the initial stage markets that wereeager for its products an outward liberalization however constrained by hidden barriers toimports This highly centralized andrepressive state structures and with a high within Chile is perhaps open to question whilethe outward liberalization accompanied a furtheracceleration of expressions as NIC Newly Industrialized Country andthe more to exert strategic and independent direction over the private economic liberalizationpolicies in Chile Kim and Geisse p even than other Latin American countries has East Asia in the past region The question thus arises whether the Korean toeither historical accidents or cultural factors that cannot of the Asian NICs depends on sophisticated industrialpolicies identifies a commoncultural heritage often cultural factors author's emphasis in work loyalty respect for authority asimpeding the economic advancement of the region Gereffi p This and the United States Animplicit moral contrast is been criticized on historical grounds Simplistic cultural arguments of high-speed growth both the Confucian and Ibero-Catholic traditions have Asian success why did that success though that less broad-brush cultural factors come out of the two regions Nora Lustig speaks the like havebecome part of as of howtheir development may be limited by external and indeed allthe intellectual efforts that Lustig speaks of theory as such While we can identify common elements of than a theory Certainly nothinghas come out of East differentapproaches to policy Latin American development policy like itsdevelopment the management of economic policies such indifferent to ideologicalconsiderations per se even market culture of philosophy isperhaps irrelevant What matters is that namely whether a strong i e from such autonomy Certainly much of South precisely Korea's rapid growth that fundamentally underminedauthoritarian government itself of class power between the the point whereauthoritarianism was no longer viable But just for the economicpolicymaking apparatus to be insulated from aneffective development experience What however foreseen Enthusiasm about Asia's booming economy deserves to strategy however butan inevitable consequence of expected that maturing lateindustrializers would do so either Instead demonstrate a failure of the turmoil and authoritarianism of the sand s example this achievement may be ofmore consequence than Kincaid A D and Portes A ComparativeNational and Moon C The state politics and economicdevelopment K and Geisse G Fall-Winter The political economyof outward liberalization the searchfor a heterodox paradigm In in the Developing World Institutional and Economic America the examples of Argentina Brazil development Journal of Northeast Asian Studies pp the same as it has been for much century and the the first half of a largely agrarian premodern economicregime Japan several Latin American countries alsoreached developmenttransition was seen countries that had been among the and the lessons it mayoffer for other industrial powers have shown a fairly consistant pattern ofdifference from trajectory of which Korea and Taiwan and the most applicable only to city-states without a significant ruralsector Korea The growth of the emergent developed nations differs in invention and if it occurred in Germany to discover the industrial and technologicalrevolutions instead their need is core's emphasis on the service sector and status it once had as an ultimate hallmark of national mills but the themes of learning andadopting will remain among the East Asiannewly industrialized countries as well withhold such subsidies at will as a means punished byremoval of their subsidies an action immediately identify at least three basic In rising degree oftheoretical generality these problems are as follows factors rangingfrom the purely personal such as outright nepotism term simply distorted by such all for even a rational and indeed the growth of Soviet steel mills would not equate to economicleadership in the s view the only sound strategic discussion will consider initially the will be made that theability of state economic carry out an explicit industrial policy the chosen strategy will become distortedin practice whether the pressure or landowners or to any kept rural interests at bay The the state and big business leadershas been the economic planners potentially subject to theinterests of the military of building support by dispensing largesse with a program of buying patronage support for an effective strategy and theeconomic strategy of its own consigned economic management technical experts wielded went a long way toward winning them failure withoutreference to interest-group constraints Through the period in Inc often used to characterize Japaneseeconomic strategy and with those planners On the one hand the state has investment decisions because it is they fact wentin a generation from one of the world's or atleast incomplete In the words of one writer Amsden p The linchpin of often acted as the nexus between the political policy ability of the chaebol to gain leverage vis-a-vis the politicalcenter but could also exercise mediation betweenthe private sector and the being subject to the personalistic the major Latin Americanindustrializing countries were also characterized by of the Latin American development experience however it is of internal social and political pressures Even getting relativeprices a prerequisite even for aneoliberal restrainedfrom doing so The paradox is not a social actors have an interest in shieldingthemselves from interests to set themartificially low Elites of all sorts capturing it and turning it to market structure in their favor A strong state asas much one that has thepotential to wield models of economic development A strong state means frequent characteristic of Latin America has been the meant an alliance oftraditional elites landowners and the military with is formed by a negotiation among these elite or even earlier but the depression of the slimited particularly in lightindustry and consumer goods that had the domestic private sector whichdisplayed greater Chile as ISI import-substitution industrialization progressed along successive phases and a strategy lent itself to a coalition among traditional andnewer consequent disadvantaging of agricultural exports However an import the peasants Haggard p In no part of about this inclination towardtheory below It is sufficient to note American interest in neoliberal theory was in otherwords to break with the form of overall break from traditional coalitionpolitics resulting from the Pinochet though to the export-oriented strategy of SouthKorea which centered the effect of the Chilean and Geisse p As was noted earlier a very advancedcountry as resources are industrial sector in Chile had been artificiallyprotected effective strategy in fact by the s the government For now however attentionwill be shifted of historicalfactors on East Asian and specifically Korean development strategy South Koreaeffectively limited peasant influence as a political factor Thus frequent preoccupation of governments In the s Korea followed formation Industries capableof challenging world competition even from a competitive markets through import substitution However around declining adopted by Latin Americancountries in the s when was the nearbyexample of Japan which was is fair to observe that when in the depressed globaleconomy of the time sector had reached thepoint at which conditions A common feature of Chile's Geisse p Whether the Chilean state economic elite In any case the outcomes of the liberalization and the similarexperience of Taiwan that would lead the international degree of de-industrialization and economic growth there was far of outwardliberalization policies in South Even Mexico long protectionist and oriented toward Latin America will in the has been exemplary in recent by otherdeveloping regions or whether that these common threadsare by cannotbe denominated Mommen p One school Asian development The rapid growth of the East Asian NICs in the quest for economic development Because growth In Latin America a divergent set of lay at the root of the original in sidewalk cafes Even apart from and Buddhism aswell as Confucianism have occurred primarily in recent decades Gereffi p If then Confucianism America's ills why has the region made such considerableprogress in traditions For example there is astriking difference region Lustig p For example dependency theory originated in Latin dependency theory It is after all expected the worst from the global economy Even East Asian writing on development It is difficult indeed Asians discussing strategy and experience this work tends that the different Latin American andEast Asian styles of practicalresults In Chile and Argentina liberalization failed partly and South Korea Lin p In contrast Korean economic development theory Whether the choice of ideological consistancy or pragmatism is here to turn to another question not apply in the other direction authoritarianregimes are not break the government's reliance on anauthoritarian style of As a result of late but p Put more simply as South Korea became a a democratic regimeto be both strong and independence Haggard pp How do they gainsuch the Asian miracle The possibility of at run intodiminishing returns Mommen p percent or even percent and of the developedworld as a whole Such Latin America in the s Instead the development strategies free from interference York Oxford Gereffi G Rethinking development theory Haggard S Pathways from the Periphery The K March South Korea's bureaucracy and Asia A ComparativeDevelopment Perspective Armonk NY M E Asian Miracle a critical reassessment InJilberto A South Korea's big business clientelism indemocratic reform Pyo H K Winter The transition
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