SOUTH KOREA ECONOMIC DEVELOPMENT MODEL THROUGH DEVELOPMENTAL STATE STRATEGY

Abstract

The history of South Korea's economic development is inseparable from the dynamics of economic politics that once made South Korea hit by a prolonged economic crisis, but South Korea could rise and become one of the Emerging Economy Countries in the East Asia. This is inseparable from the leadership role under President Park Chung Hee. In an effort to achieve the highest economic growth, Park Chung Hee places the country as the main agent. Park Chung Hee's military-based leadership with his developmental state concept has brought South Korea to the point of its country's development success. Park Chung Hee emphasized his economic activities in export import, subsidies, industrial policy, until special privileges were given to industries that were developing at that time. In era of globalization, there has been a shift in the development strategy in South Korea along with the change of state leaders. This means that there has been a transition of political economy policies from the previous government which emphasized the role of the state. Various dynamics occurred during the reign of Kim Young Sam including the prospect of a developmental state strategy in South Korea when entering the era of globalization.