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Asia's Next GiantSouth Korea and Late Industrialization$
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Alice H. Amsden

Print publication date: 1992

Print ISBN-13: 9780195076035

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195076036.001.0001

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The Triumph of Steel

The Triumph of Steel

Chapter:
(p.291) Chapter Twelve The Triumph of Steel
Source:
Asia's Next Giant
Author(s):

Alice H. Amsden (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0195076036.003.0012

This chapter examines the hypothesis that climbing the ladder of comparative advantage is a matter of creating competitiveness, usually with government assistance, rather than stepping into it. The evidence comes from South Korea's integrated iron‐ and steel‐maker (the Pohang Iron and Steel Co. Ltd., POSCO), which is the centerpiece of basic industry and a public enterprise. The chapter discusses POSCO's founding in 1968; its profitability and subsidization; international competition; foreign technical assistance and the nature of steel‐making technology; POSCO's initial prioritization of increasing volume production, and the later shift to improving product quality and introducing new products; shop‐floor focus; and cross‐subsidization.

Keywords:   foreign technical assistance, government assistance, iron and steel industry, market competition, Pohang Iron and Steel, profitability, South Korea, subsidization

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