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Korea under Siege, 1876-1945Capital Formation and Economic Transformation$
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Young-Iob Chung

Print publication date: 2006

Print ISBN-13: 9780195178302

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0195178300.001.0001

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 The Traditional Economy

 The Traditional Economy

(p.7) 2 The Traditional Economy
Korea under Siege, 1876-1945

Young‐Iob Chung (Contributor Webpage)

Oxford University Press

This chapter examines the economic conditions and forces that affected capital formation and economic development in Korea prior to its opening to the outside world in the mid-1870s. It examines the underdeveloped and essentially static Korean economy of the traditional period in terms of per capita income, aggregate GDP, and economic structure. The chapter also investigates the reasons for the underdevelopment of Korea's in terms of capital endowment; the propensities to work, produce, invest, save, and consume; entrepreneurship; and the role of the Korean government.

Keywords:   traditional economy, economic conditions, economic forces, capital formation, economic development, entrepreneurship, Korean government

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