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The Role of Government in East Asian Economic DevelopmentComparative Institutional Analysis$
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Masahiko Aoki, Hyung-Ki Kim, and Masahiro Okuno-Fujiwara

Print publication date: 1998

Print ISBN-13: 9780198294917

Published to Oxford Scholarship Online: January 2007

DOI: 10.1093/acprof:oso/9780198294917.001.0001

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Government Intervention, Rent Distribution, and Economic Development in Korea

Government Intervention, Rent Distribution, and Economic Development in Korea

Chapter:
(p.208) 7 Government Intervention, Rent Distribution, and Economic Development in Korea
Source:
The Role of Government in East Asian Economic Development
Author(s):

Yoon Je Cho

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198294917.003.0007

This chapter discusses how economic rent was created and distributed in the course of economic development in Korea, focusing on government intervention in the financial market. The Korean experience shows that it is possible for governments to intervene productively and effectively in the early stages of economic development. The balance between the role of government and market forces should reflect the financial market, industrial organization, market structure, and political and international environment facing the country. However, as economic development advances, the role and scope of government intervention must be reappraised with a view towards greater reliance on market forces.

Keywords:   economic rent, economic policy, government policy, financial market

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