Guide South Korea in the Fast Lane: Economic Development and Capital Formation

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A Critical Perspective On Development Economics

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Print Save Cite Email Share. Show Summary Details. From a longer term perspective on the growth process itself, however, a strategy gradually evolved for upgrading the economy by shifting from dependence on relatively labor-intensive light industry to a structure based on heavy and chemical industries. There were two aspects of economic policy implemented for this purpose.

One aspect of this was government investment in infrastructural development. When an exportable product was targeted for development, the government provided direct and indirect incentives in financing, taxation, and administrative control to the manufacturer who qualified. The main items on the list were essential raw materials, energy, capital and intermediate goods. Forty years ago, it had a very different economy.

It was beset with acute housing shortage and severe unemployment.

The EDB seeks to facilitate and support both local and foreign investors in manufacturing and services sectors to develop and expand new business opportunities, especially capital-intensive, knowledge-intensive and innovation-intensive activities. Together, these three factors contributed to the high level of economic achievements that Singapore has enjoyed for the past four decades.

Policies for Economic Growth: CPF or central provident fund: The CPF is compulsory private saving scheme, initiated in , under which employees and employers are required to contribute a portion of their labor income towards a pension fund. Macroeconomic and neo liberal economic policy: Since East Asian economic crisis in , the Government of has adopted the macroeconomic and neo liberal economic policy to increase integration with international market.

It took steps to regulate inflation rate as well as the interest rate of central bank and private bank. A large skilled and English speaking human resource accelerated economic and FDI. Force Saving Policy: The government also intervenes in the capital market. A high incentives and allocation was for the development of SME. Integrated Market policy: In , the government of Singapore took steps for regional hub. It was only for making an integrated market.

Technopreneurship Study Mission: South Korea (IS427): Business & Economy

Government Linked Corporation policy: After the economic crisis in east Asia the government took step to establish the Government Linked Corporation, they either owned by the govt. Liberalization of Retail Banking: In May , announced a five year plan to liberalize retail banking. Growth triangle: A growth triangle was created to increase economic integration among Singapore, Malaysia and Indonesia. It was on the basis of comparative advantages, that are Singapore will provide technical support, Malaysia will capital and Indonesia will provide labor. The economic growth in Singapore state was not became over a night.

It took a long term period from till date. To turn this subsistence economy into a matured economy it had to face various phases and policies taken by the regime. Here I describing the various phases of Singapore Economy- Initial period s s : The main economic barriers: The main challenge for Singapore in its early years was to overcome its high unemployment problem.

The Singapore government understood that the only way to increase employment was through extensive growth in its manufacturing industries. But in its early years, the economy was still too dependent on the entrepot trade for the East India Company, and as a result, the manufacturing sector was undeveloped.

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Moreover, there was little capital needed to finance the growth of the manufacturing sector. NTUC as the single national labor union to oversee employment and wage problems. The s s getting maturity : The main economic barriers: While the early years of Singapore presented a problem of lack of capital, the s saw a different Singapore with a different set of challenges and economic problems.

This was necessary for the economy to shift from having productions that need abundance in low-skilled labor to one that requires more skilled labor in high-technology industries. Following the crisis came the electronics dip in followed by the SARS set back in In terms sectoral performance, the manufacturing sector, as in the past, was the main driver of the accelerated growth; the sector grew by After a long period of stagnation, the construction sector started to pick up and grew by 2. Overall, therefore, the growth was broad-based. Chang identified some factors behind their economic growth, and this are- Incentives on manufacturing and exports: Another important factor of the East Asian development experience was the focus on manufacturing and exports.

Exports of goods and services in emerging East Asian countries like China, South Korea, Singapore remained quite high, for example, the ratio stood at At certain points, these force supported authoritarian government for the political stability deemed necessary for continued economic growth, but they eventually turned their back to the political democracy.

Developing human capital: Developing human capital also has been a higher priority among East Asian countries. East Asian countries selected for the study achieved a literacy rate that exceeds 90 per cent xxxii. The literacy level has paved the way for developing skilled manpower necessary for industrial development.

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The higher literacy rate has helped diffuse new technology. China, Singapore, and the Republic of Korea, the ratio stayed above 30 per cent in the s xxxiii. Gross domestic savings and investment in Country Gross domestic Savings Gross domestic investment China Moreover, they made an integrated market that was quit favorable to national and foreign investor.

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Therefore, competitive pressures and freedom to fail, two critical elements of the market system, continued despite the industrial policy interventions of the state. Authoritarian Regime and Economic Development: Political stability and credibility are also important for economic development since unstable politics generates greater uncertainty, which makes economic activities subject to constant revisions. During the rapid growth phase of China, South Korea and Singapore, authoritarian or at least semi-authoritarian regimes had ruled these countries.

Authoritarian government: Authoritarian countries are the nations where single voice, individuals or ideology governs the state. Authoritarian government resist to income redistribution pressure. Controversy between Economic Development and Democracy: There are five doctrines regarding democracy and development and they are: 1 Development first, democracy later, also modernization theory, 2 Political change process, 3 Development not leads to democracy, 4 Democracy first, development later, and 5 Democracy not matters in development.

Some have even championed harsher political systems โ€” with denial of basic civil and political rights โ€” for their alleged advantage in promoting economic development. The pattern of the democratization in South Korea and Singapore process implies that all these economies started to open up their political systems after, not before, their successful industrial take-off.

Political democracy or lack of it has little or nothing to do with economic growth, measured as GDP increases. When countries become economically efficient then we find some features of the state and they are- 1 Socio-economic development of the citizens. These states have not been modernized over one night, it took for a consistent regime with suitable polices to these state from traditional one to modern or matured one. These states can be examined under modernization theory given Rostow Take โ€”off stage. Fifth Stage: Modern state.

China, South Korea and Singapore at first stage: In this stage these countries were traditional state that beset with various problem like- a Socially, economically and culturally transitional. China, South Korea and Singapore at second and third stage: This is the period of taking policies to take-off their economy. After taking this policies these country began to take-off their economy. These three states became matured after successful take-off their economy.

And these states began to create a regional hub towards a permanent economic power. Right now China, South Korea and Singapore are the matured and modern states For why the citizens of these states are reluctant about authoritarianism: We know that whenever an authoritarian government comes in power, it wants to reform its economy. This ideology brought about drastic change in their economy that produced a large number of educated middle class. And this middle is naturally reluctant to their politics as they have gained economic freedom as well social value.

They are seemed to be careless about the states regime change. Critical analysis of East Asian economic growth: I.

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  • Environmental degradation may hamper their ecological environment. Income inequality is increasing day by day. The economic development in these states is not sustainable. These states are in a lack of Human rights and Civil rights. Inequality between city and village is so extreme in China.

    Comparison between western economic development and East Asian economic development: Economic development in the West was spontaneously achieved on the basis of preconditions for industrialization, such as a variety of social, political and economic institutions, attitudes which permitted people to respond to technological opportunities. The preconditions and subsequent industrialization in Europe were the results of steady but unromantic technological and organizational change.

    The medieval agricultural economy preceded industrialization and the most important agricultural innovation was the substitution of three-course crop rotation for the classical two-course rotation. There was already a system that they could adapt. Foreign savings and advanced technology were widely available when they began to be attentive to economic development in the s and 60s.

    In recent year, some European and American countries have in succession turned East Asia into a base for their national economic development. The rapid economic development has also relaxed their internal problem in East Asia.