East Asia's Dynamic Development Model and the Republic of Korea's Experiences

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dc.creatorLee, Ho-Chul
dc.creatorMcNulty, Mary P.
dc.date2014-05-12T21:10:59Z
dc.date2014-05-12T21:10:59Z
dc.date2003-03
dc.date.accessioned2026-07-01T01:24:43Z
dc.descriptionNo region has been more dynamic in recent years than East Asia. Despite its successful economic development, evaluations of the East Asian development model have often been capricious, shifting from "miracle" to "cronyism." How can we explain East Asia's ups and downs consistently? To respond to this challenge, it is necessary to study the progress of East Asian development and to trace the influence of Asian cultural values. This study mainly focuses on cultural aspects of economic progress and analyzes East Asia's philosophical and historical backgrounds to explain the dynamic process. East Asians believe that balance between opposite but complementary forces, Yin and Yang, will ensure social stability and progress. Through repeated rebalancing to maintain harmony, the society comes to maturity. In traditional East Asian societies, a balance was maintained between Confucianism (Yang) and Taoism, Buddhism, and other philosophies (Yin). In modern societies, the challenge is to balance traditional systems (Yang) and Western style capitalism (Yin). This East Asian development model explains the Republic of Korea's rise, fall, and recovery. Korea was a poor country until the early 1960s, during the time when spiritualism (Yang) dominated. From the 1960s through the 1980s, Korea achieved rapid growth by finding a new balance and moving toward materialism (Yin) from spiritualism (Yang). But the failure to maintain a harmonious balance between cooperative systems and collectivism (Yang) and individualism (Yin) led to major weaknesses in labor and financial markets that contributed significantly to the financial crisis in 1997. As Korea arrived at a new balance by instituting reform programs, the venture-oriented information and communication technology (ICT) industry blossomed and led to a rapid economic recovery. Since 2000, domestic financial scandals and political corruption have emerged as new social issues. Korea's next challenge is to find a new harmonization between morality (Yang) and legal frameworks (Yin).
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2003/03/2191888/east-asias-dynamic-development-model-republic-koreas-experiences
dc.identifierhttps://hdl.handle.net/10986/18277
dc.identifierhttps://doi.org/10.1596/1813-9450-2987
dc.identifier.urihttp://hdl.handle.net/123456789/417849
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper;No. 2987
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT MODELS
dc.subjectDYNAMIC EFFICIENCY
dc.subjectCULTURAL VALUES
dc.subjectECONOMIC PRODUCTIVITY
dc.subjectCULTURAL HERITAGE
dc.subjectHISTORICAL ANALYSIS
dc.subjectPHILOSOPHY
dc.subjectSOCIAL STABILITY
dc.subjectECONOMIC GROWTH
dc.subjectSOCIAL NORMS
dc.subjectSOCIAL SCIENCES
dc.subjectTRADITIONAL CULTURE
dc.subjectFINANCIAL CRISES
dc.subjectMATERIAL QUALITY
dc.subjectCOOPERATIVE PLANNING
dc.subjectCOLLECTIVE ECONOMY
dc.subjectINDIVIDUALISM
dc.subjectFINANCIAL POLICY
dc.subjectLABOR MARKET CHARACTERISTICS
dc.subjectINSTITUTIONAL REFORM
dc.subjectINFORMATION INDUSTRY
dc.subjectCOMMUNICATION TECHNOLOGY
dc.subjectFINANCIAL LEVERAGE
dc.subjectPOLITICAL CORRUPTION
dc.subjectMORAL RULE
dc.subjectLEGAL FRAMEWORK AGRICULTURE
dc.subjectBANKRUPTCY
dc.subjectBUDDHISM
dc.subjectCHRISTIANITY
dc.subjectCIVILIZATION
dc.subjectCOAL
dc.subjectCONFUCIANISM
dc.subjectDEMAND CURVE
dc.subjectDEMAND CURVES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectEARTH
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC FACTORS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC LIFE
dc.subjectECONOMIC POWER
dc.subjectECONOMIC PROGRESS
dc.subjectECONOMIC STRUCTURES
dc.subjectECONOMIC SYSTEMS
dc.subjectECONOMIC THEORY
dc.subjectECONOMIC THOUGHT
dc.subjectECONOMISTS
dc.subjectEMPLOYMENT
dc.subjectEQUILIBRIUM
dc.subjectFAIRNESS
dc.subjectFATE
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MARKETS
dc.subjectFORESTRY
dc.subjectFOUNDATIONS
dc.subjectGOD
dc.subjectHAN RIVER
dc.subjectHUMAN DEVELOPMENT
dc.subjectINCENTIVE SYSTEMS
dc.subjectINCOME DISTRIBUTION
dc.subjectINDIVIDUALISM
dc.subjectINHERITANCE
dc.subjectLAWS OF NATURE
dc.subjectLINES
dc.subjectLIVING STANDARDS
dc.subjectMATERIALISM
dc.subjectNORMS
dc.subjectORACLES
dc.subjectPER CAPITA INCOME
dc.subjectPHILOSOPHY
dc.subjectPOINT
dc.subjectPOLICY RESEARCH
dc.subjectPRINCIPLES
dc.subjectPRIVATE PROPERTY
dc.subjectPRODUCTIVITY
dc.subjectPROPERTY RIGHTS
dc.subjectREALITY
dc.subjectRELATIVISM
dc.subjectRELIGION
dc.subjectRESPONSIBILITIES
dc.subjectSPIRITUAL VALUES
dc.subjectSPIRITUALISM
dc.subjectSUPPLY CURVE
dc.subjectSUSTAINABLE GROWTH
dc.subjectSYNTHESIS
dc.subjectTAOISM
dc.subjectTAOISTS
dc.subjectTECHNOLOGICAL PROGRESS
dc.subjectVIRTUES
dc.subjectWAGES
dc.subjectWEALTH
dc.subjectWEST
dc.subjectWIND
dc.subjectLEGAL FRAMEWORK
dc.subjectAGRICULTURE
dc.titleEast Asia's Dynamic Development Model and the Republic of Korea's Experiences

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