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Doo Won Lee
You will review the evolution of the Korean economy decade by decade since Korea’s independence from Japan in 1945. Major policies of each decade will be explained and their effect on the Korean economy will be analyzed. Also, the backgrounds and limitations of important policies will be scrutinized. By doing so, you will be able to compare the Korea experience with the other developing countries’.
1. You will be able to explain how the miracle of the Korean economic development was made possible.
Read more
You will review the evolution of the Korean economy decade by decade since Korea’s independence from Japan in 1945. Major policies of each decade will be explained and their effect on the Korean economy will be analyzed. Also, the backgrounds and limitations of important policies will be scrutinized. By doing so, you will be able to compare the Korea experience with the other developing countries’.
1. You will be able to explain how the miracle of the Korean economic development was made possible.
Read more
You will review the evolution of the Korean economy decade by decade since Korea’s independence from Japan in 1945. Major policies of each decade will be explained and their effect on the Korean economy will be analyzed. Also, the backgrounds and limitations of important policies will be scrutinized. By doing so, you will be able to compare the Korea experience with the other developing countries’.
1. You will be able to explain how the miracle of the Korean economic development was made possible.
2. By examining internal and external conditions behind the decision making of major policies in Korea, you will be able to draw lessons that can be applicable to today’s developing countries.
3. You can explain how the Korean economy has interacted with the global economy in the past.
4. You can observe how economic theories and models can be applied to the Korean case.
Register for this course and see more details by visiting:
OpenCourser.com/course/0ugwdr/the
What's inside
Syllabus
Introduction: Preview and Overall Evaluation
Module 1. Introduction I: This module introduces initial conditions of the Korean economy at the time of independence from Japan in 1945. Upon describing unfavorable initial conditions, it summarizes three major achievements of the Korean economic development after the Korean War (1950-1953).
Module 2. Introduction II: In order to explain the determinant factors of the Korean economic success, this module provides two approaches. First, it introduces neoclassical growth model, and explains how each production factor has contributed to economic growth. Second, it introduces institutional approach, which emphasizes the role of the government. Also, it shows the strength and weakness of the Korean economy.
Read more
Syllabus
Introduction: Preview and Overall Evaluation
Module 1. Introduction I: This module introduces initial conditions of the Korean economy at the time of independence from Japan in 1945. Upon describing unfavorable initial conditions, it summarizes three major achievements of the Korean economic development after the Korean War (1950-1953).
Module 2. Introduction II: In order to explain the determinant factors of the Korean economic success, this module provides two approaches. First, it introduces neoclassical growth model, and explains how each production factor has contributed to economic growth. Second, it introduces institutional approach, which emphasizes the role of the government. Also, it shows the strength and weakness of the Korean economy.
Read more
1940s and 1950s
Module 3. From independence to the War: After independence from Japan, the newly established Korean government has implemented two meaningful reforms; land reform and educational reform. Main contents and implications of these reforms are explained. This module also introduces economic impact of the Korean War.Module 4. Import Substitution Policy of the 50s: After the Korean War, the Korean government needed to stabilize the hyper-inflation from the mid-1950. Also, IS (import substitution) polices were employed to achieve industrialization and growth. This module introduces major policy tools of IS, and its results.Module 5. The Role of Economic Aid: This module introduces the size and role of economic aids on the Korean economy during the 1950s. It also compares Korea to the other developing countries in terms of aids policies. It also briefly introduces the history of ODA (official development assistance) in Korea.
1960s
Module 6. Export Promotion of the 60s: From the early 1960s, Korea has changed its development strategy from IS (import substitution) to EP (export promotion). This module introduces backgrounds, major policies, and results of EP policies. Also it compares the Korean experiences of EP to those of Japan. Module 7. Five Year Development Plan and Mobilization of Capital: This module explains how the Five Year Development Plans were launched from the early 1960s. Also, it introduces efforts of the Korean government to mobile capital inside and outside Korea during the 1960s.
1970s
Module 8. Heavy and Chemical Industrialization (HCI) of the 70s: From the early 1970s, Korea has aggressively pursued HCI (heavy and chemical industrialization) policies. This module explains backgrounds, major policies, and main results of HCI policies.Module 9. Side-effects of HCI and Oil Shocks: This module introduces some side-effects of aggressive HCI (heavy and chemical industrialization) policies. It explains how these side-effects are inter-related with each other. Also, it introduces impacts of oil shocks on the Korean economy during the 1970s, and explains how the Korean economy recovered from oil shocks.
1980s
Module 10. Crisis Management & Structural Reform and Trade Liberalization of the 80s: The Korean economy was close to foreign exchange crisis in the early 1980s. This module explains how Korea could avoid the crisis and stabilize the economy by the mid-1980s. It also introduces structural reforms and trade liberalization reforms. Module 11. Three Lows & Economic Boom of the 1980s: This module introduces favorable international environments called ‘three-lows’, which emerged from the mid-1980s. It introduces backgrounds of three-lows, and explains how these three-lows helped the Korean economy to enjoy the unprecedented economic boom. Also, it introduces how the democratization of the Korea society has influenced the economy.
The early 1990s
Module 12. The Early 1990s: In the early 1990s, the Korean economy has faced the end of high growth era. However, the Korean economy has failed to adapt itself to slower growth, and the problem of ‘high costs and low efficient’ economic structure emerged.
1997 Asian Financial Crisis
Module 13. 1997 Asian Financial Crisis I: In the end of 1997, the Korean economy fell into foreign exchange crisis and had to be bailed out by IMF (international monetary fund). This module explains the internal and external causes of the 1997 Asian Financial Crisis.
Module 14. 1997 Asian Financial Crisis II: In order to recover from the 1997 Asian Financial Crisis, the Korean government and IMF implemented four major reforms in the area of financial sector, corporate sector, labor market, and government. This module introduces main contents of these reforms, and explains how they helped the Korean economy to recover from the crisis.
Module 15. 1997 Asian Financial Crisis III: This module introduces some side-effects and controversial issues with respect to the 1997 Asian Financial Crisis. Also, it explains about implications of the 1997 crisis on the Korean economy.
2008 Global Financial Crisis and Beyond
Module 16. 2008 Global Financial Crisis & Beyond: In September, 2008, the global economy fell into financial crisis after the collapse of Lehman Brothers. This module explains how the 2008 global financial crisis affected Korea, and also explains how Korea has recovered from it.
Module 17. 2008 Global Financial Crisis & Beyond: This module introduces implications of the 2008 global financial crisis on the Korean economy. Also, it shows the most recent picture of the Korean economy by introducing strength and weakness of the Korean economy.
Final Peer Review
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Examines the complexities of South Korea's economic development, which is relevant and interesting to students of world history and economics
Reviews the successes and failures of South Korea's economic development through case studies, which can prepare learners for their own experiences as young professionals
Provides a comprehensive overview of South Korea's economic development, which can be useful to learners exploring the topic
Emphasizes the importance of economic development for less developed nations
Save this course
Save The Korean Economic Development to your list so you can find it easily later:
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Reviews summary
South korea's economic development
Learners say this course is a highly positive and engaging overview of South Korea's economic development. Professor Lee's lectures are well-organized, easy to understand, and provide valuable insights into the challenges and opportunities that South Korea has faced on its path to becoming an economic powerhouse. Students highly recommend this course to anyone interested in Korean economics or economic development in general.
Students praise Professor Lee's engaging lectures that make learning about Korean economic development a positive experience.
"I thoroughly enjoyed the course. It was easy to follow and clearly presented."
"Professor Lee explains everything in detail and shows the precise information that can help you understand better the context of everything."
"The course is quite good about Korean economic developments from dire poverty in 1945 after independence from Japan in 1945 to today’s date prosperity"
Professor Lee presents complex economic concepts in a clear and understandable way.
"Professor Doo Won Lee has done a fantastic job of presenting The Miracle on the Han River. I have found tremendous pleasure in passing this course, which explains why I've completed in less than a week!"
"Thank you Professor Lee for this wonderful course. All the lectures were amazing and every concept was clearly understandable."
"It was so easy to follow .. Ive never studied economy but i learned many things easily"
This course provides valuable insights into the strategies and policies that have contributed to South Korea's economic success.
"I've always wanted to learn about the Korean economy and this course is really amazing. It helped me to learn and understand easily and the professor explained so well."
"Learned really interesting topics! Professor Lee is great and the lectures are very interesting"
"i am so glad that I enrolled in this course as it was so informative and helped me get a more clear look on how the economic development of south Korea and how rhe impossible could e possible if we made the right effective strategies and follow them seriously"
One student notes the absence of discussion on chaebols, large family-owned conglomerates in South Korea, as a shortcoming of the course.
"Although some topics were really interesting, it seemed too orthodox in terms of economic development. For example, the absence of the concept of chaebols really surprised me."
Some students note that the course lacks up-to-date information on the South Korean economy.
"I would give four stars because there are a lot of typos in both English and Korean subtitles. It would be great if the content could be up-to-date, as this course seems to have been created back in 2016."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in The Korean Economic Development with these
activities:
Review basic microeconomics
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Reviewing basic microeconomics will help enhance your foundational understanding of economic principles.
Browse courses on
Microeconomics
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-
Go over your notes from a previous microeconomics course or textbook.
-
Take practice quizzes or exams to test your understanding.
-
Review online resources, such as Khan Academy or Coursera.
Review Your Notes from your Microeconomics and Macroeconomics Courses
Show steps
Reviewing your notes from your microeconomics and macroeconomics courses can help you refresh your knowledge of the basic principles of economics.
Browse courses on
Microeconomics
Show steps
-
Find your notes from your microeconomics and macroeconomics courses.
-
Read through your notes and make sure you understand the key concepts.
-
Create a summary of the key concepts from your notes.
Create a Study Guide for the Course
Show steps
Creating a study guide can help you organize the material and identify areas where you need additional review.
Show steps
-
Review the course syllabus and readings.
-
Identify the key concepts and terms.
-
Create a summary of each lecture.
-
Write practice questions.
Nine other activities
Expand to see all activities and additional details
Show all 12 activities
Read 'Miracle on the Han: The Economic Rise of South Korea' by Peter Ferdinand
Show steps
This book provides a comprehensive overview of the history of the Korean economy and the factors that have contributed to its success.
Show steps
-
Read the book thoroughly.
-
Take notes on the key points.
-
Write a summary of the book.
Solve Practice Problems on Economic Growth
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Solving practice problems can help you test your understanding of the material and identify areas where you need additional practice.
Browse courses on
Economic Growth
Show steps
-
Find practice problems on economic growth.
-
Solve the problems and check your answers.
-
Review the problems you got wrong.
Analyze Key Economic Development Strategies
Show steps
Analyzing the Korean economy's significant strategies will reinforce your understanding of the factors driving its success.
Show steps
-
Review module materials on key economic development strategies employed by Korea.
-
Identify major policies and initiatives implemented during each decade of Korea's economic development.
-
Evaluate the effectiveness of these strategies by examining their impact on economic growth, industrialization, and trade.
-
Compare and contrast the Korean experience with other developing countries in terms of economic development approaches.
Explore the Role of Government in Economic Development
Show steps
Examining the government's role will provide valuable insights into the institutional factors that shaped Korea's economic growth.
Show steps
-
Review the neoclassical growth model and institutional approach to economic development.
-
Analyze the Korean government's interventions and policies in various sectors (e.g., industrialization, export promotion).
-
Evaluate the impact of government policies on economic growth, efficiency, and inequality.
Join a Study Group
Show steps
Discussing the course material with other students can help you understand the concepts more deeply.
Show steps
-
Find a study group or start your own.
-
Meet regularly to discuss the course material.
-
Work together on practice problems.
Practice macroeconomic modeling in an online environment
Show steps
Running simulations will enforce your understanding of the Korean economy's response to changes in its economic fundamentals.
Show steps
-
Go to the website of the Bank of Korea and find the macroeconomic model simulator.
-
Input different values for economic variables, such as government spending, interest rates, and exchange rates.
-
Observe how the model predicts the impact of these changes on economic growth, inflation, and unemployment.
Follow a Tutorial on Economic Forecasting
Show steps
Learning how to forecast economic trends can help you better understand the impact of different policies and events on the Korean economy.
Browse courses on
Economic Forecasting
Show steps
-
Find a tutorial on economic forecasting.
-
Follow the steps in the tutorial.
-
Apply the techniques you learn to forecast economic trends in Korea.
Create a Presentation on a Key Economic Policy
Show steps
Creating a presentation on a key economic policy can help you understand the policy's objectives, implementation, and impact.
Browse courses on
Economic Policy
Show steps
-
Choose a key economic policy to present on.
-
Research the policy's objectives, implementation, and impact.
-
Create a presentation that is clear, concise, and engaging.
-
Practice your presentation.
-
Present your project to the class.
Develop a Research Paper on Economic Growth
Show steps
Writing a research paper can help you solidify your understanding of the factors that have contributed to Korea's economic growth and the challenges it faces.
Browse courses on
Economic Growth
Show steps
-
Choose a topic for your paper.
-
Conduct research on your topic.
-
Write an outline for your paper.
-
Write the first draft of your paper.
-
Revise and edit your paper.
Review basic microeconomics
Show steps
Reviewing basic microeconomics will help enhance your foundational understanding of economic principles.
Browse courses on
Microeconomics
Show steps
Show steps
Show steps
- Go over your notes from a previous microeconomics course or textbook.
- Take practice quizzes or exams to test your understanding.
- Review online resources, such as Khan Academy or Coursera.
Review Your Notes from your Microeconomics and Macroeconomics Courses
Show steps
Reviewing your notes from your microeconomics and macroeconomics courses can help you refresh your knowledge of the basic principles of economics.
Browse courses on
Microeconomics
Show steps
Show steps
Show steps
- Find your notes from your microeconomics and macroeconomics courses.
- Read through your notes and make sure you understand the key concepts.
- Create a summary of the key concepts from your notes.
Create a Study Guide for the Course
Show steps
Creating a study guide can help you organize the material and identify areas where you need additional review.
Show steps
Show steps
Show steps
- Review the course syllabus and readings.
- Identify the key concepts and terms.
- Create a summary of each lecture.
- Write practice questions.
Nine other activities
Expand to see all activities and additional details
Show all 12 activities
Read 'Miracle on the Han: The Economic Rise of South Korea' by Peter Ferdinand
Show steps
This book provides a comprehensive overview of the history of the Korean economy and the factors that have contributed to its success.
Show steps
Show steps
Show steps
- Read the book thoroughly.
- Take notes on the key points.
- Write a summary of the book.
Solve Practice Problems on Economic Growth
Show steps
Solving practice problems can help you test your understanding of the material and identify areas where you need additional practice.
Browse courses on
Economic Growth
Show steps
Show steps
Show steps
- Find practice problems on economic growth.
- Solve the problems and check your answers.
- Review the problems you got wrong.
Analyze Key Economic Development Strategies
Show steps
Analyzing the Korean economy's significant strategies will reinforce your understanding of the factors driving its success.
Show steps
Show steps
Show steps
- Review module materials on key economic development strategies employed by Korea.
- Identify major policies and initiatives implemented during each decade of Korea's economic development.
- Evaluate the effectiveness of these strategies by examining their impact on economic growth, industrialization, and trade.
- Compare and contrast the Korean experience with other developing countries in terms of economic development approaches.
Explore the Role of Government in Economic Development
Show steps
Examining the government's role will provide valuable insights into the institutional factors that shaped Korea's economic growth.
Show steps
Show steps
Show steps
- Review the neoclassical growth model and institutional approach to economic development.
- Analyze the Korean government's interventions and policies in various sectors (e.g., industrialization, export promotion).
- Evaluate the impact of government policies on economic growth, efficiency, and inequality.
Join a Study Group
Show steps
Discussing the course material with other students can help you understand the concepts more deeply.
Show steps
Show steps
Show steps
- Find a study group or start your own.
- Meet regularly to discuss the course material.
- Work together on practice problems.
Practice macroeconomic modeling in an online environment
Show steps
Running simulations will enforce your understanding of the Korean economy's response to changes in its economic fundamentals.
Show steps
Show steps
Show steps
- Go to the website of the Bank of Korea and find the macroeconomic model simulator.
- Input different values for economic variables, such as government spending, interest rates, and exchange rates.
- Observe how the model predicts the impact of these changes on economic growth, inflation, and unemployment.
Follow a Tutorial on Economic Forecasting
Show steps
Learning how to forecast economic trends can help you better understand the impact of different policies and events on the Korean economy.
Browse courses on
Economic Forecasting
Show steps
Show steps
Show steps
- Find a tutorial on economic forecasting.
- Follow the steps in the tutorial.
- Apply the techniques you learn to forecast economic trends in Korea.
Create a Presentation on a Key Economic Policy
Show steps
Creating a presentation on a key economic policy can help you understand the policy's objectives, implementation, and impact.
Browse courses on
Economic Policy
Show steps
Show steps
Show steps
- Choose a key economic policy to present on.
- Research the policy's objectives, implementation, and impact.
- Create a presentation that is clear, concise, and engaging.
- Practice your presentation.
- Present your project to the class.
Develop a Research Paper on Economic Growth
Show steps
Writing a research paper can help you solidify your understanding of the factors that have contributed to Korea's economic growth and the challenges it faces.
Browse courses on
Economic Growth
Show steps
Show steps
Show steps
- Choose a topic for your paper.
- Conduct research on your topic.
- Write an outline for your paper.
- Write the first draft of your paper.
- Revise and edit your paper.
Career center
Learners who complete The Korean Economic Development will develop knowledge and skills
that may be useful to these careers:
Economic Development Officer
Economic Development Officer
This course will give you a deep understanding of the economic history of South Korea, a nation that has transitioned from a developing country to a developed country in the past 75 years. As an Economic Development Officer, you will be advising government officials on how to create effective economic policy. The in-depth view that this course will provide you into how economic policies were and were not successful in South Korea will be indispensable to you in your work.
Professor
Professor
This course will serve as an in-depth case study on the economic development of South Korea. As a Professor, your job will be to conduct research and teach students about economics. This course will give you a thorough understanding of how economic policies have impacted economic growth in a real-world setting.
Policy Analyst
Policy Analyst
This course will provide you with a comprehensive overview of the economic policies that have been used to drive South Korea's economic growth. As a Policy Analyst, your job will be to analyze policies to determine their effectiveness. This course will teach you how to evaluate policies based on their economic impact.
Economic Researcher
Economic Researcher
This course will provide you with a complete picture of how government economic policy has driven the miracle of the South Korean economy. As an Economic Researcher, you are responsible for gathering data and analyzing it to build economic models. The historical perspective of this course on South Korean economic policy will serve you well as you compile data and analyze economic trends in your work.
Economist
Economist
This course will introduce you to all the major economic policies and theories that were utilized during South Korea's successful transition from a developing country to a developed country. As an Economist, your job will be to analyze the economy and make recommendations to governments, businesses, and organizations. This course will provide you with the economic foundations that will serve you well during your career.
Researcher
Researcher
This course will give you a comprehensive overview of the economic policies that have been used to drive South Korea's impressive economic growth. As a Researcher, your goal will be to conduct research on various topics, including economics. This course will provide you with a solid understanding of the factors that have contributed to South Korea's economic development.
Economic Analyst
Economic Analyst
This course will walk you through several decades of South Korean economic policy. This experience will prove invaluable to you as an Economic Analyst who must observe and predict economic trends to provide insights to your clients. The decades long case study of this course will allow you to observe the impacts of hundreds of economic policies and learn to apply this learning to your work as an Economic Analyst.
Financial Analyst
Financial Analyst
This course will show you how South Korea's government utilized economic theory and models to drive economic growth. As a Financial Analyst, your job is to leverage economic models to provide investors with advice on how to allocate their capital. Studying South Korea's economic development will provide you with real world examples of how economic theory can be leveraged to drive successful economic outcomes.
Portfolio Manager
Portfolio Manager
This course will walk you through the use of economic theory and models in shaping South Korea's economic policies. As a Portfolio Manager, you must be able to make investment decisions based on your understanding of economic theory and models. This course will enhance your ability to forecast economic trends and make sound investment decisions.
Risk Analyst
Risk Analyst
This course will provide you with a nuanced understanding of the relationship between government policy and economic growth, with a focus on the South Korean case study. As a Risk Analyst, your job will be to identify, assess, and manage risks. This course will help you to understand how economic policies can impact risk, and how to develop strategies to mitigate risk.
Quantitative Analyst
Quantitative Analyst
This course will teach you how South Korea's government utilized economic theory and models to drive economic growth. As a Quantitative Analyst, your job is to develop and implement mathematical models to solve business problems. This course will provide you with a foundation in economic theory and models that you can apply to your work.
Investment Banker
Investment Banker
This course will show you how economic policies can be used to drive economic growth, as evidenced by the case study of South Korea. As an Investment Banker, you will be responsible for advising clients on how to raise money to grow their businesses. Understanding how economic policy relates to economic growth will help you to provide better advice to your clients on when and how to raise capital.
Trader
Trader
This course will teach you how South Korea's government utilized economic policy and economic theory to drive economic growth. As a Trader, your job is to buy and sell financial instruments for profit. This course will give you a deep understanding of how economic policies can impact financial markets, and how to make trading decisions accordingly.
Management Consultant
Management Consultant
This course will give you insight into how economic policy has been used to drive growth in the South Korean economy. As a Management Consultant, your role will be to provide advice to companies on how to improve their performance. This course will help you to understand the complex relationship between government policy and economic growth, and how to advise companies on how to navigate this relationship.
Sales Manager
Sales Manager
This course will provide you with an in-depth understanding of the economic history of South Korea, a nation that has transitioned from a developing country to a developed country in the past 75 years. As a Sales Manager, your goal will be to develop and execute sales strategies. This course will help you to understand how economic conditions can impact sales, and how to adjust your sales strategies accordingly.
For more career information including salaries, visit:
OpenCourser.com/course/0ugwdr/the
Reading list
We've selected nine books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
The Korean Economic Development.
Provides a textbook-like overview of the Korean economy, covering topics such as economic growth, industrialization, and international trade. It is widely used in academic institutions in Korea.
Provides a comprehensive overview of the recent economic developments and challenges faced by the Korean economy. It serves as a useful reference tool for understanding the current economic landscape of Korea.
Examines the economic transformation of South Korea in the context of globalization and technological change. It offers a comprehensive analysis of the forces that have shaped Korea's economic development.
Save
Offers a critical assessment of the Korean development model, highlighting its achievements and limitations. It provides a thought-provoking perspective on the complexities of Korea's economic transformation.
This book, written in Korean, offers a comprehensive historical perspective on Korea's economic development. It valuable resource for those seeking a deeper understanding of the Korean language and culture.
Save
Critically examines the common myths and misconceptions surrounding the so-called 'Korean Miracle'. It provides a more nuanced and balanced perspective on Korea's economic development.
Save
Would be useful for supplementary reading as it covers several decades of economic development in Korea. It provides a good foundation for understanding the course's overarching theme.
Provides a comprehensive overview of the economic history of Korea, from ancient times to the present day. It offers valuable insights into the long-term trends and patterns that have shaped the Korean economy.
Explores the political factors that have shaped Korea's economic development. It examines the role of government intervention, social institutions, and political culture in fostering economic growth.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/0ugwdr/the
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Effort
5 weeks of study, 1-3 hours/week
Via
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Institution
Yonsei University
Instructor
Doo Won Lee
Language
English
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Good to know
Examines the complexities of South Korea's economic development, which is relevant and interesting to students of world history and economics
Reviews the successes and failures of South Korea's economic development through case studies, which can prepare learners for their own experiences as young professionals
Provides a comprehensive overview of South Korea's economic development, which can be useful to learners exploring the topic
Emphasizes the importance of economic development for less developed nations
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