Author Description

This study on the transformation of Korea over three decades challenges the view that economic success was simply based upon sensible macroeconomic policies. It argues that the role of the government far surpassed that of simply adopting and implementing these policies. It explains why an activist role favoring enterprise, prioritizing education, and reducing rural inequalities, makes sense in terms of economic efficiency for a country in economic transition. The study concludes that economic transition can be accelerated by such an activist governmental stance which goes beyond merely providing a stable and neutral incentive system for the private sector.