KOREA: State capitalism

Cameron Sawyer strongly believes that for a country to achieve prosperity, its government must not interfere in the economy. Paul Simon comments: "Development was heavily State-orchestrated in South Korea, Cameron! Directed lending, targeted industries, monopolistic corporate structures, and massive tariffs were all used to foster ROK industry. The success of South Korea was due in no small part to hard work, education, and US protection, rather than to a "stand aside" government. You are right in that the ROK pursued only few and limited SOCIAL programs in the 1953-1990 period. That may be the common thread with Hong Kong and Singapore".

Ronald Hilton - 9/5/02