4th Seminar Series on KDI School Blended Learning – “Stabilization and Liberalization During the 1980~90s in Korea”

Speaker

Dongchul Cho, Professor, KDI School of Public Policy and Management

Discussant

Xingmin Yin, Deputy Director of China Center for Economic Studies, Fudan University

Moderator

Jin Park, Professor, KDI School of Public Policy and Management
Haiyoung Yun, Assistant Dean, Capacity Building Center, KDI School

The 4th series is applied via video conference at Jakarta Distance Learning Center, Universitas Indonesia on on June 13, 2014 from 14:00-15:30. This course discussed about Stabilization and Liberalization During the 1980~90s in Korea and it will be an opportunity for participants to stimulate critical thinking about development experience and to reflect on their respective economies as well.

Transitioning from an aid recipient to an OECD-DAC donor, Korea has achieved remarkable economic growth, democratization and social stability in less than half a century. With Korea’s extraordinary development widely acknowledged and documented, Korea is in an unique position to share its experiences with emerging and developing countries as a means of furthering global development.

Korea is well-known for its rapid economic development, but it is not as well-known that Korea suffered greatly from high inflation and its side-effects during the same period of the 1970s. Bold stabilization and reform policies, which overhauled the whole economic policy framework that was believed to be indispensable for rapid development until then, were designed and implemented in the early 1980s despite fierce resistances from various groups, finally bearing great economic fruits in the late 1980s.

Once the discussion is complete, the program continued with a discussion by Xingmin Yin, Deputy Director of China Center for Economic Studies, Fudan University. The conclusion for this session are :

  • The government-led development strategy was neither the only nor a sustainable policy framework for prosperity.
  • Better understanding of drawbacks as well as merits of the “Korean model of development” should greatly help many aspiring policy-makers in developing countries to shore up their development strategies.

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