Path to development under globalization
WithSeung-hun Chun
Pages 13

The main question that remains is the extent to which Korea’s experience has implications for contemporary developing countries. To examine this issue, it may require comparative analyses of initial conditions of development and environment between 1950s Korea and its present-day equivalents. In terms of the initial conditions for development, we found that Korea’s post-war conditions of extreme poverty and underdevelopment had considerable parallels with many of today’s developing countries. However, regarding the environment, there is a material difference in the conditions of the mid-twentieth century and the economic dynamism of the twenty-first century. This chapter analyzes how the developmental environment of globalization and technological innovation create an environment for currently developing countries to survive and compete in the global market. Based on these analyses, it explores ways for developing countries to pursue economic development under the new globalized economic order.