ABSTRACT
Turkey’s per capita income was nearly three times South Korea’s in 1962. Dramatic change has been observed since then. South Korea has transformed into an innovative economy approaching the global technology frontier in only a few decades. Turkey, on the other hand, has attained limited success with missed opportunities and has fallen behind. This article asks why this spectacular success was observed in South Korea, but not in Turkey. It seeks an answer by concentrating on certain variables that may explain this outcome. Assuming that primarily different types and capacities of societies and states explain the variations in economic performance, the article examines in particular, the institutional foundations of Turkish and Korean societies.
