ABSTRACT
What is the best way to explain economic development? This has been one of the major concerns of economists since the birth of the argument. There have been mainly three views to explain the process of economic development: the neoclassical, the developmental-state and the dependency view. None of these theories is sufficient, in itself, to explain the successful economic development of Korea. Indeed, there is considerable controversy over the factors that have most contributed to it. This research has argued for a different explanation by combining and modifying elements in the existing theoretical perspectives to fit the special features of the Korean case. A middle way is followed, based on a cautious use of the developmental-state view, which is seen as particularly relevant to Korea, since most of the internal factors affecting development have been chosen and determined by government.
