ABSTRACT
This conclusion presents some closing thoughts on the concepts covered in the preceding chapters of this book. The book shows importance of the institutions of development rather than the selection of specific factors considered most relevant to economic development. It argues that economic development comes about through the evolution of institutions, which comprise both internal and external factors. In the 1960s, the authoritarian developmental government led by President Park chose the chaebol as a strategic partner to help bring about economic development in Korea. The role of the Korean government began to change under President Chun, who took over in 1980. The government-chaebol relationship was initially the most important factor in the process of economic development in Korea. Over time, the financial institutions grew in importance and affected the direction of the Korean economic system. Their role was however, to bolster up the chaebol to sustain rapid economic development.
