Abstract
In 1962, the Korean fleet totalled 40 steam and motor vessels of 103,870 grt (an average size of 2,600 grt). Since the implementation of the First Five-Year Economic Development Plan, the fleet has expanded, with the rate of growth accelerating over the years. By 1981, the number of vessels had risen from 40 to 1,634 (an average 21.6% growth rate per annum) and gross tonnage from 103,870 grt to 5.1 million grt (an average 22.8% growth rate per annum), as shown in Table 1. From the point of view of the shipping tonnage growth index based on 1962 = 100, the speed which Korea has experienced the expansion of her merchant marine was ten times faster than that achieved both by some newly industrialising countries and by Japan in the period 1962–1981.
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Notes
A. Gerschenkron, Economic Backwardness in Historical Perspective: A Book of Essays Cambridge, Mass: Havard University Press, 1962: A. Gerschenkron, “The Discipline and I”, Journal of Economic History, Vol.27, (December 1967).
Tae-Woo Lee, “The Gerschenkron Model and Its Applicability to the Shipping Industry: The case of Korea”, Journal of Korea Association of Shipping Studies, Vol. 10, May 1990, pp.325–355.
On the history of waiver system in Korea, see Tae-Woo Lee, “Korean shipping policy”, Marine Policy, Vol.14, No.5, September 1990, p.428.
Temple, Barker and Sloane, Inc and Korea Maritime Institute, An Overview of Prospects and Strategy for the Development of the Korean Shipping Industry, A project for the World Bank and Korea Maritime and Port Administration, (Seoul: The Korea Maritime Institute, 1985), pp. 1–7.
For an analytical relationship between import substitution and economic development, see H.B. Chenery, “Patterns of industrial growth”, American Economic Review, Vol.50, 1960, pp.625–654.
For a comprehensive review of the theoretical and empirical concept and problems of import substitution and art analysis of the issue for the Korean economy, see S.T. Suh, Import Substitution and Economic Development in Korea, Working Paper No.7519, (Seoul: The Korea Development Institute, 1975), p.261.
E.S. Mason et al., The Economic and Social Modernization of the Republic of Korea, (Cambridge: Council on East Asian Studies, Havard University Press 1980), pp.200 and 268.
Tae-Woo Lee, op. cit., (1990), p.423–424.
See Temple, Barker and Sloane, Inc and Korea Maritime Institute, op. cit., pp.424–426.
Y.C. Park, “Foreign Debt, Balance of Payments, and Growth Prospects: The Case of the Republic of Korea, 1965–88”, World Development, Vol.14, No.8, 1986, p. 1025.
On characteristics of lease, see J. E. Sloggett, Shipping Finance (London: Fairplay Publications, 1984), p. 13. It can be said that BBCPO arrangements have a similarity with the “Shikumisen” financial arrangements. While the latter were used for increasing the number of new ships, the former contributed to expanding second-hand ones. On this point, see Tae-Woo Lee, The Growth of Korean Shipping, 1962–1981: The advantages of combining a “Backward” start with imported ideas, PhD Thesis, University of Wales College of Cardiff, May 1989, pp.248-258.
KMPA, Hankook Haewoon Hangmansa, (in Korean Version) [History of Korean Shipping and Ports], (Seoul, Korea: KMPA, 1981), p.645.
G. C. Allen, A Short Economic History of Modem Japan (London: George Allen & Unwin Ltd., 1962), p.90.
Tae-Hyeon Shon, HanKook Haewoonsa, (in Korean Version) [History of Korean Shipping] (Pusan: A-Seong Publishing Co., 1982), pp.364–368.
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© 1993 Springer Science+Business Media Dordrecht
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Lee, TW. (1993). Some Reflections on the Causes of Growth of Korean Shipping. In: Gwilliam, K.M. (eds) Current Issues in Maritime Economics. Springer, Dordrecht. https://doi.org/10.1007/978-94-015-8153-0_2
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