Comment on “The Chaebol and Industrial Policy in Korea” by Wohnyuk Lim

Abstract

There can be no denying Korea’s remarkable industrial prowess sustained almost without interruption from the mid-1960s onwards. It is the stuff of legend and the subject of countless articles and book-length publications. Other developing countries, many of which were on a par with Korea in the 1960s and now lag far behind, have sought to learn from Korea’s experience and to adapt the policies it followed — thus far with limited success. But the interest has not waned and in recent years it has risen to a new pitch as a number of middle-income countries find that their industrial momentum is faltering and conventional market-based incentives are proving less effective in the post-financial crisis environment.