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REPUBLIC OFKOREA: TENDENCIES, OPPORTUNITIES AND PROBLEMS OFTHE TRANSITION TO THE MODEL OF INTENSIVE ECONOMIC GROWTH
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REPUBLIC OFKOREA: TENDENCIES, OPPORTUNITIES AND PROBLEMS OFTHE TRANSITION TO THE MODEL OF INTENSIVE ECONOMIC GROWTH
Annotation
PII
S0321-50750000616-3-1
Publication type
Article
Status
Published
Authors
Anna Gorozhankina 
Edition
Issue №2
Pages
69-75
Abstract
The paper explores features of South Korea's transition to the model of intensive economic growth. It analyses the history of South Korea's economic success, including important trends, components and proportions as well as favorable factors of economic growth, due to which it became possible for the country with unfavorable initial conditions to accomplish a "big push" in its economic development, build a competitive innovative economy, overcome the middle-income trap and transit to the group of high-income countries. The paper also presents the main challenges that the country faces on its way of innovation-driven growth, among which are the problem of aging population, the rigidity of labor market, the Korean traditional educational system still focused on the development of memory skills but the creative thinking skills, the unproductive service sector in comparison with the manufacturing one, the underdeveloped small and medium enterprises that are considered the main driving force of innovative economy, rigid market regulation etc. These problems constrain productivity growth and further intensive economic growth, especially under the conditions of political instability and corruption. The article also takes into account the characteristics of Koreans and business environment in Korea. The accent is made on social consequences of existing problems. However, taking into account the measures taken to solve or mitigate that challenges, the Korean past experience of a systematic approach to overcoming crisis phenomena, its strong focus on priority tasks, the sequence of effective reforms, it can be assumed that Korea is gradually overcoming difficulties on its way of intensive-economic growth.
Keywords
economic growth, intensive and extensive factors, business environment, quality of life
Date of publication
01.02.2018
Number of purchasers
8
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1255
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