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Аннотация |
The phenomenon of Korea’s economic development in the XX century was widely
reflected in academic literature ante omnia in the light of the export promotion policy achievements, belonging to the category of newly industrialized countries and
the internationalization of chaebols. Meanwhile there is a number of subjects on
various aspects of Korean economy that do not seem to be so popular with researchers but at the same time definitely may be deemed as mark worthy and deserve
to be analyzed in detail. One of these subjects is Republic of Korea’s experience in
pursuing import substitution policy. The import substitution approach dominated
in Korean economic policy for a rather short period of time — from 1953 through
1960, however it was the very period, when the manufacturing base, that secured
the success at the first stages of export promotion in subsequent years, was established. It should be noted that some elements of import substitution were incorporated in the First, Third and Forth Five-Year Economic Development Plans (1961–
1966, 1972–1976 and 1977–1981, respectively) — at the time when the growth of
the export sector was unconditionally proclaimed as the top priority. According to
Korea Development Institute in the period of establishing Heavy and Chemical industries (the Third Five-Year Economic Development Plan, 1972–1976) the strategy
of the 60s focusing on comprehensive export promotion was temporally replaced
with import substitution policy.However we find it necessary to dispute this point
of view: the dynamics of the exports during the Third Five-Year Plan indicates the
persisting outward orientation of Korean economy, and more conspicuous elements
of import substitution were not the consequence of the return towards this kind
of strategy but dealt with drastic changes in the structure of exports. Thus it is the
period of 1953–1960 that can be considered as the time when the growth of Korea’s
economy was shaped by the strategy of import substitution.
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