By Kim Woo-Jin
'...a wide-ranging, scholarly and humane publication which may be learn by means of a person heavily attracted to this country.' - David Donnison From the devastation of the Korean conflict, there emerged the most dynamic, swiftly turning out to be economies the area has ever obvious. ranging from a priority concerning the housing of individuals suffering to outlive on low earning within the towns of South Korea, Kim Woo-Jin throws mild upon the full improvement of Korean society because the civil battle. He argues that housing has performed a primary half in either the advance of the financial system and its more moderen slowdown. sooner or later, housing rules may well play their half in resisting the damaging forces that the possible reunification of North and South will carry and recreate desire for the future.
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Extra info for Economic Growth, Low Income and Housing in South Korea
Gaining command of financial resources; 4. Plant design, technology, and construction supervision; 5. Recruiting and training of new personnel; 6. Relationship with government; 7. Relationship with suppliers and purchasers. According to a general framework of this kind, the government chooses its industrial strategy. Second, the government develops industrial estates, or sometimes plans a new industrial city, or changes land use for the production of a chosen industry or items, often by using compulsory powers.
Private finns in Korea contributed very little of their own capital to investment projects. By law, 30 per cent of a plant's total costs has to be selffinanced. , 1981). 9 per cent of its business through retained earnings and capital increases (Amsden, 1989, p. 85). The remainder of the capital was highly subsidised. As a consequence, until recently nearly all big businesses in Korea were technically bankrupt. Through the control of the banks and credit, however, the government was able to seize indirectly a substantial share of the value produced and allocated for investment or savings, following carefully defined economic and political objectives.
This 'planned capitalism' since 1961 was possible because the Korean government was able to consolidate its power, not only because of traditional ethics but also because of the weakness of social class. Workers constituted only a small percentage of the population, the aristocracy had been dissolved by land reforms and the peasantry atomised into smallholders, while existing industrial capitalists had been destroyed by the Korean War and dismantled by the strong measures to confiscate unjustifiably accumulated wealth in 1962 and following the currency reform.