Report of a seminar cosponsored by the Korea Development Institute and the Economic Development Institute of the World Bank.

Incluye bibliografía

Executive summary -- Pt. 1: Brief history to 1953 -- Review of macroeconomic policies (1953-1986) -- Summary of key policy elements -- Pt. 2: Industrial policy -- Incentive systems -- Institutional aspects -- Decisionmaking processes in the bureaucracy -- The state, entrepreneurs, and workers -- Some preliminary lessons for Latin America -- Annex A: Seminar schedule -- Annex B: List of reading materials -- Annex C: List of participants -- Annex D: List of resource persons

For a majority of Latin American countries, the 1980s have been fraught with economic crisis and politically difficult adjustments. Korea, on the other hand, successfully adjusted to the 1979 oil shock and managed to skirt the depressed international economy of the early 1980s and achieve high growth rates up to the present. An important element of this adjustment can be found in Korea ' s policy framework and orientation and institutional arrangements. Although Korea ' s experience is generally associated with " outward oriented " or " export led " growth, the historical review makes clear that initially during the 1950s, Korea had followed import-substitution policies and that it was only in the mid-1960s that the export drive began. The external and internal constraints placed on the modern Latin American economies are different, but nonetheless, the sense of urgency is compelling the governments of the region to assess the outward orientation in a more favorable light, if not actually to launch the required policy reforms.