Revisiting East Asian Developmental States: Good Governance and Industrial Policy in Korea.

One of the most important elements of East Asian Developmental States is the role of the state and most studies had focused on the smart and successful industrial policy in explaining the rapid economic growth. However, East Asian developmental States had experienced the financial crisis in 1997 and the industrial policy became to be criticized as the cause of moral hazard and financial crisis. Since 1980s, industrial policy already had been criticized and constrained by the global standard that it would disturb the fair competition in world economy. It is often argued that there has been ‘disappearance of industrial policy’ since 1990s in Korea. This study intends to explore the shift of industrial policy in Korea and to evaluate whether the new industrial policy had an effect on economic development. And it will explain why most of them have resulted in failure, and suggest indicators of good governance by focusing on case studies of new industrial policy. This study will draw some theoretical and practical implications of how the role of the state could be redefined in a changed environment, globalized and democratized period. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]