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South Korea Chooses Export Oriented Industrialization 12-03-12.pdf

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McGill University
Political Science
POLI 243
Mark Brawley

South Korea Chooses Export-Oriented Industrialization Trade and Economic Development 4/3/12 10:58 PM Trade and Economic Development • Despite similar starting points in 1945, several countries have attained different results • They were exporting input goods, not manufactured goods. Ex. Coal • East Asian countries quite successful; Latin American countries had struggled • Trade policy played an important role The Popular Trade Strategy • Import Substitution Industrialization (ISI) o this was the strategy that most states used o Wanted to break the mercantilist pattern of sending raw materials to the home country o Stop importing manufactured goods, and create their own goods o allows infant industries the market needed to break into the market o Use tariffs and block imports and substitute local production for the lack of imports • Based on historical experience (during World Wars) • ISI widely adopted after WW2 • Linked to nationalism, security concerns Problems with ISI • Shortages develop, causing bottlenecks in production • Profits are not always reinvested • Home markets can’t always support production
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