In just thirty years, Korea not only grew but also industrialized, becoming a commercial middle power. Its development and industrialization model was designed from the combination of a growth strategy led by the exports of manufactured products and a strict control over imports and the inflow of capital based on the requirements established by the productive development. Once the industrialization goals had been achieved, it faced a process of rethinking its international economic relations marked by openness and liberalization. Weeks before the December 1997 crisis, Korea's external financial accounts were good. The economic crisis, however, surprised Korea at a time of extreme industrial fragility and a domestic economy dependent on international markets, vulnerable to the Asia-Pacific currency and financial crises due to an inefficient and distorted financial system.
Keywords:
South Korea, Industrialized Economy, International Economic Relations, Economic Crisis, Economic Opening
Asesor de la Dirección de Relaciones Económicas Internacionales, Ministerio de Relaciones Exteriores de Chile; profesor del Instituto de Estudios Internacionales de la Universidad de Chile.
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