Liberalization in the Process of Economic Development by Lawrence B. Krause, Kim Kihwan

By Lawrence B. Krause, Kim Kihwan

Financial progress in all constructing nations is guided, and sometimes speeded up, via commonly intrusive regulations applied by means of governments purpose on enjoying an energetic function in furthering improvement. As economies have grown and develop into extra complicated, besides the fact that, even small marketplace distortions are magnified, and the tendency is to count extra seriously out there for persisted development. during this quantity, prime specialists in financial improvement learn the diversity of matters that come up as governments in a number of the newly industrializing nations of Southeast Asia, akin to South Korea, Taiwan, and Singapore, grapple with this tough means of liberalization.

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No matter how abruptly change may occur, the evolution of a society reflects its previous history. Thus the story of development is different in every country. There are similarities among countries (the science of development is aimed at discerning these similarities), but unique elements always mark the development experience in a given country. The story of development is also one of a swinging pendulum. Pressures force public policy in one direction to a point of exaggeration, followed by a reaction in the opposite direction.

Achieving Price Stability Soon after it was established, the new government launched wideranging economic policy reforms based on the agenda prepared by Kim Jae-Ik and his colleagues. 6 The policies for achieving price stability that Kim Jae-Ik and his colleagues formulated had in turn three major thrusts. The most important was to reduce the government deficit. In the Korean context, as long as the government had a deficit, the nation's central bank had no option but to finance it through money creation.

Furthermore, their special thanks go to Elizabeth Phillips for her most able assistance throughout the project and to Richard Rice, who did a wonderful job typing the manuscript. LAWRENCE B. KRAUSE KIM KIHWAN Page xi Kim Jae-Ik: His Life and Contributions Kim Kihwan Until his tragic death in Burma in 1983, Kim Jae-Ik was one of Korea's most gifted economists and a highly influential policymaker. Few were as dedicated to the cause of economic growth and development, and fewer still had as great an impact on Korea's economic policymaking.

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