caa a22 4500 397517106 CHVBK 20180915123716.0 cr unu---uuuuu 161202e19950401xx s 000 0 eng 10.2307/1344538 doi (NATIONALLICENCE)oxford-10.2307/1344538 Rodrik Dani Columbia University Getting interventions right: how South Korea and Taiwan grew rich [Elektronische Daten] [Dani Rodrik] Growth policy Getting interventions right: how South Korea and Taiwan grew rich Most explanations of Korea's and Taiwan's economic growth since the early 1960s place heavy emphasis on export orientation. However, it is difficult to see how export orientation could have played a significant causal role in these countries' growth. The measured increase in the relative profitability of exports durring the 1960s is too insignificant to account for the phenomenal export boom that ensued. Moreover, exports were initially too small to have a significant effect on aggregate economic performance. A more plausible story focuses on the investment boom that took place in both countries. In the early 1960s both economies had an extremely well-educated labour force relative to their physical capital stock, rendering the latent return to capital quite high. By subsidizing and coordinating investment decisions, government policy managed to engineer a significant increase in the private return to capital. An exceptional degree of equality in income and wealth helped by rendering government intervention effective and keeping it free of rent seeking. The outward orientation of the economy was the result of the increase in demand for imported capital goods. — Dani Rodrik © CEPR, CES, MSH, 1995 Original Articles nationallicence Economic Policy Oxford University Press 10/20(1995-04-01), 53-107 0266-4658 10:20<53 1995 10 economicpolicy https://doi.org/10.2307/1344538 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/1344538 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Rodrik Dani Columbia University NATIONALLICENCE 773 0- Economic Policy Oxford University Press 10/20(1995-04-01), 53-107 0266-4658 10:20<53 1995 10 economicpolicy Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence SWISSBIB 091984351 BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford