Course Description

This course explores the rapid economic growth of South Korea from a resource-poor, low-income nation to a high-income economy within just a few decades, focusing on its export-led industrial strategy. You will delve into South Korea's developmental history, current strategies, and policy initiatives to sustain economic growth. This course is a collaboration between the World Bank Group and the Korea Development Institute, taught by experts from South Korea and the United States.

What Students Will Learn

• Factors contributing to South Korea's economic success from the 1960s-1990s and how these policies apply today.
• Building a science, technology, and innovation system tailored to modern economic demands.
• Developments towards diversification into advanced manufacturing, services, and digital/green technologies.
• Strategies to manage an ageing workforce and strengthen social safety nets.
• Insights into Songdo's smart and green technologies and their impact and scalability.

Course Prerequisites

Familiarity with basic economic concepts is helpful but not required for this intermediate-level course.

Course Coverage

• South Korea's historical economic trajectory and strategies.
• Role of innovation and technology in economic transformation.
• Future-oriented strategies for economic diversification and sustainability.
• Adjusting to demographic changes and evolving labor needs.
• Case study on Songdo: A model of a sustainable and smart city.

Who This Course Is For

This course is suitable for individuals interested in understanding the dynamics of rapid economic development, particularly policymakers, students of economics and finance, and professionals involved in economic planning and development.

Real-World Applications

Knowledge from this course can significantly benefit those involved in drafting and implementing economic development policies, guiding investments in technology and innovation, and designing strategies for urban planning and sustainable development.

Syllabus

1. Module 1: Korean Development in Global Perspective - Overview of Korea's unique developmental context and strategies.
2. Module 2: Rapid Growth: The First Three Decades - Detailed examination of Korea's economic ascendancy through industrialization and education.
3. Module 3: Evolving a 21st Century Development Model - Focus on modernizing efforts in technology, industry, and environmental practices.
4. Module 4: Post-Industrial Development Challenges - Insights into managing a mature economic environment, focusing on productivity and social structures.