Working Paper
Korea’s evolving business–government relationship

South Korea has gained economic development despite the obstacles it faced as a war-torn country with little natural resources and capital. Poverty, lack of democracy, as well as war and conflict were challenges the country faced in the early 1960s; issues not very different from what many developing countries face in the 21st century. This paper focuses on the following topics during the most dynamic period in South Korea’s economic development from 1960s to 1980s: the developmental state and industrial policies; the role of the private businesses; and state–business relationship.