Core Viewpoint - The article discusses the transformation of South Korea's economy from state capitalism to market capitalism, highlighting the importance of this shift in overcoming the "middle-income trap" and achieving sustainable growth after the 1997 financial crisis [4][30]. Group 1: Historical Context and Economic Development - From the mid-1960s to the mid-1990s, South Korea experienced rapid economic growth, known as the "Miracle on the Han River," with an average annual growth rate exceeding 10% [4][14]. - The government under Park Chung-hee prioritized capital-intensive heavy industries, which were essential for national defense and economic development during the Cold War [7][8]. - The third five-year economic development plan (1972-1976) focused on strategic industries, providing various incentives to a few large conglomerates, known as chaebols, which led to a concentration of economic power [8][10]. Group 2: Financial Crisis and Its Aftermath - The 1997 Asian financial crisis exposed the vulnerabilities of the South Korean economic model, characterized by high debt-to-equity ratios and weak corporate governance [13][14]. - The crisis resulted in a significant contraction of the economy, with GDP shrinking by 5.7% in 1998, and many of the largest chaebols faced bankruptcy [19][28]. - The government sought assistance from the International Monetary Fund (IMF), which required comprehensive economic and financial reforms [19][20]. Group 3: Economic Reforms and Recovery - Major reforms included corporate restructuring, financial sector reform, and a shift towards a more open economy, which collectively transformed the growth model from investment-driven to innovation-driven [21][24][25]. - The debt-to-equity ratio of manufacturing companies decreased from around 400% before the crisis to approximately 200% by 2008, indicating improved financial health [21][23]. - The establishment of independent regulatory bodies and the introduction of stricter corporate governance measures helped reduce the influence of chaebols over the financial system [25][27]. Group 4: Innovation and Future Growth - The South Korean government shifted its focus from supporting large conglomerates to fostering small and medium-sized enterprises (SMEs) and encouraging innovation [32][34]. - Investment in research and development (R&D) has significantly increased, with R&D spending reaching over 4% of GDP, positioning South Korea as a leader in innovation [33][34]. - The successful transition to a market-driven economy has allowed South Korea to avoid the middle-income trap, with per capita GDP projected to reach $36,000 by 2024, surpassing Japan's [28][30].

新加坡国立大学教授张锡金（Chang Sea-Jin）的《金融危机和韩国企业集团的转型》（以下简称《危 机》）和世界银行的《创新的韩国》（以下简称《创新》），出版前后相距二十年，却共同勾勒出韩国 经济发展的一个完整周期。 朴正熙军人政权于一九七二年颁布第三个经济发展五年计划（一九七二至一九七六），将钢铁、石油化 学、有色金属、机械、造船和电子定为战略行业，以低息贷款、减免税负、出口信贷、承担企业亏损等 各种政策，鼓励民间企业进入。 政府声称出于规模经济效益的考虑，只向少数大公司发放行业经营许可证，受益的当然只有现代、三 星、LG、大宇、SK五巨头为首的少数财阀型企业集团。已被收归国有的商业银行放弃了对债务人信用 的独立审查，根据经济规划委员会制订的计划，向重点行业和企业发放信贷。 前者记述了二十世纪六十年代开始的韩国经济起飞即所谓"汉江奇迹"，深入分析朴正熙政府的经济发展 战略，特别是产业政策、那一时期的政商关系、韩国企业集团的组织和治理结构，探讨这一发展模式和 一九九七年金融危机之间的逻辑关系。 后者着重介绍金融危机期韩国进行的宏观和微观层面上的改革，如何将增长动力从投资转向创新，不仅 挽救了濒临破产的国家 ...

以下文章来源于格隆 ，作者万连山 格隆 . 一个游走于资本市场与佛祖之间的浪子。我可以生，可以死，我大笑，由天决定！ 作者：万连山 来源： 格隆（ID： guru-lama ） 《安娜·卡列尼娜》中有一句名言： 幸福的家庭都是相似的，不幸的家庭各有各的不幸。 这句话换个对象也成立：成功的国家都是相似的，失败的国家各有各的失败。 那么，决定成功/失败的根源是什么？ 10月14日，麻省理工学院教授西蒙·约翰逊、德隆·阿西莫格鲁，与芝加哥大学教授詹姆斯·A·罗宾逊， 三人共同诺贝尔经济学奖，以表彰他们"对制度如何形成以及如何影响繁荣的研究"。 后两者合著的《国家为什么失败》中强调： 包容性制度 。 权力分散、鼓励创新和投资、保护产权，能快速建立起自由市场机制和现代法治，刺 激当地经济走向国际化和繁荣。 汲取性制度 。社会等级分明，法律到了一定阶级以上就不再生效，故意建立不平等规则维护利益， 阻碍自由市场的成长。 在当下混乱的舆论氛围中，必须要明确一点：这并非基于意s形态而拍脑袋的结论，它是经过大量事 实和数据证明的科学。 同样的民族、同样的文化、同样的时间、同样的地缘，只是因为选择不同，最终的差异极可能是天翻 地覆 ...