Economic Development and Poverty Reduction in Korea: Governing Multifunctional Institutions

Abstract

Combining economic development and poverty reduction is a challenge for developing countries. In the search for mechanisms that integrate both goals, this article examines the Republic of Korea's development strategy, which transformed one of Asia's poorest nations into an industrialized country with low levels of poverty. The authors investigate the state–society nexus in which Korea's developmental state has operated and look at the role of governance for economic development, focusing especially on multifunctioning institutions performing for economic growth and poverty reduction. The article provides strategic suggestions for developing countries on managing effectively within institutional constraints and moving beyond a simple emphasis on good governance.

Do effective public governance and gender (in)equality matter for poverty?

“…Poor governance weakens the institutions, which is a failure to implement policies and strategies. The World Bank and the United Nations Development Programme also support this theory by stressing the importance of good governance for economic growth (Kwon & Yi, 2009). As mentioned previously, good governance is a prerequisite for growth, so the rate of the growth relies on the nature of governance, making it an essential factor in resolving issues and mitigating their intensity.…”

Managing social policy in the emerging welfare regime of governance: What Indonesia can learn from South Korea’s experience

“…This changed the South Korean economy to one almost equivalent to Congo in 1960 to become an Organisation for Economic Co-operation and Development (OECD) member with the 12th largest economy in the world in 1996 (Minns, 2010). Also, it is interesting to note that despite the limited public assistance program in this period, poverty incidence in Korea was drastically reduced from 40.9 percent of all households by 1965 to 9.8 percent in 1980 and 7.6 percent in 1991 (Kwon and Yi, 2009).…”

A bibliometric analysis on poverty alleviation

“…Stream 3 analyses the impact of financial development on poverty elimination (Kalwij and Verschoor, 2007; Jalilian and Kirkpatrick, 2002; Jeanneney and podar, 2011; Hameed et al , 2017; Bayar, 2017; Boukhatem, 2016; Abosedra et al , 2016; Jung et al , 2015; Uddin et al , 2014; Chyi and Hwang, 2011; Kwon and Yi, 2009; Jalilian and Kirkpatrick, 2005; Premchander, 2003; Yao, 2000; Kaidi et al , 2019), how poverty can be reduced through economic growth (Besley and Burgess, 2000; Bigsten et al , 2003; De Silva, 2016; Moore and Donaldson, 2016; Huang et al , 2016; Belke and Wernet, 2015; McKay, 1997, 2013; David and Marouani, 2012; Suryahadi et al , 2012; Goh et al , 2009; Fanta and Upadhyay, 2009; Klasen, 2008; Vetterlein, 2007; Balisacan et al , 2003), the role of aid and donation to remove poverty (Collier and Dollar, 2002; Mosley et al , 2004; Page and Shimeles, 2015; Kaya et al , 2013; Sobhan, 2005; Arvin and Barillas, 2002; White, 1996), the role of microfinance and microcredit to mitigate poverty ( Banerjee and Jackson, 2017; Mazumder and Lü, 2015; Imai et al , 2010; Barboza and Trejos, 2009; Shastri, 2009; Swain et al , 2008; Greeley, 2003; Khan et al , 2021; Félix and Belo, 2019) and, finally, the role of education in eradicating poverty for sustainable development (Jones, 2016; Cremin and Nakabugo, 2012; Gounder and Xing, 2012; Rolleston, 2011; Walker et al , 2009; Yamada and Castro, 2009; Larson and Murray, 2008; Brown and James, 2020; Medeiros et al , 2020 ) .…”

“…G-Index = where the top G articles have together received G citations, M-index = the H-index is divided by the number of years that an author has been active, Tc = Total Citation, Np = Number of papers, Py_Start = publication year start Mkwambisi et al, 2011;Dagula, 2009;de Janvry and Sadoulet, 2010;Palmer-Jones, 2003;Heger et al, 2020) and how research and technology-mediated equipment improve agriculture sector that ultimately alleviates poverty (Graff et al, 2006;Huang et al, 2006;Alwang and Siegel, 2003;Otsuka, 2000;Mendola, 2007;Thirtle et al, 2003;Alene et al, 2018;Mbuyisa and Leonard, 2017;Herman, 2016;Asfaw et al, 2012). Stream 3 analyses the impact of financial development on poverty elimination (Kalwij and Verschoor, 2007;Jalilian and Kirkpatrick, 2002;Jeanneney and podar, 2011;Hameed et al, 2017;Bayar, 2017;Boukhatem, 2016;Abosedra et al, 2016;Jung et al, 2015;Uddin et al, 2014;Chyi and Hwang, 2011;Kwon and Yi, 2009;Jalilian and Kirkpatrick, 2005;Premchander, 2003;Yao, 2000;Kaidi et al, 2019), how poverty can be reduced through economic growth (Besley and Burgess, 2000;Bigsten et al, 2003;De Silva, 2016;Moore and Donaldson, 2016;Huang et al, 2016;Belke and Wernet, 2015; Analysis on poverty alleviation McKay, 1997…”

“…Stream 3 analyses the impact of financial development on poverty elimination (Kalwij and Verschoor, 2007;Jalilian and Kirkpatrick, 2002;Jeanneney and podar, 2011;Hameed et al, 2017;Bayar, 2017;Boukhatem, 2016;Abosedra et al, 2016;Jung et al, 2015;Uddin et al, 2014;Chyi and Hwang, 2011;Kwon and Yi, 2009;Jalilian and Kirkpatrick, 2005;Premchander, 2003;Yao, 2000;Kaidi et al, 2019), how poverty can be reduced through economic growth (Besley and Burgess, 2000;Bigsten et al, 2003;De Silva, 2016;Moore and Donaldson, 2016;Huang et al, 2016;Belke and Wernet, 2015; Analysis on poverty alleviation McKay, 1997McKay, , 2013David and Marouani, 2012;Suryahadi et al, 2012;Goh et al, 2009;Fanta and Upadhyay, 2009;Klasen, 2008;Vetterlein, 2007;Balisacan et al, 2003), the role of aid and donation to remove poverty (Collier and Dollar, 2002;Mosley et al, 2004;Page and Shimeles, 2015;Kaya et al, 2013;Sobhan, 2005;Arvin and Barillas, 2002;White, 1996), the role of microfinance and microcredit to mitigate poverty (Banerjee and Jackson, 2017;Mazumder and Lü, 2015;…”