Chapter

 The Traditional Economy

Young‐Iob Chung

in Korea under Siege, 1876-1945

Published in print March 2006 | ISBN: 9780195178302
Published online September 2006 | e-ISBN: 9780199783557 | DOI: http://dx.doi.org/10.1093/0195178300.003.0002
  The Traditional Economy

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This chapter examines the economic conditions and forces that affected capital formation and economic development in Korea prior to its opening to the outside world in the mid-1870s. It examines the underdeveloped and essentially static Korean economy of the traditional period in terms of per capita income, aggregate GDP, and economic structure. The chapter also investigates the reasons for the underdevelopment of Korea's in terms of capital endowment; the propensities to work, produce, invest, save, and consume; entrepreneurship; and the role of the Korean government.

Keywords: traditional economy; economic conditions; economic forces; capital formation; economic development; entrepreneurship; Korean government

Chapter.  16323 words. 

Subjects: Business and Management

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