# data[].attributes.body
- Raised agricultural productivity
- Increased peasant incomes
- Boosted internal demand for industrial products
- Released surplus labour to factories
- Enabled the state to extract an agrarian surplus to finance industrialisation
- Reduced the price of food

- Weakened the landlord class?

# data[].attributes.body
- Incentivised firms to become more economically efficient;
- Accelerated technological progress;
- Increased industry productivity.

# data[].attributes.body
Government supported key industries with subsidies, technology transfers via licensing, technical assistance, thereby lowering the risk of investment.

The Government also set time-bound, export targets for sectors and firms. Success was rewarded with easy credit, tax benefits, and prestige. Failure meant tax audits and a credit squeeze

# data[].attributes.body
Japanese firms migrated to South Korea (and Taiwan) to take advantage of low labour costs (Akamatsu likened this to this ‘flying geese’).

# data[].attributes.body
The Government of South Korea faced a militarised North Korea, the looming threat of Communism, and peasant unrest.

SK leaders feared for their existential survival.

This mentality (together with U.S. economic support) could have influenced the political economy of both land reform and industrial policy.

Geopolitics also influenced US support.

# data[].attributes.body
A powerful executive was single-mindedly focused on national development.

The bureaucracy was professional and competent (partly a legacy of Japanese colonialism, but also ongoing training).

SK governments were thus able to discipline businesses,  unlike Latin American governments were not –Kay, Kohli, Wade

RATE THIS FIVE STAR IF YOU THINK 'GOOD INSTITUTIONS' WERE A PRE-CONDITION FOR GROWTH!

# data[].attributes.body
Government subsidies for technology transfers were not sufficient for *adoption*.

A highly educated workforce (with technological, engineering, and managerial skills) enabled South Korea to transition into more advanced manufacturing (automotives, electronics).