From Last to Fast: Political and Economic Transformation in Korea, 1961

This case provides contextual information for understanding how South Korea created the conditions for fast economic growth that led the country from the world’s poorhouse in the 1950s to OECD membership in 1996. Focus is on the changing incentive structure for business in the 1960s and the underlying political developments.

The case illustrates two main points: That there are close and interdependent connections among politics, the institutional business environment, ?rules of the game?, and economic growth/development. That constructing good economic institutions requires political actors with the power, will, and skill to do so.