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Gerschenkron, A. Economic Backwardness in historical Perspective, Cambridge, Mass.: Belknap Press of Harvard University Press. Hirschman, A. O., The Strategy of Economic Development, New Haven: Yale University Press. Il Sakong, Korea in the World Economy, Institute for international Economics. Johnson, C., What is the Best System of National Economic Management for Korea?, L. J. Cho, Y. H. Kim eds, Koreas Political Economy: An Institutional Perspective, San Francisco: Westview Press. Krugman, P., What happened to Asia?, PK homepage,.. http://web.mit.edu/ krugman
Byoungki KIM Abstracts This paper analyzes the role of government and government failure in the economic development phase in Korea. The excessive government intervention which had been performed for the high economic growth in the phase of economic development for a long period interfered with transformation of the economic system towards more efficient system. In addition, structural adjustment policy that had been implemented by government resulted in distortion of the market mechanism. It may be said that swift and strong government intervention was unavoidable under the situation facing a serious economic crisis. However, the intervention without transparent and fair rules might cause to delay the structural adjustment in financial sector and firms. The structural adjustment under asymmetric information may causes huge transaction costs. Therefore, structural adjustment must be implemented by financial institutions and firms which have much more information than the government. Moral hazard and adverse selection can occur if structural adjustment is implemented by the government under asymmetric information. The government needs to make transparent and fair rules for structural adjustment, and the adjustment of structure in the financial sector and firms must be performed by financial institutions and firms.