ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Economic Development and Technology Accumulation

This paper argues that lack of technology and skill accumulation in the development process is the basic cause of the recent economic crisis in South Korea. Korea's export-led industrialisation required import of capital goods, parts and technology. In its efforts to catch up with developed western countries, it neglected to develop domestic technology.

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