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최상오 ( Choe Sang O ) 경제사학회 2003 經濟史學 Vol.35 No.-
Preceding studies on the Korean economy in the 1950s assessed it negatively on the ground that the failure of the exchange rate policy restricted exports and that the allocation of economic rents under the wrong discipline resulted in inefficiencies. The purpose of this paper is to reassess early studies. Firstly, the exchange rate policy under the Rhee`s regime, characterized by the multiple exchange rate system, did not restrict exports directly or through increasing opportunity cost. In the 1950s, the cause of export stagnation was a shortage in the export capacity. Secondly, it was inevitable to allocate economic rents to the import-substitution(1S) activities. In other words, the Rhee`s regime faced a poor initial condition of industrialization due to the destructive effects of the Korean War, and therefore selected the economic reconstruction as the most important policy goal. Thus, the Rhee`s government could not help allocating economic rents to the import-substitution(1S) activities. In fact, this policy guaranteed the success of the import-substitution industrialization, and in turn, it made the Rhee`s government realize the importance of exports.
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