한국의 산업혁명은 어떻게 이루어졌나? = How did the Industrial Revolution in Korea come about?

다국어 초록 (Multilingual Abstract)

The paper attempts to institutionally examine the effect of policy-augmented human capital on the Industrial Revolution in Korea. The Industrial Revolution in England was competitively led by private companies based on the demand of farmers who became wealthy through industrialization. On the contrary, Korea carried out the 1st, 2nd and 3rd industrial revolutions almost simultaneously with government-led plans and based on export demand. All industrial revolutions were the result of openness and innovation, and the source of innovation was science and technology, which became the driving force of economic and social development.
The basic factors impeding economic development are (i) a lack of ability to recognize and seize the opportunity, and (ii) a lack of incentive to exploit the opportunity. In an open economy, opportunity is endogenous depending largely on one’s desire, vision and capabilities. Human capital in economic sense is defined as the capacity to recognize opportunity (i.e. the capacity to acquire and digest information, and to achieve certain economic goals). In Korea, “policy-augmented human capital” has played a crucial role in industrial revolution and economic development. Policy-augmented human capital refers to human capital that has competent leaders with economic development plans. The combination of human capital as such with effective policies and strategies will create an environment where dormant innovative forces can be awakened and unleashed.
Korea’s industrial revolution can be explained by five propositions that support economic development. Firstly, human capital augmented by policies determines the specialization of products, the nature and direction of trade, and the pace of economic growth. Secondly, the national wealth is determined by the size and the portfolio of diverse productive industries which is a function of human capital. Thirdly, changing size and composition of a country’s portfolio of productive industries is an intended outcome of industrial policy. Fourthly, a prosperous economy has better chance of achieving democracy than vice versa. Finally, if human capital augmented by policy is a necessary condition, political and social stability is a sufficient condition.

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