Disagreements persist on whether the Korean and Taiwanese economic miracle is export-led as advocated by market fundamentalists or investment-led as envisioned by the market interventionists. The Granger causality test has been conducted within the context of a VAR system comprised of exports,...

This paper investigates the reason why Korea's export suddenly and rapidly expanded in the early 1960s. By doing so, it hopes to throw light on the unresolved issue, whether it was market-liberalizing or interventionist policies that explain Korea's rapid growth and industrialization. Evidences...