Traditional oligopoly theories of markets where products are differentiated predict that entry of new firm enhances competition and thereby brings down the equilibrium market price. These theoretical predictions are, however, often challenged by contrasting empirical evidence suggesting that...

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...