Heavy and Chemical Industrialization era of South Korea
E617114
The Heavy and Chemical Industrialization era of South Korea was a state-led development drive in the 1970s and early 1980s that rapidly expanded heavy industries such as steel, petrochemicals, shipbuilding, and machinery, transforming the country into a major industrial economy.
Statements (62)
| Predicate | Object |
|---|---|
| instanceOf |
economic development program
ⓘ
historical era ⓘ |
| alsoKnownAs |
HCI drive
NERFINISHED
ⓘ
Heavy and Chemical Industry Drive NERFINISHED ⓘ |
| benefitedEnterprise |
Daewoo Group
NERFINISHED
ⓘ
Hyundai Group NERFINISHED ⓘ LG Group NERFINISHED ⓘ POSCO NERFINISHED ⓘ Samsung Group NERFINISHED ⓘ |
| country | South Korea ⓘ |
| criticizedFor |
environmental degradation
ⓘ
high external debt vulnerability ⓘ labor repression ⓘ overconcentration of economic power in chaebol ⓘ |
| economicPolicyType |
export-oriented industrialization
ⓘ
state-led industrialization ⓘ |
| endTime | early 1980s ⓘ |
| focusIndustry |
automobile industry
ⓘ
electronics industry ⓘ machinery industry ⓘ petrochemical industry ⓘ shipbuilding industry ⓘ steel industry ⓘ |
| followedBy | economic liberalization and financial reform in South Korea ⓘ |
| governmentTypeDuringEra | authoritarian regime ⓘ |
| historicalContext | Cold War NERFINISHED ⓘ |
| impactOn |
export composition of South Korea
ⓘ
industrial structure of South Korea ⓘ technological upgrading in South Korea ⓘ |
| implementedThrough | Five-Year Economic Development Plans of South Korea NERFINISHED ⓘ |
| initiatedBy | Park Chung-hee NERFINISHED ⓘ |
| keyPlan |
Fifth Five-Year Economic Development Plan of South Korea
NERFINISHED
ⓘ
Fourth Five-Year Economic Development Plan of South Korea NERFINISHED ⓘ Third Five-Year Economic Development Plan of South Korea NERFINISHED ⓘ |
| keyProject |
Onsan industrial complex development
ⓘ
Pohang Iron and Steel Company expansion ⓘ Ulsan industrial complex development NERFINISHED ⓘ Yeosu petrochemical complex development NERFINISHED ⓘ shipyards in Ulsan and Geoje ⓘ |
| mainGoal |
development of heavy and chemical industries
ⓘ
rapid industrialization ⓘ transformation into a major industrial economy ⓘ |
| majorEnterpriseType | chaebol NERFINISHED ⓘ |
| policyInstrument |
directed credit allocation
ⓘ
export subsidies ⓘ import protection ⓘ preferential interest rates ⓘ state planning of industrial structure ⓘ state-guaranteed loans ⓘ tax incentives ⓘ |
| precededBy | light manufacturing export-led growth phase of South Korea ⓘ |
| relatedConcept |
East Asian Miracle
NERFINISHED
ⓘ
developmental state ⓘ |
| resultedIn |
emergence of South Korea as a major shipbuilding nation
ⓘ
emergence of South Korea as a major steel producer ⓘ emergence of South Korea as a newly industrializing economy ⓘ expansion of export-oriented manufacturing ⓘ increased urbanization in South Korea ⓘ rapid GDP growth in South Korea ⓘ rapid growth of manufacturing sector in South Korea ⓘ |
| startTime | early 1970s ⓘ |
| supportedBy | United States security alliance with South Korea ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
Onsan National Industrial Complex
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timePeriod
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Heavy and Chemical Industrialization era of South Korea
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