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Manufacturing Revolutions: Industrial Policy and Industrialization in South Korea
Nathan Lane
https://arxiv.org/abs/2505.20566 https://

Manufacturing Revolutions: Industrial Policy and Industrialization in South Korea
I study the impact of industrial policies on industrial development by considering an important episode during the East Asian miracle: South Korea's heavy and chemical industry (HCI) drive, 1973--1979. Based on newly assembled data, I use the introduction and termination of industrial policies to study their impacts during and after the intervention period. (1) I reveal that heavy-chemical industrial policies promoted the expansion and dynamic comparative advantage of directly targeted industri…