Did industrial policy spark huge growth in East Asia? Economists say the numbers tell a more complex story

Dec 18, 2024

From 1960 to 1989, South Korea experienced a famous economic boom, with real GDP per capita growing by an annual average of 6.82%. Many observers have attributed this to industrial policy, the practice of giving government support to specific industrial sectors. In this case, industrial policy is often thought to have powered a generation of growth.