Export-oriented industrialisation
Topic: Paths to Modernisation: Japan, China, Korea · NCERT: Class 11, Ch 7 "Paths to Modernisation"
Meaning
Export-oriented industrialisation means growing a country's economy by making goods to sell abroad. South Korea adopted it in the early 1960s under Park Chung-hee, through a series of five-year plans. It replaced import substitution, the earlier policy of making goods at home to replace imports. This strategy drove Korea's very rapid growth.
Example
First, Korea exported labour-intensive light goods such as textiles and garments. These goods need many workers but little machinery. From the late 1960s, it moved to heavy and chemical industries such as steel, shipbuilding, electronics and chemicals.
Don't confuse with
- Import substitution industrialisation: This builds home industries to replace imported goods. Export-oriented industrialisation builds industries to sell goods abroad.
Related concepts
- Taiwan
- Cross-Strait relations
- Joseon dynasty
- Japanese annexation of Korea
- 38th parallel
- Korean War
- Park Chung-hee
- Import substitution industrialisation
- Saemaul Movement
- Gwangju Democratisation Movement