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Spain and Korea are not often studied in comparative perspective. My empirical focus on these two countries is motivated by the fact that two countries faced similar economic and social challenges simultaneously, but responded to them through different pathways that delivered similar levels of economic development and standards of living.
Spain’s and Korea’s modern industrialization started almost simultaneously. Spain’s took off with the 1959 Stabilization Plan, which ended the two decades of autarky and international isolation that followed the end of the Spanish Civil War and General Franco’s accession to power. Korea’s industrialization started in 1961 with the military coup that brought General Park Chung Hee to power.
Spain’s and Korea’s industrializations took off rapidly in the 1960s and 1970s. Both processes took place within classic developmental state structures modeled on France and Japan respectively that fostered the development of a similar set of mature, manufacturing industries including chemicals, automotive, shipbuilding and steel.
GDP Volume in million US$, constant exchange rates. Source: OECD Economic Outlook 2019
From the 1980s both countries have pursued upward trajectories that separate them from those of other new advanced economies and have reached comparable degrees of economic development and similar standards of living, but specialized in very different types of industries. Spain's largest, flagship firms operate in complex services such as banking and telecommunications services, whereas Korea's tend to operate in manufacturing sectors such as automotive, steel, and electronics
This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 747943.
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