CURRICULUM VITAE
Education
Ph.D. in Economics, University of California, Los Angeles, 1983.
M.A in Economics, Seoul National University, 1975.
B.A in Economics, Seoul National University, 1971.
Dissertation
Towards an Equilibrium Approach to the Effects of Price Controls: A Theoretical and Empirical Analysis of Price Controls on Quality Offerings (Thesis Chairman: Michael R. Darby).
Areas of Research Interest
Korean Economic Development, New Institutional Economics, Development Economics (World Polarized Stagnation), Theory of Political Economy, Capitalist Corporate Economics
Research Appointments
Director (Non-standing), Park Chung Hee Institute of Development Studies, April 2022-February 2024.
President Park Chung Hee Memorial Foundation, Chairperson, March 2016-March 2022.
Kyeonggi Research Institute, President, June 2006-February 2011.
Korea Economic Research Institute, President, April 1997 to April 2005.
Korea Development Institute, Senior Fellow, July 1985-March 1997.
Federal Reserve Bank of Minneapolis, Economist, March 1983-June 1985.
The Bank of Korea, Junior Economist, 1973-1977.
University Appointments
Ajou University, Graduate School of International Studies: Visiting Professor, March 2025-Current.
Yeung Nam University, Park Chung Hee School of Public Policy and Saemaul: Chair Professor: 2015-2017.
KDI Graduate School of Public Policy: Visiting Professor of Economics, 2013-2014.
Seoul National University, Department of Economics: Adjunct Professor of Economics, 2009-2012.
Seoul National University, Graduate School of International Studies: Visiting Professor of Economics, 2005-2008.
California State University, Northridge, Department of Economics: Lecturer, 1982-1983.
Awards and Recognition
Appreciation Plaque for promoting free market economy and free democracy, 2022 Seoul Freedom Forum by Federation of Korean Industries, 2022.
The 25th Chungchin-Kee Media and Culture Prize (grand prize) on the book, titled “New Wealth of Nation”, Chungchin-Kee Foundation for Media and Culture, 2007.
The “Industrial Medal” on the 50th Telecommunication Day, Korean Government, 2005.
The 16th Chungchin-Kee Media and Culture Prize, on the book, titled “Evolution of Chaebol”, Chungchin-Kee Foundation for Media and Culture, 1998.
Maekyung Economist Prize on the paper, “Globalization and New Industrial Organization: Implications for Structural Adjustment Policies”, Maeil Business News Paper, 1996.
Award of Achievement leading the national project “Vision Korea 2020”, the Office of Deputy Prime Minister & Minister of Finance and Economy, 1996.
Honor Student Award, Seoul National University, 1971.
Public Service for Korean Government
Chairperson, Standing Committee for Economy, Science and Environment, the Peaceful Unification Advisory Council, June 2013-June 2015.
Chairperson, Policy Advisory Committee for Ministry of the Interior and Safety, June 2008-June 2011.
Member, Presidential Commission for Strengthening National Competitiveness, April 2008-June 2011.
Member, National Economic Advisory Council, March 2002-February 2003.
Member, Presidential Commission on Government Reform, August 2000-February 2003.
Member, Advisory Committee on Competition Policy, the Fair Trade Commission, May 1999-May 2001.
Member, Korea Tele-Communication Commission, the Ministry of Information and Communication, April 1998-April 2004.
Member, Policy Advisory Committee, the Ministry of National Unification, July 1997-June 2003.
Member, Presidential Commission on the 21st Century/Policy Planning, April 1994-March 1997.
Member, Prime Minister’s Commission on Korea’s Internationalization, March 1994-1994.
Professional Membership in Korea
Board Chairperson, Korea Institution and Economics Association, 2011-current.
President, Korea Institution and Economics Association, 2008-2011.
President, Korea Society for Regulation Studies, 2005-2007.
President, Korea Association for Comparative Economics, 2005-2006.
Vice-president, Korea Money and Finance Association, September 1998-August 1999.
Director, the Korea International Economic Association, January 1998-December 1999.
Director, the Korean Economic Association, February 1997-February 1999.
Social Service in Korea
President, UCLA Alumni in Korea, 2004-2007.
Journal Referee
Journal of International Money and Finance, 1983; Journal of Political Economy, 1985.
Journal of Money, Credit and Banking, 1994.
Journal of Economic Behavior and Organization, 2011.
Pakistan Development Review, 2020 & 2024.
Research Activities in English
Books
A General Theory of Economic Development: Towards a Capitalist Manifesto, Edward Elgar Publishing Ltd. Cheltenham, UK/Northampton, MA, USA, 2017
The Rise and Fall of Korea’s Economic Development: Lessons for Developing and Developed Economies, Palgrave-Macmillan, Cham, Switzerland, 2017
Competition and Corporate Governance in Korea, Sung-Hee Jwa and In Kwon Lee (eds.), Edward Elgar Publishing Ltd., London, 2004.
Korea’s Economic Strategy in the Globalization Era, O. Yul Kwon, Sung-Hee Jwa and Kyung-Tae Lee (eds.), Edward Elgar Publishing Ltd., London, 2004.
The Evolution of Large Corporations in Korea: A New Institutional Economics Perspective of the Chaebol, Edward Elgar Publishing Ltd., London, 2002.
A New Paradigm for Korea’s Economic Development: From Government Control to Market Economy, Palgrave (formerly Macmillan Press Ltd.), London, 2001.
Korean Chaebol in Transition: Road Ahead and Agenda, Sung-Hee Jwa and In Kwon Lee (eds.), Korea Economic Research Institute, 2000.
Monetary and Financial Policy Reforms: European Experiences and Alternatives for Korea, edited by Sung-Hee Jwa, KDI Conference Series 93-1, 1993.
Articles
The Secret of President Park Chung Hee’s Korean Miracle: An Emergent Development Perspective, forthcoming in Korea Observer, Vol. 57, No. 2, June 2026.
Economic stagnation and inequality: new theoretical and empirical perspective (with Taekyu Lee), Digital Economy and Sustainable Development, 2025.
“What causes polarized stagnation, corporate economy, or welfare state?: Insights from new development economics”. Economics & Politics, 1–33. 2024.
“Korea’s Saemaul Undong Revisited as Rural Development Game for Poverty Eradication: A New Development Economics Perspective”, The Pakistan Development Review 63:1 2024. pp. 19–44. DOI: 10.30541/v63i1pp.19-44.
“What Made Possible Korea’s Economic Miracle?: Park Chung Hee’s Economization of Politics, Economic Discrimination and Corporate Economy”, Review of Institution and Economics, Volume 17, No. 1, February 2023, 1-38, Korea Institution and Economics Association.
“Theory and Empirics of the Institutional Evolution of Economic Development: Application to Korean Economy with Empirical Verification”, Seoul Journal of Economics, Vol. 33, No. 2, Summer 2020.
“On Trumponomics as a challenge to the mainstream economics”, ICAS Special Presentations 2019-0709-SHJ, Institute for Corean-American Studies, Washington DC. 2019.
“Resurrecting the Industrial Policy as Development Policy based on Korean Experiences: Towards a Pro-market Industrial Policy”, (with Sung-kyu Lee), World Economics, Vol. 20 • No. 4 • October–December 2019.
“The Heavy-Chemical Industrialization Policy Reevaluation in Korea from the Perspective of the “General Theory of Economic Development” ”, (with Sung- Kyu Lee), Journal of Business & Economic Policy, Vol. 7, No. 2:10-26, June 2019.
“Understanding Korea’s Saemaul Undong: Theory, Evidence, and Implication”, Seoul Journal of Economics, Vol. 31, No. 2, 195-236, 2018.
“Achieving the Shared Economic Growth”, Pakistan Development Review, Vol. 57:2, Summer, 2018 (The Allama Iqbal Lecture at the 31st AGM and Conference of the Pakistan Society for Development Economics, December 17, 2015).
“Economic development and institutions”, (coauthored with Y. Yoon), in Institutional Economics and National Competitiveness (edited by Young B. Choi), London: Routledge and Kegan Paul Ltd, 2011.
“MBnomics: A Review and the Road Ahead”, (presented at Joint Conference 2008 by Heritage Foundation, Council on US-Korean Security Studies and International Council on Korean Studies, Washington D.C., September), International Journal of Korean Studies, Volume XII, Number 2 Fall/Winter 2008 by International Council on Korean Studies, Washington D.C.
“The Effects of Foreign Bank Entry on Domestic Financial Structure: Evidence from APEC Countries”, (co-authored) APEC Finance and Development Program (AFDP) Research Project (No. AFDP-R-2003-05), March 2005.
“The Chaebol, Corporate Policy and Korea’s Development Paradigm”, in Sung- Hee Jwa and In Kwon Lee (eds.), Competition and Corporate Governance in Korea, Edward Elgar Publishing Ltd., London, 2004.
“Political Institutions and Economic Development: A Study in Economic Discrimination and Political Philosophy”, (co-authored) Seoul Journal of Economics, Vol. 17, No. 3, Fall 2004, pp.275~307.
“The Rise of China’s Economy: Opportunities and Threats to China-Korea Economic Relations”, (co-authored) Chapter 13 in Kokubun Ryosei and Wang Jisi (eds.), The Rise of China and a Changing East Asian Order, Japan Center for International Exchange, 2004, pp.205-227.
“Korea’s Strategy for Financial Reform: A New-Institutional Economics Perspective”, (co-authored) in O. Yul Kwon, Sung-Hee Jwa and Kyung-Tae Lee (eds.), Korea’s Economic Strategy in the Globalization Era, Edward Elgar Publishing Ltd., London, 2004, pp.113-129.
“A New Framework for Government-Business Relations in Korea”, in O. Yul Kwon, Sung-Hee Jwa and Kyung-Tae Lee (eds.), Korea’s Economic Strategy in the Globalization Era, Edward Elgar Publishing Ltd., London, 2004, pp.85-97.
“Korea’s Experience in Macroeconomic Management and Stabilization Policy”, (co-authored) in Machiko Nissanke and Ernest Aryeetey (eds.), Comparative Development Experiences of Sub-Saharan Africa and East Asia: An Institutional Approach, Ashgate Publishing Company, London, 2003, pp.159- 194.
“In Search of ‘Global Standards’: The Fallacy of Korea's Corporate Policy”, Harvard Asia Quarterly, Vol.VII, No.2, Spring 2003, pp.45-52.
“Why Firms and Markets in Economics?”, Seoul Journal of Economics, Vol.15, No.2, Summer 2002.
“Economic Policy During and After Reunification in Korea”, (co-authored) Constitutional Handbook on Korean Unification (Economic Issues), Korea Economic Research Institute, 2001, pp.77-119.
“The Korean Financial Crisis: Evaluation and Lessons”, (co-authored) in O. Yul Kwon and William Shepherd (eds.), Korea’s Economic Prospects: From Financial Crisis to Prosperity, Edward Elgar Publishing Ltd., London, 2001, pp.73-98.
“A New-Institutional Economics Perspective of Corporate Governance Reform in East Asia”, Seoul Journal of Economics, Vol. 13, Fall 2000, pp.215-223.
“Property Rights and Economic Behaviors: Lessons for Korea’s Economic Reform”, in Kenneth L. Judd and Young Ki Lee (eds.), An Agenda for Economic Reform in Korea: International Perspectives, Hoover Institution Press & Korea Development Institute, 2000, pp.401-430.
“Asian Crisis and Implications for Industrial Policies”, (co-authored) in J. Jay Choi (ed.), Asian Financial Crisis: Financial, Structural and International Dimensions, Vol. 1 of the International Finance Review, Elsevier Science Inc., 2000, pp.307-356.
“Korea’s 1997 Currency Crisis: Causes and Implications”, (co-authored) Korea Journal, Vol.38, No.2, Summer 1998, pp.5-33.
“Domestic Adjustments to Globalization: The Case of South Korea”, (co- authored) Domestic Adjustments to Globalization, Tokyo: The Japan Center for International Exchange, 1998.
“Reorganization of Korea’s Macroeconomic Management”, in Lee-Jay Cho and Yoon Hyung Kim (eds.), Korea’s Choices in Emerging Global Competition and Cooperation, Korea Development Institute, 1998, pp.1-56.
“Globalization and New Industrial Organization: Implications for Structural Adjustment Policies”, in Takatoshi Ito and Anne O. Krueger(eds.), Regionalism vs. Multilateral Trade Arrangement, NBER-East Asia Seminar on Economics, Vol. 6, National Bureau of Economic Research, The University of Chicago Press, 1997.
“The Role of Government in Economic Management: Korea’s Experiences and Lessons”, Korea Journal, Vol.37, No.4, Winter 1997, pp.5-14.
“Capital Mobility in Korea since the early 1980s: Comparison with Japan and Taiwan”, Macroeconomic Linkage: Savings, Exchange Rates and Capital Flows, in Takatoshi Ito and Anne O. Krueger (eds.), NBER East Asia Seminar on Economics, Vol.3, NBER, The University of Chicago Press, Chicago, 1994.
“Korea’s Interest Rate and Capital Controls Deregulation: Implications for Monetary Policy and Financial Structure, in the Joint Korea-U.S. Academic Symposium on “U.S.-Korea Economic Relations”, Vol. 3, Korea Economic Institute of America, 1993.
“The Political Economy of Market Opening Pressure and Response: Theory and Evidence for the Case of Korea and the U.S.”, Seoul Journal of Economics, Vol.1, No.4, December 1988, pp.387-415.
“Perfect Competition and Quality Variation”, the Seoul National University Economic Review, Vol. XVIII, December 1984.
Recent Working Papers under Review
A New Theory of Economic Catch-Up and Implications for the Middle-Income Trap: A New Political Economy Perspective (with Taekyu Lee), under review by World Development Perspective.
Development as Institutional Experiment: Integrating RCTs and SMU's Lessons. Under review by Word Development.
Resolving the Lucas Paradox: Why Capital Follows Corporate Development. Working paper, Under review.
Institutions, Growth and Distribution: Institutional Functionality in the Democracy-Market system, Under review.
Working Papers and Mimeo
“Escaping Marx's Specter: Lessons from Korea for Trumponomics and US Hegemony,” Working paper, presented to the Heritage Foundation.
“Towards a general theory of Economic Development: Taking northeast Asian development experiences seriously”, presented at the seminar celebrating the 50th Anniversary of 5 year economic planning in Korea organized by KDI, June 2012.
“Firms, Markets and Economic Development”, paper for the AEA/ASSA Annual Meeting in Philadelphia, January 2005.
“A New Look at Development Economics through Korea’s Experience: The Paradox of Economic Development”, (co-authored with Yong Yoon) paper presented at the 2004 KDI-KAEA Conference, 2004.
“The Competitive Challenge to Korean Industry in a New Development Economics Perspective”, paper presented at the KDI 33rd Anniversary Conference entitled Industrial Dynamism and Competitiveness in the East Asian Economies, April 22-24, 2004.
“Developmental Corporate Governance”, (co-authored) paper for the ECGS, Seoul National University, 2003.
“Economic Institutions and Diversification: Cross-Country Analysis”, (co- authored) KERI Working Paper No. 2000-01, January 2000.
“Risk and Returns of Financial-Industrial Interactions: The Korean Experience”, presented at the Conference on Global Lessons in Banking Crisis Resolution of East Asia held by World Bank, May 13, 1998 (KERI Working Paper No. 9801).
Trumponomics: A New Perspective on Capitalism and International Economic Management.
Working paper
“Endogenous Financial System and Search for an Optimal Structure of Banking Industry: The case of Korea”, presented at a joint Seminar on Monetary and Financial Policy Reform held by KDI and Friedrich Ebert Stiftung, May 1992 (KDI Working Paper No.9215).
“The Relevance of the Bank of Amsterdam Today: Its Implications for a New Monetary System”, KDI Working Paper No.8915, April 1989.
“Korea's Exchange Rate Policy: System, Effect and Issues”, KDI Working Paper No.8802, January 1988.
“Korea’s Response to Protectionism in the Developed Economies”, 1987 Joint Conference on the Industrial Policies of the Republic of China and the Republic of Korea , Chung-Hua Institution for Economic Research, Conference Series No.6, February 1987.
“Price Controls and the Aggregate Data Biases”, Working Paper, Financial Studies Section, Federal Reserve Bank of Minneapolis, 1984.
“Quality Variations Under Price Controls: An Equilibrium Approach”, Working Paper, Financial Studies Section, Federal Reserve Bank of Minneapolis, 1984.
“Banking Industry at a Crossroads: Economic Consequences of Alternative Deregulation Scenarios”, Working Paper, Financial Studies Section, Federal Reserve Bank of Minneapolis, 1984.
Research Activities in Korean
Books
Why the Saemaul Undong is worthy of the Nobel Prize, Chung-Media, 202
Korea’s Han-River-Miracle, to North Korea and the World, (with Taekyu Lee), 2019.
Park Chung Hee, Economics of Shared Growth, Kiparang, 2018.
Park Chung Hee, a Living Economics, Baeknyundongan, 2015.
A Philosophical Basis of Economic Development, the Seoul National University Press, 2012.
The History of Modern Korean Economy: An Introduction for Laymen, (with Changgeun Kim), ilwoldam, 2010.
Discrimination Beyond Evolution: Simple Development Principle for complex Economy, Zipyung, 2008
New Wealth of Nations, Good Information Publishers, 2006.
The Rule of Law, translated by Sung-Hee Jwa (original author: Barry Hager), 21C Books, 2002.
Command Economy? No More!, Nanam Publishing Company, Seoul, 1999.
Evolutionary Theory of Chaebol, Bibong Publishing Company, Seoul, 1998.
Theory of Endogenous Financial System, Dasan Publishing Company, Seoul, 1995.
Korea’s Market Opening Policy, Korea Development Institute, 1995.
Collected Papers on Macroeconomic Policy in Korea, Korea Development Institute, 1994.
A New Paradigm for Korea’s Economic Management in the New Era of Globalization, Korea Development Institute, 1994.
Articles
“Success Principles of the Saemaul Collective Movement: Rewarding and Punishing Selective Incentives Based on the Performance Differences Between Villages”, (coauthored with Sung-Kyu Lee), Review of Institution and Economics, Volume 17, No. 4, November 2023, 1-32, Korea Institution and Economics Association.
“Why the Redistributive Welfare States Fail: A Theory of Corporate-led Welfare Economy” (coauthored with Taekyu Lee), Review of Institution and Economics, Volume 16, No. 3, August 2022, 19-61, Korea Institution and Economics Association.
“Park Chung Hee Economics: Korean Economic Development Theory and Policy”, Review of Institution and Economics, Volume 15, No. 4, November 2021, 37-90, Korea Institution and Economics Association.
“A Capitalist Manifesto: The Capitalist Economy is a Corporate Economy”, Korean Economic Forum, Vol.14, No. 1, 2021, 45-82, Korean Economic Association. DOI: 10.22841/kefdoi.2021.14.1.003.
Park Chung Hee Industrial Revolution, the World Highest Shared Growth: Experience and Lesson”, Economic Papers, Vol.55, No.1, 2016, Institute of Economic Research, Seoul National University.
“Political Economy for Shared Growth”, Korean Economic Forum, Vol. 8, No. 4, 2016, Korean Economic Association.
“A New Paradigm of Corporate Policy for Economic Development”, Review of Institution and Economy, Vol. 9, No. 1, Feb. 2015, 157~172, Korea Institution and Economics Association.
“Success Principle of Saemaul Undong and Implication for Development Economics”, Saemaul Undong and Regional Development, Vol. 10, Saemaul Academy, Kyung Wun University, 2014.
“Korea’s New Development Model and Fair Society”, Korean Economic Forum, Vol. 4, No. 1, pp.107-144, 2011, Korean Economic Association.
“Development Principle of Complex Economy and Implication for Korean Economy: from the Perspective of Transaction Costs Economics, New Institutional Economics and Evolutionary Economics”, Review of Institution and Economy, Vol. 2, No. 1, 2008.
“Idiosyncrasy of Korean Political Market and Political Reform Agenda”, Institutional Studies, Vol. 4, 2002, Korea Economic Research Institute.
“Korea’s Macroeconomic Management in the Globalized Economic Environment”, Korea Development Review, Vol. 18, No. 1, spring 1996.
“World Economic Integration and Structural Adjustment: A Theoretical Framework and Policy Suggestions”, Korea Development Review, Vol.16, No.2, summer 1994.
“The Limitations of the Government Public Policy Function and the Role of the Market Order”, Korea Development Review, Vol.16, No.1, Spring 1994.
“Annual Macroeconomic Model for Korean Economy”, Korea Development Review, Vol.15, No.4, winter 1993.
“A Theoretical and Empirical Analysis of Economic Impacts of Financial Shocks”, Korea Development Review, Vol.15 No.3, Fall 1993.
“Scale and Scope Economies and Prospect for the Korea’s Banking Industry”, Korea Development Review, Vol.14, No.2, summer, 1992.
“Economic Rationale of Compensating Balance Requirements and its impact on Money Supply,” Korea Development Review, Vol.14, No.1, spring 1992.
“An Empirical Analysis on the Relationship between the Size and Structure of the Financial Market”, Korea Development Review, Vol.13, No.3, Fall 1991.
“A Theory on the Scope of Financial Activity”, Korea Development Review, Vol.13, No.1, Spring 1991.
“An Overview of the Rationale of Monetary and Banking Intervention: The Role of the Center Bank in Money and Banking Revisited”, Korea Development Review, Vol.12, No.3, fall 1990.
“Effects of the Won and Yen on Korea's Trade and Inflation”, KDI Quarterly Economic Outlook, 3rd Quarter, 1990.
“Structure of Export Competition between Asian NIEs and Japan in the U. S. Import Market and Exchange Rate Effects”, Korea Development Review, Vol.12, No.2, summer 1990.
“Safety of the Payment System under a Deregulated Banking Structure: Implications of the New Monetary Economics”, Korea Development Review, Vol.11, No.1, spring 1989.
“Suggestions for Long-term Reforms in Korea's Financial Industry”, KDI Quarterly Economic Outlook, 2nd Quarter, 1988.
“Exchange Rate Effects on Korean, Japanese and Taiwanese Shares of U.S. 13.
Imports: An Empirical Analysis”, Korea Development Review, Vol.9, No.2, June 1987.
“Korea’s Current Account Surplus and Exchange Rate Policy”, KDI Quarterly Economic Outlook, 1st Quarter, 1987.
“Money Supply Shocks and the Short-Run Demand for Money”, Korea Development Review, Vol.8, No.3, September 1986.