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Lecturer(s)
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Ryzhova Natalia, Dr.
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Koreshkova Iuliia
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Šturdík Martin, Mgr. M.A.
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Course content
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PART I. KOREA AS A NATURAL EXPERIMENT - Week 1. Korea as a natural experiment: one nation, two outcomes - Week 2. Geography versus institutions: constraints or causes? - Week 3. Power, incentives, and growth: authoritarianism without determinism PART II. WHY PLANNING AND MARKETS ARE IMPORTANT FOR DEVELOPMENT - Week 4. Critical turning points: why Korea split into two paths of development - Week 5. Planning and markets as institutional systems (not ideologies) PART III. REPUBLIC OF KOREA: INSTITUTIONS OF GROWTH - Week 6. State-led growth: export orientation and controlled capitalism - Week 7. Big business and the state: chaebols as an institutional structure - Week 8. Crisis as an institutional stress test - Week 9. Mature capitalism: innovation, inequality, and institutional constraints PART IV. DPRK: INSTITUTIONS OF STAGNATION - Week 10. Socialist Industrialization: When Early Advantages Are Misleading - Week 11. Institutional collapse: famine, default, and informal markets - Week 12. Survival without development: boundaries, external anchors, and selective adaptation - Week 13. Development versus survival of states (debate)
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Learning activities and teaching methods
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Lecture
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Learning outcomes
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Through the study of South Korea's state-led industrialization, large business groups, and export-oriented development strategy, students will examine why government intervention sometimes constrains markets and sometimes accelerates growth. At the same time, the course analyzes the economic evolution of the DPRK, from early industrialization to long-term stagnation, in order to understand how institutional rigidity, political priorities, and limited openness shape economic outcomes. By the end of the course, students will not only gain a deeper understanding of the Korean economies, but also acquire analytical tools for thinking about economic development, institutional change, and the limits of economic growth in a comparative perspective.
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Prerequisites
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unspecified
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Assessment methods and criteria
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Written exam
1. Active participation during the course (minimum 60%); Attendance alone does not count as active participation. Passive presence without engagement will not be counted toward the participation requirement. 2. Final in-class written assignment (Pass) Important note. This course demonstrates that consistent engagement throughout the semester is as important as performance in the final session. The grading system is designed to reward ongoing participation, analytical thinking, and the ability to work with ideas discussed in class, rather than memorisation or exams.
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Recommended literature
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Chang, Dae-oup. Capitalist development in Korea.
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Lee, Kyu-Sung. The Korean Financial Crisis of 1997: Onset, Turnaround, and Thereafter.
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