As the interesting video about
the Korean development experience, “the secrets of Korean development”, says
(see in the next blog
post), South Korea took advantage of everything in its development effort,
including the light industry, consisting of exports of clothing, wigs and
embroidery, along with a heavy industry that, as always is the case, delayed to
bear fruit.
Indeed, the heavy industry,
pivoted with the steel industry, the basic industry, but "crawled" in
the first place shipbuilding, construction of machinery (then automotive),
civil construction, coal, petrochemical and pharmaceutical industry. Since the
construction of the Pohang Steelworks, the process of creating world-class
industrial export skills was very slow and risky.
Therefore, South Korea contracted
with the light industry to save some moments of crisis.
But soon the country realized
that this light industry could only provide complementary and short-term
support. Based on cheap labor, two things happened:
• I lost competitiveness very
soon;
• Profit levels (accumulation)
were very low
Therefore, Korea instead focused
on strongly retaking the core strategy, improving it with the inclusion of
information technology (chip manufacturing), through a strategy of industrial
areas and parks, (see
post and video) linked to phisical infraestructure and institutions of
Science and technology.
The Korean experience can give a
lot of light to the often lost industrialization strategy “for export
substitution” that they sold to us in the subcontinent, which led us to run
aground over and over again in disastrous crises, and that until today continue
selling us, with other clothing and names (agro-export? Tourism?).
This blog has proposed lines of
industrial development (see
post), including steel, special alloys, shipbuilding, petrochemicals, lithium´s
transformation, etc., which will be greatly enriched by open and frank
discussion.
December 20, 2019
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