The political economy of preindustrial Korean trade

Hun Chang Lee, Peter Temin

Research output: Contribution to journalArticlepeer-review

5 Citations (Scopus)

Abstract

Preindustrial Korea had little foreign trade in spite of the advantage of being a small peninsular country. We present a theory of political economy to show that the preindustrial Korean policy of suppressing private trade, like that of China, only can be explained by noneconomic factors such as the consideration of externalities and rulers' incentives, bounded rationality of policymakers, and the path dependence of history. It was a rational or bounded-rational decision to increase total gains, that is, economic and noneconomic gains, from trade under the east Asian geopolitics.

Original languageEnglish
Pages (from-to)548-571
Number of pages24
JournalJournal of Institutional and Theoretical Economics
Volume166
Issue number3
DOIs
Publication statusPublished - 2010 Sep

ASJC Scopus subject areas

  • Economics and Econometrics

Fingerprint Dive into the research topics of 'The political economy of preindustrial Korean trade'. Together they form a unique fingerprint.

Cite this