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Edited by Jan Svejnar and Justin Y. Lin

This volume presents twelve chapters prepared by senior researchers and former policy makers on key policy issues confronting China and the West. They focus on the role of the state in economic development, trade issues and the part played by innovation, digitalization and leadership.
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Fiscal Accountability and Population Aging

New Responses to New Challenges

Edited by Robert L. Clark, YoungWook Lee and Andrew Mason

Focusing on the developing economic challenges confronting Korea and the US in response to the aging of their populations, this timely book examines how public policies are evolving in light of demographic changes, the impact of aging on governmental expenditures, and transitions in the labor force associated with aging.
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Jeong Pyo Choi

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Prema-chandra Athukorala

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Prema-chandra Athukorala

Motivated by both the growing economic significance of Asia in the global economy and the pivotal role played by Asia-focused research in the enrichment of the subject of development economics, the author has provided a timely and valuable review that provides a comprehensive picture of policy making and economic performance of these countries over the entire post-Second World War era.
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Prema-chandra Athukorala

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Prema-chandra Athukorala

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Jeong Pyo Choi

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Human Capital Policy

Reducing Inequality, Boosting Mobility and Productivity

Edited by David Neumark, Yong-seong Kim and Sang-Hyop Lee

This timely book evaluates international human capital policies, offering a comparative perspective on global efforts to generate new ideas and novel ways of thinking about human capital. Examining educational reforms, quality of education and links between education and socio-economic environments, chapters contrast Western experiences and perspectives with those of industrializing economies in Asia, focusing particularly on Korea and the USA.
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David Neumark, Yong-seong Kim and Sang-Hyop Lee

Education is a subject of never-ending public attention, and that attention has contributed to numerous reforms. One starting point in the search for better human capital policy is a careful review of past accomplishments and shortcomings of the education system, as well as future challenges facing it. Moreover, for most people the goals of human capital policy encompass the efficiency and effectiveness of policy, as well as its contribution to equity and social and economic mobility. The topics of this volume therefore delve into the quality of education, the effectiveness of public school systems and means of improving them, the competitiveness and accountability of higher education, and linkages between education and labor market outcomes. The authors focus on Korea and the United States. The Korean education system can be credited for much of the remarkable economic growth achieved by the country in recent decades, during its transformation into an industrialized country. The economy during this period is regarded as a textbook case of taking a leap from being a marginal player in the global economy to being a leading one. Many factors must be taken into account to explain this transition. Among them, the country’s education system, well designed and effective for its time, played an essential role in achieving both industrialization and social mobility. In terms of the quantity and quality of its human capital, Korea has made astonishing progress since regaining its independence in the late 1940s. With the rapid expansion of enrollment in both primary and secondary schools, the literacy rate increased from about 20 percent in 1945 to almost 100 percent today. The proportion of the population with tertiary education is the highest among the Organisation for Economic Co-operation and Development (OECD) countries. The expansion of education was accompanied by a soaring academic record. Recent international achievement tests, such as the OECD’s Program for International Student Assessment (PISA), have ranked Korea at the top in mathematics, reading and sciences.