A paper on South Korea’s success in the 1960s: “In 1960, South Korea’s exports were about 1 percent of GDP, and the country’s ability to import depended almost entirely on US aid. After changing its foreign exchange and trade policies in the mid-1960s, Korea saw a surge in exports to more than 10 percent of GDP by the end of the decade. What factors account for the shift in policy that enabled this dramatic export growth to occur? The United States helped initiate the process by withholding financial assistance, pressuring Korea to devalue its currency and reform its foreign exchange regime. Initially, the Korean government resisted taking these steps, but in 1964 it became firmly committed to an export promotion strategy to boost foreign exchange earnings and end its dependence on American aid. ”
David Perell: “When you write something new, your brain swirls all over the place. You move in fits and starts, stumble, and circle back on yourself. But eventually, the idea clicks and you find your way.”
George Will: “What socialists are so fond of saying, national conservatives are now saying: This time will be different. It never is, because government’s economic planning always involves the fatal conceit that government can aggregate, and act on, information more intelligently and nimbly than markets can.” [via CafeHayek]
