| Abstract: | South Korea created a mechanism that fuels inclusive growth, a process that coevolves economic growth and social well‐being. This study attempts to elaborate on the context and preconditions for development that would manifest salience policy implications for moving up the industrial value chain and attain inclusive growth. We contend against the view of simplified growth cum equity that is used to elucidate the success of Korea's socioeconomic development (economic miracles). Our findings informed us that there were intense measures taken throughout different phases of Korea's industrial development. In addition, we observed in many occasions intense negotiations between the state, firms, and civil society for social welfare and a better working environment. This led to a pursuit for inclusive growth in the post catching‐up phase that blended together many inclusive agendas, realizing growth that coevolved industrial upgrading and social welfare. This article seeks to explain how Korea populated its arena of inclusion in the process of pursuing rapid industrialization. The overview of different phases of development provides normative principles that are useful as a guide for other economies which aspire to attain similar development. |
