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1 Introduction An ageing population is an inevitable phenomenon not only in Korea but also in most Organization for Economic Co-operation and Development (OECD) countries. This increase in the share of the older population could lead to a decrease

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1 Introduction In 1960, South Korea was amongst the world's poorest countries with a GDP per capita of US $158. By the 1990s however, they had reached a GDP per capita of $6,516; and in 2018, according to the World Bank, it was as high as $31

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The system paradigm revisited

Clarification and additions in the light of experiences in the post-socialist region

Acta Oeconomica
Author: János Kornai

The term paradigm was introduced to the philosophy of science by Thomas Kuhn — he used this term to denote the specific approach applied by a school of reasearch to examine its subject matter. Researchers using the same paradigm seek answers to similar questions, and employ similar methods and concepts. In an article published in 2000, the author of this essay introduced the term system paradigm, which focuses on the systems functioning in a society. This study develops the theoretical considerations outlined in that earlier article on the basis of experience on post-socialist transition. The first part compares the socialist and capitalist systems, describing their main characteristics, and concludes that the capitalist system has become established in former socialist countries, except for North Korea and Cuba. The second part analyzes varieties of capitalism within a typology which classifies prevailing forms of politics and government. Three markedly different types are identified: democracy, autocracy, and dictatorship. Huntington wrote about the “third wave” of democratization. This study concludes the third wave has dried up: for the 47 post-socialist countries, only a tenth of the population live in democracy, while autocracy or dictatorship prevails in all other countries in this group. The third part of this essay applies the conceptual and analytical apparatus to Hungary, where capitalism exists, and autocracy is the prevailing politico-governmental form — here we can find important characteristics common to other capitalist countries or other autocracies. This finding is compatible with the observation that there are some, less fundamental, characteristics unique to Hungary, or “Hungarica”, which differ from the characteristics of all other countries.

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Acta Oeconomica
Authors: Péter Gedeon, Evgeni Evgeniev, and Tanel Tang

Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48, pp. 433 – 443 . Noland , M. ( 1996 ): Restructuring Korea’s Financial Sector for

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? Evidence from the Caribbean . IMF Working Paper, No. 82. Haggard , S. – Noland , M. ( 2007 ): Famine in North Korea: Markets, Aid and Reform . New York: Columbia University Press

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Helmers, L. (eds): The Open Economy . Oxford : Oxford University Press . Ferri , G. and Kang , T. ( 2000 ): The Credit Channel at Work: Lessons from the Republic of Korea’s

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. Chen , C.F. and Song Zan , C.W. ( 2009 ). Tourism expansion, tourism uncertainty and economic growth: New evidence from Taiwan and Korea . Tourism Management , 30 ( 6 ), 812 – 818

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within a Multivariate Cointegrated System: Evidence from Singapore and Korea . Weltwirtschaftliches Archiv, 131 ( 4 ): 265 – 285 . Masih , A. M. M., Masih

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. Demirguc-Kunt , A. — Levine , R. — Min , H. G. ( 1998 ): Opening to Foreign Banks: Issues of Stability, Efficiency, and Growth . Proceedings of the Bank of Korea Conference on the Implications of Globalization of World Financial Markets, Korea

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expenditure as a percentage of GDP) identified five countries as the efficiency leaders: these include two states with the Bismarckian healthcare system (Estonia and the Czech Republic) and three with the Beveridgean systems (Israel, Korea and Iceland). The

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