<html><head></head><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:16px"><span id="yui_3_16_0_1_1447805737573_49270" style="font-size:12.0pt;font-family:"Times New Roman", "serif";">Dear
colleagues, </span>
<div id="yui_3_16_0_1_1447805737573_49135" style="font-family: times new roman, new york, times, serif; font-size: 16px;"><div id="yui_3_16_0_1_1447805737573_49134" style="font-family: HelveticaNeue, Helvetica Neue, Helvetica, Arial, Lucida Grande, sans-serif; font-size: 16px;"><div id="yui_3_16_0_1_1447805737573_49133" class="y_msg_container"><div id="yiv1285016664"><div id="yui_3_16_0_1_1447805737573_49132"><div id="yui_3_16_0_1_1447805737573_49131" class="yiv1285016664Section1"><div id="yui_3_16_0_1_1447805737573_49271" class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";"> </span></div>
<div id="yui_3_16_0_1_1447805737573_49273" class="yiv1285016664MsoNormal" style="text-align:justify;"><span id="yui_3_16_0_1_1447805737573_49272" style="font-size:12.0pt;font-family:"Times New Roman", "serif";" lang="EN-GB">the development
experience of states in the 20<sup>th</sup> century at the first glance offers
a bewildering variety and often downright contradicting models, which
nevertheless led to catching-up and rapid growth rates, leaving policy-makers
in countries trying to emulate such models at a loss. Take, for example, the
contradicting cases of West Germany after World War II and South Korea under
Park Chung-Hee. West Germany embarked on a path of liberalization of markets
under its system of Social Market Economy and “order policy” (<i>Ordnungspolitik</i>).
South Korea, though studying and sometimes explicitly referring to the West
German experience, on the contrary, used a model of state-led development to
achieve the goal of rapid development. And both, though using starkly
contradicting policy prescriptions, were very successful. Central and Eastern
European states in their development choices after the change from
centrally-planned economies certainly first looked West. This had cultural and
historical, political and economic reasons. None the least, requirements of the
joint rules of the European Communities which these countries wanted to join as
soon as possible made such a choice looking natural. Since economists, used at
optimizing, are uneasy with such a divergent growth experience, various
explanations have been forwarded to reconcile these seemingly contradictory
results. One of them is that different stages of economic development need
different institutional settings, and in this sense that South Korea in the 1960s
were rather comparable to Germany in the late 19<sup>th</sup> century. Another
one is that there is no single institutional optimum, but there are several
peaks. This again might be related to institutional embeddedness and informal
institutions.</span></div>
<div id="yui_3_16_0_1_1447805737573_49275" class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";" lang="EN-GB"> </span></div>
<div id="yui_3_16_0_1_1447805737573_49240" class="yiv1285016664MsoNormal" style="text-align:justify;"><span id="yui_3_16_0_1_1447805737573_49274" style="font-size:12.0pt;font-family:"Times New Roman", "serif";" lang="EN-GB">Most of the papers
in this collection were first presented at the </span><i><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";">5<sup>th</sup>
Dialogue on Social Market Economy: </span></i><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";">East Asia and Eastern Europe in a
globalized perspective: Lessons from Korea and Estonia at the </span><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";" lang="EN-GB">University
of Tartu, Estonia, on April 24-27, 2013. T</span><span id="yui_3_16_0_1_1447805737573_49239" style="font-size:12.0pt;font-family:"Times New Roman", "serif";">he South Korean economy lived through
very tough times in the past two decades: after the Asian crisis of 1997 and
1998 unraveled the old Korean growth model, a spectacular recovery followed
around the turn of the millennium. However, soon the world financial and economic
crisis hit Korea hard. Though it could escape from a recession and even grew
slightly in 2008, the main crisis year, the Korean economy with its dependence
on exports was facing a tremendous challenge. At the same time, South Korea
became a leading member of the G20 and hosted the 2009 summit of this powerful
organization. All the time, the North Korean threat hung like a Damocles sword
over the region, hampering severely South Korean economic stability. This was
the background for the conference, which was made possible by a generous grant
of the Academy of Korean Studies in Korea. It brought together European,
American, Asian and Korean scholars to discuss the potential lessons from
economic development of Korea and Estonia.</span></div>
<div id="yui_3_16_0_1_1447805737573_49289" class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";"> </span></div>
<div id="yui_3_16_0_1_1447805737573_49277" class="yiv1285016664MsoNormal" style="text-align:justify;"><b id="yui_3_16_0_1_1447805737573_49291"><span id="yui_3_16_0_1_1447805737573_49290" style="font-size:12.0pt;font-family:"Times New Roman", "serif";">Contents:</span></b><span id="yui_3_16_0_1_1447805737573_49276" style="font-size:12.0pt;font-family:"Times New Roman", "serif";"> Ralph Wrobel:
Economic Models for New Industrializing Countries in Comparative Perspective –
Sung-Jo Park: Developmental State in Korea (60s-70s) Revisited:
Institution-Building for the Making of «Coordinated Market» – Janno
Reiljan/Ingra Paltser: The Implementation of Research and Development Policy in
European and Asian Countries – Herman W. Hoen: Emerging Market Economies and
the Financial Crisis: Is there Institutional Convergence between Europe and
Asia? – Karmo Kroos: Developmental Welfare Capitalism in East Asia with a
Special Emphasis on South Korea – Joachim Ahrens/Manuel Stark: Independent
Organizations in Authoritarian Regimes: contradiction in terms or an effective
instrument of developmental states? – Erik Terk:<i> </i>Practicing Catching-up:
a Comparison of Development Models of East Asian and Central-Eastern European
Countries – Jüri Sepp/Uku Varblane:<i> </i>The Decomposition of Productivity
Gap between Estonia and Korea – Jüri Sepp/Helje Kaldaru/Jürgen Joamets:<i> </i>The
Characteristics and Position of the Economic Structures of Estonia and Korea
among the OECD Countries – Bernhard J. Seliger:<i> </i>Lessons of Korea for
Emerging Economies: An unexpected journey from rags to riches, from crisis to
recovery.</span></div>
<div class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";">Research has been supported by a grant
of the Academy of Korean Studies (AKS). More information about the book can be
found at:</span></div>
<div class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";"> </span></div>
<div id="yui_3_16_0_1_1447805737573_49279" class="yiv1285016664MsoNormal" style="text-align:justify;"><span id="yui_3_16_0_1_1447805737573_49288" style="font-size:12.0pt;font-family:"Times New Roman", "serif";" lang="EN-GB">South Korea and
Central and Eastern Europe faced stark choices when starting their respective
catching-up process. For other countries, institutional choices were less
stark, but still were and are relevant, beyond simple piecemeal engineering of
certain microeconomic or macroeconomic variables. </span><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";">The conference,
which was the fifth conference in the series “Dialogues on Social Market
Economy”, organized by Prof. Dr. J</span><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";" lang="DE">ü</span><span id="yui_3_16_0_1_1447805737573_49278" style="font-size:12.0pt;font-family:"Times New Roman", "serif";">ri Sepp, Dr. Bernhard Seliger and Prof.
Dr. Ralph Wrobel, showed that the debate about economic systems, though today
rather neglected in many economic curricula, still is raging and indeed came to
the forefront of economic policy-making again after the world financial crisis,
though often disguised in much more limited terms like reform of the financial
sector. The cross-regional comparative study of problems, here that of Korea
and Estonia, was a very useful approach; not in the meaning of a one-way
relationship but as a source of comparative learning. </span></div>
<div class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";"> </span></div>
<div class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";">The book has been co-edited by Dr.
Bernhard Seliger, Prof. Jüri Sepp and Prof. Ralph Wrobel. </span></div>
<div class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";"> </span></div>
<div class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";">Bernhard Seliger is a representative of
the Hanns Seidel Foundation in Seoul (South Korea) and Adjunct Senior Lecturer
at the University of Witten-Herdecke (Germany).</span></div>
<div id="yui_3_16_0_1_1447805737573_49281" class="yiv1285016664MsoNormal" style="text-align:justify;"><span id="yui_3_16_0_1_1447805737573_49280" style="font-size:12.0pt;font-family:"Times New Roman", "serif";">Jüri Sepp is Professor of Economic
Policy at the University of Tartu (Estonia).</span></div>
<div id="yui_3_16_0_1_1447805737573_49283" class="yiv1285016664MsoNormal" style="text-align:justify;"><span id="yui_3_16_0_1_1447805737573_49282" style="font-size:12.0pt;font-family:"Times New Roman", "serif";">Ralph Wrobel is Professor of Economics
and Economic Policy at the West Saxon University of Zwickau (Germany).</span></div>
<div class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";"> </span></div>
<div id="yui_3_16_0_1_1447805737573_49287" class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";">You can find more information on the
book at: <a rel="nofollow" target="_blank" href="http://www.peterlang.com/index.cfm?event=cmp.ccc.seitenstruktur.detailseiten&seitentyp=produkt&pk=89515&cid=5&concordeid=266860">http://www.peterlang.com/index.cfm?event=cmp.ccc.seitenstruktur.detailseiten&seitentyp=produkt&pk=89515&cid=5&concordeid=266860</a></span></div>
<div class="yiv1285016664MsoNormal" style="text-align:justify;"><span style="font-size:12.0pt;font-family:"Times New Roman", "serif";"> </span></div>
<div id="yui_3_16_0_1_1447805737573_49284" class="yiv1285016664MsoNormal"> </div>
<div id="yui_3_16_0_1_1447805737573_49286" class="yiv1285016664MsoNormal"> </div>
<div id="yui_3_16_0_1_1447805737573_49285" class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;">Dr.
Bernhard Seliger</span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;">Resident
Representative</span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;">Hanns
Seidel Foundation Korea Office</span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;"> </span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;">501, Soo
Young Bdlg. </span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;">13
Hannamdaero 20-gil</span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;">Hannam-dong</span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;">Yongsan-Gu</span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;">Seoul
04419</span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;">Republic
of Korea</span></div>
<div class="yiv1285016664MsoNormal" style="background:white;"><span style="color:black;"> </span></div>
<div class="yiv1285016664MsoNormal">Tel. + 82 2 7905344</div>
<div class="yiv1285016664MsoNormal">Fax. + 82 2 7905346</div>
<div class="yiv1285016664MsoNormal">e-mail: seliger@hss.or.kr</div>
<div class="yiv1285016664MsoNormal">Website: www.hss.or.kr </div>
<div class="yiv1285016664MsoNormal">Facebook:
https://www.facebook.com/HannsSeidelFoundationKorea </div>
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