South Korea's Record Wage Rates: Labor in Late. Industrialization

Despite “unlimited labor” and political repression, real average wages in South Korea have risen rapidly, possibly faster than in any previous industrialization—including Japan's—or in any contemporary one. This study suggests that the process of industrializing late though learning, which has been especially intense in Korea, coupled with that country's special institutions, underlie the spectacular wages increases. The analysis also highlights the unique skill‐set of late industrialization that high wages reward.