Prof. Dr. Sung-Hee Jwa: Visiting professor at Ajou University Graduate School of International Studies, Korea (South)
Dr. Sung Hee Jwa is a distinguished South Korean economist and thought leader in the fields of development economics, institutional theory, and the political economy of capitalism. With over 40 years of academic and policy experience, he has made significant contributions to both the theory and practice of economic development, particularly through his work on Korea’s economic transformation and his conceptualization of the “corporate economy.” A former senior economist at institutions like the Korea Development Institute and the Federal Reserve Bank of Minneapolis, Jwa has also served in high-level advisory roles for the Korean government. His scholarship bridges rigorous theoretical frameworks with practical policy application, making him a respected voice in both academic and governmental circles.
Online Profiles
Dr. Sung-Hee Jwa is currently affiliated with Ajou University, Suwon, South Korea. He has published 11 documents indexed in Scopus, with a total of 43 citations from 28 unique documents, and holds an h-index of 4, indicating consistent scholarly impact in his core research areas. His contributions reflect a long-standing engagement with institutional economics, development theory, and the political economy of Korea’s modernization.
Education
Dr. Jwa holds a Ph.D. in Economics from the University of California, Los Angeles (UCLA), completed in 1983 with a dissertation focusing on price controls and quality variation under the supervision of renowned economist Michael R. Darby. Prior to his doctoral studies, he earned his M.A. in Economics in 1975 and his B.A. in Economics in 1971, both from Seoul National University, where he graduated with top honors and received an Honor Student Award. His academic formation combined rigorous neoclassical training with a growing interest in real-world economic systems, laying the groundwork for his future work in institutional and development economics.
Research Focus
Dr. Jwa’s research is deeply rooted in new institutional economics, development theory, and political economy, with a distinct emphasis on the capitalist corporate system and its role in sustained economic growth. He is particularly interested in how economic institutions evolve, how development trajectories differ across systems (capitalist vs. welfare states), and how political economy affects structural transformation. His unique framework of the “corporate economy” offers a theoretical alternative to both state-led and welfare-based models of development, emphasizing the role of firms, entrepreneurship, and governance structures in economic catch-up and shared growth. He also actively explores rural development through the lens of Korea’s Saemaul Undong, integrating theory with empirical and historical analysis.
Experience
Dr. Jwa’s professional journey spans influential roles in government, academia, and research institutions. He served as President of the Korea Economic Research Institute (1997–2005), President of Kyeonggi Research Institute (2006–2011), and Chairperson of the Park Chung Hee Memorial Foundation (2016–2022). Earlier, he worked as a Senior Fellow at the Korea Development Institute for over a decade, and as an Economist at the Federal Reserve Bank of Minneapolis (1983–1985). In academia, he has held visiting and adjunct positions at Seoul National University, KDI School of Public Policy, Yeung Nam University, and currently serves as a Visiting Professor at Ajou University’s Graduate School of International Studies. Additionally, he has provided expert policy advice to various Korean government commissions and ministries on unification, national competitiveness, deregulation, and economic strategy.
Research Timeline & Activities
Dr. Jwa’s research career began in the early 1980s with a focus on monetary policy, financial markets, and price regulation during his time in the U.S. He transitioned into institutional and development economics after returning to Korea, contributing to structural reform and globalization strategies throughout the 1990s and early 2000s. His research matured into broader theoretical contributions in the 2010s, culminating in his 2017 books proposing a general theory of capitalist development. In recent years, his work has addressed modern economic stagnation, inequality, and comparative development through the lens of corporate-led economies. He remains active in publishing, with multiple peer-reviewed journal articles and working papers under review as of 2024, tackling issues like the middle-income trap, rural poverty, and economic polarization in advanced economies.
Awards & Honors
Throughout his career, Dr. Jwa has been recognized for both his academic excellence and public service. Notable honors include the prestigious Industrial Medal from the Korean Government in 2005 for contributions to telecommunications and industry policy, the Maekyung Economist Prize in 1996 for his work on globalization and industrial policy, and two Chungchin-Kee Prizes for his books New Wealth of Nations and Evolution of Chaebol. He also received the Achievement Award from the Ministry of Finance and Economy for leading the national “Vision Korea 2020” project. In 2022, he was honored with an appreciation plaque at the Seoul Freedom Forum for promoting free markets and democracy. His scholarly and policy work continues to be cited in both academic and policymaking contexts.
Top Noted Publication
Among his numerous publications, Dr. Jwa’s A General Theory of Economic Development: Towards a Capitalist Manifesto (Edward Elgar, 2017) stands out as a cornerstone contribution. The book offers a comprehensive framework that redefines development economics from the perspective of institutional evolution and capitalist corporate systems. It argues that sustainable development is driven by the economization of politics and strong corporate governance. Other key works include The Rise and Fall of Korea’s Economic Development (Palgrave, 2017), and his landmark earlier book The Evolution of Large Corporations in Korea (Edward Elgar, 2002), which applied new institutional economics to the study of Korean chaebols. His 2024 journal article in Economics & Politics, analyzing the roots of economic stagnation, has also gained recent recognition as a significant contribution to global development theory.
Jwa, S. & Lee, T. (2025). Economic stagnation and inequality: new theoretical and empirical perspective. Digital Economy and Sustainable Development, 3:10.
https://doi.org/10.1007/s44265-025-00056-7Jwa, S. (2024). What causes polarized stagnation, corporate economy, or welfare state?: Insights from new development economics. Economics & Politics, 1–33.
https://doi.org/10.1111/ecpo.12316Jwa, S. (2024). Korea’s Saemaul Undong Revisited as Rural Development Game for Poverty Eradication: A New Development Economics Perspective. The Pakistan Development Review, 63(1), 19–44.
https://doi.org/10.30541/v63i1pp.19-44Jwa, S. (2023). What Made Possible the Korea’s Economic Miracle?: Park Chung Hee’s Economization of Politics, Economic Discrimination and Corporate Economy. Review of Institution and Economics, 17(1), 1–38.
https://doi.org/10.30885/RIE.2023.17.1.001Jwa, S. (2020). Theory and Empirics of the Institutional Evolution of Economic Development: Application to Korean Economy with Empirical Verification. Seoul Journal of Economics, 33(2), Summer.
Strengths for the Best Innovator Award
Pioneering Theoretical Innovation in Development Economics
Dr. Jwa has introduced a novel conceptual framework known as the “corporate economy,” offering an alternative to both state-led and welfare-based development models. His work redefines the foundations of capitalist growth and institutional transformation, providing fresh theoretical tools for understanding long-term economic development in both advanced and developing nations.Bridging Academic Theory with Policy Impact
With over four decades of experience in top policy and research institutions, Dr. Jwa has consistently translated rigorous academic research into actionable policy—from advising Korean ministries to leading national development strategies like “Vision Korea 2020.” His influence spans academia, government, and international economic discourse.Empirical Grounding in Historical and Institutional Contexts
His research is uniquely grounded in Korea’s historical development experience, especially the Saemaul Undong movement and the evolution of chaebols. By combining empirical depth with institutional theory, he provides real-world relevance to abstract economic models, contributing to both country-specific and comparative development studies.Thought Leadership in Structural Economic Reform and Governance
Dr. Jwa’s work has helped shape Korea’s post-crisis structural reforms, deregulation agendas, and modernization of governance systems. His leadership at institutions such as the Korea Economic Research Institute demonstrates his capacity to drive systemic innovation at the institutional level.Enduring Scholarly Impact with Global Recognition
His publications—especially A General Theory of Economic Development and recent peer-reviewed articles on economic stagnation and inequality—have garnered international attention. With consistent citation impact and a growing body of influential work, Dr. Jwa continues to advance global discourse on economic innovation, inequality, and institutional design.