Prof. Dr. Sung-Hee Jwa
Visiting professor at Ajou University Graduate School of International Studies
South Korea
PROFILE
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.
Dr. 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
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
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
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.
Currently, he 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
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
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.
PUBLICATIONS
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.
BEST INNOVATOR AWARD
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.
2. 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.
3. 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.
4. 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.
5. 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.